1. Flexibility of charge-out rates. Does your current time management system give you genuine flexibility in the setting and recording of your charge-out rates—even allowing for a combination of aspects such as: The rates agreed with each Client. The seniority of the staff doing the work. The individuals doing the work. The types of services being provided. By each particular assignment.:



2. Accurate status of work vs. estimated. Accurate cost estimates are provided prior to jobs or projects commencing, but it’s vital to know how you are ‘travelling’ as jobs progress. So, if it looks possible you may exceed an estimate, you can advise your Client and invoice the excess; you aren’t then faced with writing off the additional time expended. Also does your current system give you up to date information about ongoing time your staff have expended, compared to what has been budgeted for? :



3. Versatile pricing approach: In today’s competitive environment, you need to have the capability to price jobs with a degree of versatility and flexibility. So you need a system which helps you, not hinders you. Can your existing system give you the capacity to undertake all of these pricing tasks? Provide fixed prices based upon the value of the work being undertaken. Include the option of a success fee. Invoice automatically according to a predetermined schedule of payments. Report gains and losses, comparing the fixed price against time-based costs.:



4. Recording of time spent: The ideal system is one which allows time sheet entries to be made just once—ensuring these are accurate and complete—avoiding any ‘leakage’. Ideally, time data should be entered as the work is done and automatically validated as it’s entered. And, more to the point, the input function must be easy and user-friendly for your staff. Does your current system: Capture the time spent and notes as the work is done? Validate the data as it is entered? Allow the data to be collected on the Client’s site? Provide professionals with a history of completed work? Collect the time for support staff, too? Avoid the need for further data entry by admin staff?



5. Processing of invoices: Invoices really need to be processed as efficiently and as automatically as you wish—with as few errors as possible. You know that accurate, timely invoicing is essential if you want to have invoices paid promptly and you’d prefer your work in progress exposure to be minimised. So, how flexible is your current system—can it do all this for you? Process time sheet data weekly if you wish and even send invoices weekly. Allow you to send a single invoice whenever you want, without waiting for the next batch run. Automatically take notes from the time sheet to the invoice—no re-keying required! Store additional notes about the work completed. Make it easy for you to correct any errors.:



6. Increased margins through the right mix of staff: Increased margins are achievable by ensuring you have the right ‘mix’ of staff on the right jobs. But there can be other benefits too, like giving you competitive pricing advantages and increased staff motivation through junior, middle and senior staff being involved in a collaborative team-based approach. Having such capabilities allows you to estimate accurately and manage projects within agreed budgets. And, most importantly, it gives you clear reports of the levels of productivity—for example: Weekly reports showing profitability by project. Indications of the proportion of work being done by junior staff. The potential to pinpoint spare capacity.:



7. Knowing your position—right now: It is often difficult to know the exact status of your work in progress because information about completed work may be hidden away in files or diaries, or on time sheets awaiting processing. And if there are problems, you might not know or realise for several weeks—and that can be a concern! Does your system allow you to know the precise status of your work in progress at any given moment in time? Does your system process your timesheets frequently enough? :



8. Measuring and rewarding individual performance: To retain and motivate your staff, you need to review their performance on a regular basis, to keep an accurate scorecard. But when you have flexible remuneration arrangements with Clients, it can distort the data and provide misleading results: for example, the way in which your company services a Client, the schedule of payments and even the fact that the work could be undertaken by teams. You realistically need to filter out such effects in order to get a true and accurate picture of what fees are earned by each individual. Does your system enable you to do this? The key aspects being: Meaningful and accessible KPIs. Performance measures achievable though effective teamwork. Filtering out the effects of deals and payment terms agreed with Clients that are beyond the control of individuals.:



9. Investment time: In the course of day-to-day work there can be a range of activities which are not of benefit to current revenue, but they do have future benefits. For example—development of skills, nurturing existing Clients, new business development and mentoring junior staff. Ideally, you should be able to measure the contributions of staff undertaking these activities, set budgets and reward their efforts. Can you do this with your existing system? :



10. Recruitment and training: As salaries are the major cost in professional service organisations, it’s vital that your approach to recruitment, skill development and promotion is carefully managed. In this way, you can be assured that you have the best staffing levels combined with the appropriate range of skills, experience and expertise. To be able to monitor this, you should be able to clearly evaluate: The trends in hours being worked by staff at various levels of seniority. The trends in hours being worked by staff within the respective skill areas. Your workload forecast for the next quarter. Can you do this with your existing system?



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