Time Recording for Professionals - Unlocking Financial Success

Introduction

Is time recording still the best way to charge in a professional services practice? What do we need to do to get the most out of time recording, time realisation and therefore profitability? These and many more questions around professional services time recording and charging will be addressed in depth within this course.

This course will consider why time recording is vital in achieving financial success with hourly rate billing, its uses in management information and the detail needed to support and inform the time spent.

There will also be discussion around the alternatives and what these could bring to your business and profitability.

What You Will Learn

This course will cover the following:

• The pros and cons of time recording
• The relationship between time and profit
• Why we have time leakage and how to avoid it
• Time recording best practice and tactics
• Understanding the ‘costs-plus’ approach to billing and examining value based alternatives
• Using time recording as a management tool
• What should be in your engagement documents
• Drafting client friendly narratives and the graphic representation
• Using technology to get the most out of hourly rate billing, pricing and profitability
• Why we have write-offs and how the avoid them
• Is it possible to achieve 100% realisation rates with time based billing?
• Avoiding difficult client conversations and discounts on your time
• Cashflow maximisation and how to achieve this