“Work smarter, not harder,” is a refrain every accounting professional has heard more times than they can count. While it’s a valuable premise, you’ll never be able to work smarter through wishful thinking alone. You have to investigate how you’re working today in order to work smarter tomorrow. That’s why AccountingSuite features more robust time tracking and project management features than any other accounting software.
How do your employees spend their time?
Try to answer the above question in as much detail as possible. If your only metric for calculating how an employee or contractor spend their time comes in the from of when they clocked in and out, you aren’t doing enough. Understanding which tasks take up the most time will provide you with the data to better structure your firm’s workflow for maximum productivity. Every firm has inefficiencies, the question is whether you have the tools to find them.
AccountingSuite’s time tracking functionality gives you the power to record the exact amount of time spent on a particular task. You can track in real time, at the end of each day, or use multi-day entry for longer projects with lots of tasks. Cloud-based services mean that team members can track their time no matter where they work. You can also create invoices based on time records, making internal payroll easier and more accurate.
Which projects are your most profitable?
You probably know how profitable your firm is overall, but you may not know which projects are making you the most money. With our Project Profitability Matrix, you’ll never have to wonder which projects are behind schedule and costing you money. The easy-to-use grid instantly illuminates where you’re excelling and where you have room for improvement.
When projects stall out, it can take hours, if not days, just to find out where the ball has been dropped. Obviously, hunting down which tasks needs to be accomplished next costs you money. The Project Profitability Matrix will give you a snapshot of where the project is, and where it needs to go. Even better, it spans the entire AccountingSuite application and can be shared with all of the users who are part of a given project.
Why it matters
It goes without saying that time tracking and project management are valuable internal tools that increase productivity and keep everyone informed of a project’s status, but the benefits also extend to your customers. Understanding which parts of each account are the most time consuming will give you actionable data on client behavior, allowing you to improve their processes as well as your own.
With 2019 fast approaching, odds are your setting goals and making resolutions for the coming business year. If you’re reading this article thinking, “Why am I not doing this already?”, you’re not alone. Many firms and accounting professionals could stand to do a better job analyzing their time and workflow patterns. With the help of AccountingSuite, you can turn the resolution into a reality.