Maintaining a template to track your billable hours accurately is also a useful idea. After all, anything that isn’t billable hours tracked didn’t really happen. In other words, it gets wasted and that means hours or days of productivity lost.
In the reports dashboard, you can easily view each project and client’s total and billable/non-billable hours. According to DrewMcLellan of the Agency Management Insitute, the gold standard for most agencies is that 75% of your available hours should be spent on billable tasks. Accurately tracking billable hours is a common challenge for many businesses. Track productivity, attendance, and billable hours with a simple time tracker and timesheet.
Billable VS Non-Billable hours: how to stay profitable knowing how to calculate and time tracking them
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- Stop goofing off during business hours and you may be amazed to see how much your billable hours increase.
- TimeCamp ensures your team’s robust reporting, which is a massive help for daily performance analysis.
- Anyone can do it if they know what to look for and have the right tools.
- The term, “billable hours” can sometimes cause confusion because people in many different professions charge for their work through invoicing.
Yet, many business owners tend not to track their billable hours properly or underestimate them. Billable hours are important because they help avoid any possible misunderstandings with clients about who is doing what and for how long. Billing in such a way helps you show what tasks are being done under the scope of the project and which the client must pay. If you have a good automated invoicing system, you will stay consistent and thus avoid missing invoices. It is standard practice to send invoices monthly but for projects that need more resources, you can work out a bi-weekly schedule with your client. The extra burden of non-billable time can be especially trying when a client has a strict deadline that must be met.
Set goals for billable hours
For example, they’ve only approved X hours this week because they need to secure more funding for the project. Can a billable hours tracker reduce spending and maximize human resources?