What Your-Time Tracking Software ISN'T Telling You Could Be Costing You - TimeSolv

What Your-Time Tracking Software ISN’T Telling You Could Be Costing You

Written by Ron Reinart

3 min read

shutterstock_126572585Tracking time and billing is critical for every law office, professional and small business. But merely recording those hours and expenses into a system isn’t enough to gain insight into your business. You need a way to make sense of all that data.

Without the ability to run reports on your time-tracking and billing data, you are missing crucial opportunities to understand what that data actually says:

Where are you leaking profits?
Are inefficiencies dragging down your bottom line? What can be improved?

What tasks are taking more time and costing you most?
What are the reasons why certain tasks (or accounts) are costing more than others? How much non-billable time is being recorded, and how can that time be reduced?

How are employees effectively managing their time?
Which team members are taking longer to perform certain tasks, and why? What can be done about it?

Are clients being billed correctly for associated time and expenses?
Where are expenses and time being lost? Are client invoices being properly updated to include these time entries?

Which attorneys or staff members are missing time entries, and how much?
How many hours are unaccounted for at the end of a week or month?

How can you make your operations more efficient and more profitable?
What can you do to ensure your firm is minimizing losses and maximizing profitability?

If your existing time-tracking and billing software doesn’t help you answer these questions, then why are you tracking time and expenses at all?

Get Better Reporting, So You Can See the Whole Picture

TimeSolv’s reporting capabilities give you vital perspective to manage your business with confidence. With access to more than 27 different real-time reports that you can generate instantly, you’ll gain fresh insight into key areas of your business: billable hours, missing time, revenue collected by timekeeper, accounts receivable, expenses, performance, and much more.

Our simple interface makes it easy to see and understand your business’s overall performance, or to drill down into specific accounts, tasks, employees and more. From basic daily reports on time-tracking and expenses, to big-picture analyses of your profitability and productivity, you’ll have instant, up-to-date access to information that helps you make better decisions for your business. Reports can be viewed and shared in 10 different formats, including PDF, Excel, Word and others.

For time-tracking and expense data alone, you can choose from multiple reports, including:

  • Time entries: List of time entries grouped by client and matter
  • Time summary: Weekly and monthly totals of time entries grouped by combination of client, matter, and professionals
  • Expense entries: List of expense entries grouped by client and matter
  • Missing time: Hours missed by a timekeeper per day or per week
  • Time budget: Budgeted versus billed and unbilled time grouped by client and project
  • Task summary: Sum of time entries grouped by professional and task

And that’s just one category. You can select from a wide range of other reports related to Accounting, A/R, Invoices, Payments, Trusts, Realization, Managing the Firm and Performance.

Gain better insight into your firm by requesting a free trial of TimeSolv. No credit card is required and you can be up and running in 60 seconds.

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