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Tracking Billable Hours: How to Increase Profitability for Professional Services

Professional services teams have a lot to balance in order for their companies to achieve success and retain clients. Teams need to deliver projects on time and on budget, while also creating profits for their employer. If a company doesn’t have an effective tracking system in place to keep tabs on time, projects and billable hours, profitability decreases.

We’ll look at how to increase profitability and success through time and expense tracking systems.

Obstacles Professional Services Teams Face

Professional services managers are responsible for managing internal teams, external relationships, customer engagement and re-engagement in order to develop loyalty and profits. In order to develop these effectively, a system needs to be in place that can track every objective and output that every team member is responsible for.

If not, the following problems can occur:

  • Services won’t be delivered on time
  • Budgets won’t be met
  • Billable hours will be inaccurate
  • Invoices will be delayed

All of these problems can result in a decrease in customers and, ultimately, profits. If you don’t have the right tracking tools in place for your team, it is nearly impossible to be organized and efficient, which is key to customer satisfaction and your profitability. Implementing time and expense tracking software for your company will help you overcome these obstacles and optimize success. Here are 4 benefits that tracking systems can offer your company.

1. A Centralized Database

You can’t keep accurate track of your team, projects and expenses without a centralized database that is accessible to and used by everyone on your team. Time tracking software allows you to easily create this hub where you can monitor every aspect of your business.

It’s important to make sure to choose a system that is user-friendly so you’re able to check the status of a project, approve employees’ hours, create schedules and assess timelines in minutes.

2. Maximized Employee Productivity

Tracking time ensures everyone is on task. Some software provides a real-time look into your resources as well as your team’s workload so you can have an accurate grasp on project timeframes so you can hold your employees accountable. For example, Time Tracker by eBillity has a timer feature for employees. The timer records their work in real-time, so it’s accurate — right down to the second. The result? Managers can accurately assess productivity so scheduling can be more efficient. Being able to monitor productivity in real-time allows employers to maximize productivity which directly impacts client outcomes and profitability.

3. Open, Streamlined Communication

Creating a centralized tracking system where projects, hours and billings are easily accessible and streamlined can improve open communication within a business and its clients. Time tracking tools can help you achieve streamlined communications through open and accurate  data and reports.

4. Increased Accuracy and Speed

Accuracy and speed can make or break companies. Every second spent on something outside of the scope of work costs you money.

Time Tracker by eBillity offers time tracking, reporting, project tracking, GPS tracking and online scheduling so you can accomplish all of your goals in a matter of minutes.

It’s Time to Get Tracking

It’s time to stop wasting billable hours. The time you can save overall on projects, hours, and tedious administrative duties can help you manage your company’s internal and external relationships so you can improve profitability. And that’s the bottom line.

Why leave it there?

To learn more about how Time Tracker by eBillity can help keep your business on trac

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