Beauty & Brains in Branding & Web

Time Tracking Software is Essential for These 3 “Time is Money” Industries

time_300x120“Time is money” was a phrase first coined by Benjamin Franklin in Advice to a Young Tradesman. The term refers to the opportunity cost of wasting time that could be spent on profitable endeavors. Today many industries and businesses bill on the basis of time. For these entities, Franklin’s statement is especially true and time needs to be managed carefully in order to maximize earnings.

Time & billing software like HTC’s HourGlass are a boon for businesses that bill based on time. Using time tracking software encourages businesses to document ALL of their time – including time that is non-billable. Reports can be run based on the tracked data that provide insight into how time can be used more efficiently and more profitably.

Different industries have different requirements and benefits associated with their use of time & billing software. In this post, we’ll take a look at a few industries and types of businesses that NEED to track time, and explore the industry specific benefits of doing so:

Legal

Law firms need to track billable time for accurate client invoicing. Non-billable tasks such as Bar Association activities should also be tracked, as they can add up and cut into a firm’s profitability. Additionally, having a set of historical data and insightful reports can help improve accuracy when setting billable hour goals.

IT

IT consulting firms need to track time in order to manage projects efficiently and profitably. Contractors and employees log time spent on a client and project basis. Expenses related to prospecting, travel and suppliers can also be documented within a time & billing software and then assigned to one or more projects. Upon delivery, tracking billable items and generating invoices is facilitated.

Engineering

Engineering firms rely on various contractors and suppliers working across a number of projects, resulting in a complex set of costs and expenses. Time & billing software can help to organize contractor work and keep track of projects and associated expenses. Contractors working on multiple projects can ensure that their work is documented accurately to avoid over/under billing and resulting disputes.

Do you work in an industry that NEEDS to track time? What industry specific time tracking requirements and benefits have you experienced? Let us know in the comments below!

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The HTC team works together to fuse elegant design and usable functionality. We are proud of our personal approach, innovative talent and ambitious attitude. But we’re more than just an industry-leading company. We are left-right brainers, trend-spotters, explorers, leaders, strategists and sometimes we’re simply beer connoisseurs. Check out what’s inspiring us today!

Comments

  1. I agree. These industries have organizations that have teams and staff that are often dispersed. They need a time tracking software for efficiency and accuracy.

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