If your revenue stream depends on billing hours, you’re probably leaving money on the table.
A report from the US Bureau of Labour Statistics indicates that the rate of labour productivity among “Businesses” is falling. If you’re an agency, that puts you within the “Businesses” sector and its likely you’re a main contributor to the problem. It’s not that agencies aren’t working as hard as other businesses, it’s how the work agencies do is accounted for.
Here’s a scary factoid; In 2015, the services sector of the U.S. economy was losing about 50 million hours, or about $7.4 billion a day in productivity. But why? As it turns out, inefficient timesheets are the issue.
Are you remembering to track hours spent e-mailing?
- The average employee within an agency receives 304 emails per week; this roughly translates to 2.6 hours of time spent reading and replying to these e-mails daily.
What about your hours spent in meetings?
- On average employees spend 62 hours a month attending meetings or 15.5 hours weekly.
When it comes to timesheets most employees in agencies can’t accurately recall how many hours they’ve spent on a project, reading/writing emails, or attending meetings. This poses a treat to the accuracy of an employee’s timesheet, and ultimately the agencies bottom line.
Keeping track of time is key for agencies. Let’s talk about the benefits.
Increased Transparency, and Accountability
By accurately keeping track of time spent on individual projects, it takes the guesswork out of project ROI. On a micro scale, you’re able to see which work processes are most, and least efficient. Also, Increased transparency gives you the information needed to make key decisions that ultimately affect your bottom line.
Its easier to identify and implement effective work processes when you’re able to see exactly what you’ve done, and how long it took to complete.
Decreased Costs, Increased Revenue
The more hours you can bill, the more revenue you can earn.
Detailed and accurate timekeeping mitigates your agencies leaked hours. Being able to account for your forgotten hours spent in meetings, and writing emails directly results in an increase of revenue.
An edge in the timesheet battle
Anyone who is subject to timesheets will love you more.Employees that are diligent and good at time tracking won’t feel the pain of timesheets. When your time has been tracked accurately it removes the guesswork and makes the whole process faster. Subsequently, a lot of people’s lives become easier. If you’re of those people kudos, you probably don’t get enough praise for it.
Clockk offers a hands-free timesheet software that makes your life easier, and your agency more profitable. No matter how diligent or forgetful you may be, you’ll be left wondering how on earth you went about working without it.
Time Is Money. You better start tracking it.