How To Increase Revenue by 7% in 12 Minutes a Day with Microsoft Dynamics 365 and TiM

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Nobody ever said they enjoyed filling out a timesheet. Ever.

Tracking time, especially billable time, is a real challenge for many businesses, especially those in the professional services industry. Nobody likes having to fill out a report at the end of the day, week, or month, which is understandable because, if you’re not capturing your activity in the moment, it’s far too easy to forget what you did, and for how long you did it.

Another problem that makes time tracking so difficult is the timesheet itself. How do you visualize time in your head? We’d be willing to bet your answer does not involve a grid or a spreadsheet. Yet, many are forced to report their time that way, making it even more challenging and undesirable.

Could your time-tracking process be costing you money?

Since tracking time is such a struggle, many professionals must try to remember what they did over the last day, week, or month of activity, and the human memory is far from perfect. Some even end up giving their “best guess.”

So it stands to reason that, if people are guessing, the time reported is inaccurate. If they don’t report all their time spent on a project, then that time isn’t being billed, and you’re leaving money on the table. And it’s not small change.

If you’re using timesheets, all that data has to be manually entered into your ERP software before it can be billed. That is a lot of additional labor, and another point where human error can creep in.

Our solution, TiM (Time is Money), is designed to make it easy and enjoyable to capture time by using the paradigm familiar to us all – the Outlook Calendar. In that way, all those missing activities can be captured and billed. Integration with ERP solutions including Dynamics 365 Finance and Business Central further automates the billing process, creating a smooth path for increased revenue.

How Better Time Tracking Turns into Money

Some years ago, a lawyer, one of over 100 in the same firm, was possibly the worst time tracker they had ever seen. It was a difficult task, and he hated doing it. After making TiM part of his workflow, that all changed. Now that he was able to capture everything he did in a day, the clear picture of his activities along with the increase in hours billed really paid off – he became a partner in the firm the following year.

Another example illustrates how small chunks of time, like raindrops in a bucket, can add up to a significant increase in profits. A project management firm billed $140 per hour, with a burden of $80 per hour. They had 650 employees, and 500 of those billed for their time at an average of 120 hours per month. We encouraged them, after implementing TiM, to find just 12 extra minutes of billable time per employee – a net result of over $3 million per year of pure profit! That is time they were already working but leaving on the table.

But there’s more money going into their pockets aside from that cool $3 million. Remember, they were tracking time the old-fashioned way, which was time-consuming and burdensome. Rather than spending an average of 2 hours a week just recapturing data and filling out timesheets, now professionals were tracking time “on-the-fly” – spending just 15 minutes a week entering data in the system. That’s 1 hour and 45 minutes – times 500 employees – of productive time invested back into the company; a value of over $4 million.

By capturing just 12 more minutes a day and leaving timesheets behind, this company was able to increase profits by more than 7%, without any additional effort whatsoever. Why wouldn’t you want to be instantly more profitable?

Time Tracking Made Simple

Getting everyone on board with time tracking is nearly impossible when they dread it. However, you can motivate partners, co-workers, and employees to do it with one simple principle: Make it painless. Your time-tracking solution has to be so simple and fast that employees barely realize they’re doing it at all.

TiM strives to be as simple and unobtrusive as possible. Living inside Outlook, it helps you convert your calendar into billable time, and it silently measures the time you spend on other activities, such as reading and responding to emails, so you can later see what you were doing and fill in the holes in your daily activity report with just a few clicks. Once you confirm a time entry, it is automatically posted to Dynamics 365 (Finance or Business Central) and automatically appears on the invoice to the client.

Would you like to know how TiM can make you more productive and profitable? Contact us today and turn more of your time into money.

By Handsfree | handsfree.biz

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