We’ve heard it said a over and over again — time is money. Despite this often repeated maxim, it’s amazing how few accounting professionals and small businesses actually track how much time they spend completing projects, and how they execute on each deliverable. A perfect project management system would not only track the time your team spends on a given task, but it would also ensure all parts of the project are moving in sync.
Do you really know how your time is spent?
All accountants want to become more efficient so that they can make the most of their time and provide the best service to their clients. While that’s a noble goal, actually increasing efficiency is easier said than done. Many businesses struggle to improve in this regard because they only have vague ideas about how they spend their time. Without concrete data to analyze, it’s hard to pinpoint areas from improvement.
For this reason, time tracking and project management software are a huge asset. Segmenting projects into clearly labeled tasks allows you greater insight into which aspects of a project are taking the majority of your time. Breaking tasks up also allows you to clearly monitor the status of a given project. Knowledge like this isn’t just valuable internally — information can greatly guide you toward client satisfaction. With thorough project management, you’ll never have to utter the phrase “almost done” again. Instead, you’ll know exactly where a project is, and you’ll be able to more accurately estimate the estimated time of completion.
Why do projects stall out?
We all have a lot on our plates, making it hard to keep a mental inventory of everything that needs to be completed. When team members get overloaded, it’s easy for important, time-sensitive tasks to get put on the backburner, only to be rushed at the last minute.
A lot of these problems are the result of poor goal alignment. Sometimes, an employee may think they’re using their time as wisely as possible because they aren’t up-to-date on the latest priorities. If you rely on word of mouth to keep everyone informed, it’s easy for things to slip through the cracks. In other instances, managers are unwilling to delegate tasks until they absolutely have to.
How we can help
AccountingSuite offers fully integrated project management and time tracking functionality tailored specifically for accounting professionals and their clients. These features keep everyone in the know and allow you to instantly assess where projects are at in real time. You can assign specific tasks to specific people. The Project Profitability Matrix presents information about projects in an easy-to-read grid, allowing you to see what you’re doing well and what needs improvement.
If you still think that “punch in/punch out” is the only way to measure time spent working, you’re missing out on data that could help you increase client satisfaction. In all aspects of our lives, data and tracking are crucial for understanding and growth. Why should your project and time management be any different?