Time tracking is the essential evil to time billing, if it’s not done properly your profits could be dwindling awayâ€¦ Missing hours equals less profit.
A few months ago we made the decision to move our accounts over to QuickBooks Online (QBO). We knew we had a great cloud accounting package but found ourselves still using timesheets in excel. It went against the grain of having all our systems in the cloud. It was a weekly ritual nightmare for me to chase up timesheets. I was desperate to get the timesheets in so I could invoice out, but when I did get them in I was left to decipher customer billing rates and having to go back to previous raised invoices to confirm rates, review the actual hours worked compared to budgeted hours and more importantly has everyone accounted for all their hours. The whole process was counter-productive.
The other problem I faced was not having any real-time knowledge on the hours being worked each day. I had access to our workflow system so I knew where they were and what they were working on but I didn’t have visibility to my work in progress in $$$. It was essential for me to know each day how many billable hours the business was doing equated to $$$.
I guess we are no different to a company that sells product. They would want a sales order report to know what sales were in the pipeline. When you sell time as a service it’s imperative you know the value of that time spent. I knew one thing for certain, I needed quick and easy access to that information, that could be used anywhere, anytime and on any device. I call them my triple A’s.
I was very clear in my mind what my ideal solution would look like for me as a business owner and my team, who would ultimately be the driving force behind the product. We tested a few time sheeting systems and hands down TSheets (now QuickBooks Time) was our pick!
There were many features that ticked our boxes but what appealed to us the most were these:
- Default client charge out rates
- This alleviated my problem with having to decipher charge out rates
- Default classes for job costing
- This allows me to run a profit & loss report on each client
- Available on all devices
- No excuse to never clock your hours as all our team have smart phones with the app loaded
- Weekly overview snapshot
- This gives me my work in progress for the week
When I decided to implement TSheets (now QuickBooks Time) I rolled it out to one key experienced staff member. It’s easier to manage and iron out any teething problems on a small scale than a company wide scale. Once we were both confident that the system was configured correctly and the integration with TSheets and QBO was working we did a demo/training session with the rest of the team. The team were on board as it was also being endorsed by their co-worker.
Moving to TSheets (now QuickBooks Time) has provided us with many benefits including:
- Identifying training issues. Previously if someone spent 10 hours on a task that should have only taken 5 hours I would have to rely on my memory bank and look back at previous invoices to determine if those hours were reasonable. TSheets enables us to set alerts so if this does happen we can pro-actively review our processes to ensure the staff member is completing their tasks within the required time frame
- Knowing that every hour incurred by a team member is being captured for Payroll and Invoicing
- Some of our work is value billed (fixed rate) TSheets allows us to log all hours worked so employee gets paid but the client is not billed. Having this information allows us to review our pricing structure on some of our fixed contracts
- Having real-time visibility on who is working and I can clearly see in my QBO file the Unbilled Activity
Below Left: This is a great snapshot of who is working in your company. The iPhone time tracking app gives you an overview of the hours worked for the current pay period plus an overview of hours worked by you the business owner if you are logging time.
Above Right: The iPhone time tracking app syncs with your QBO data (Customer List, Classes, & Services) it’s definitely our preferred method of tracking time. Seriously Easy & Simple!
Above: This is where you would approve or disapprove hours entered by staff
Our work has now become Seriously Easier!
If you would like more information on how TSheets (now QuickBooks Time) + QBO could work for your business we would love to speak with you or jump right over to QuickBooks Time and check it out yourself.