Why Your Consulting Firm Does Need A Time Tracker

There are few methods in which the automatic time tracker may help consulting firms to become more profitable.

Companies now live in a technological world and tedious tasks now may be performed with agility and ease. Computers with software are able to do most of our tasks for us, whether it is filing taxes or ordering groceries. The advantages we get – specifically, more time and less possibility of error – make IT appealing to companies as well. In fact, there are several ways in which an automatic time tracker can help consulting firms become more profitable.

Maximizing Incomes

Billable time is the main source of incomes for consulting firms. By tracking time, costs, and other parameters accurately, consulting firms will be able maximize their income. The automatic time tracker gives managers the ability to create unique interfaces to facilitate employee acceptance and compliance, eliminate double entry errors through online approval routing and integration, and even assign multiple billing rates for each specific task to every single worker.

Cut Your Cash Flow Cycle

Time trackers are also able to help consultancies in reporting on projects’ development and providing expenses updates. All project cost-related information can be entered, updated and accessed through a single interface. The right time tracker for the job can also create and send invoices at any time in the project’s work cycle as well as speed up billing cycle to perfect cash flow. Not only that, but a web-based time tracker allows time to be entered from anywhere where are an Internet connection is available. It means that invoicing need not be held up until an employee gets in the office.

Any Information On First Demand

Automatic invoice reports help consulting firms to recognize problems and opportunities fast, and CEOs will have access to data they need wherever they are. Thanks to real-time billing data, they can keep an eye on a given budget as well as improve client relationships by providing customers with access to information. They may also automate calculations by running reports based on customized billing rules.

Not only does the automatic time tracker make work easier, but the work has been proven to become more effective as well. According to a study by the University of California, automating the time tracking process reduces human errors by 70%. Let's think about what this could be worth to your business. Automation also cuts down on employees’ time, so that staff can spend more time more productively, working.