Tip of the Week: Time & Expense Insights
Data analytics takes large amounts of data and analyzes it to identify patterns and trends. Attorneys can then take this actionable information and use it to analyze the current health of their firms and to make informed business decisions for the future.
Effective reporting and analytics provide the ability for Timekeepers to efficiently consume data in an efficient manner to drive productivity, efficiency, all while developing a sense of competitive advantage. Done properly, analytics can prove to be a great strategy in changing the way employees perform their jobs. Such data can increase productivity and employee satisfaction, as well as provide insights into individual performance and goal achievements for the business as a whole. TimeSolv has a great feature allowing Timekeepers to view Time & Expense analytics. This week’s Tip of the Week takes a look at how to dive into the analytics dashboard feature.
Under both the main Time and Expense Entry screens you’ll see a new ‘Analytics‘ button above the calendar.
Timekeepers can view summarized charts showing the following performances:
- Target vs Actual Billable hours
- Comparison of current and past year performance
- Breakdown of hours based on the billable type
- Top 5 Clients by Time/Expense amount
- The amount by Expense Code
Users can view the above charts for other Timekeepers too, as long as they have the correct permissions set up.
Data analytics is changing how law firms do business. From solo practices to large firms, the information gained through data analytics helps lawyers make strategic decisions about the direction of their firms. TimeSolv legal billing software offers more than 30 reporting capabilities. With a few clicks of the mouse, lawyers can get a comprehensive look at the health of their firms from various perspectives. For attorneys who understand the value of advanced analytics, this information can lead to greater profitability and significant firm growth. And with the advanced analytics offered by TimeSolv, law firms can do even more to further their firm goals.
If you’d like to contact TimeSolv support for help, please call 1.800.715.1284 or contact support!
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