It is fundamental to distinguish and measure these types of hours: while ones generate revenue for your business, the other ones are still important to keep the business running smoothly. However, although both are relevant, it is necessary to calculate and balance them out appropriately in order to create an adequate fee structure. Tracking Time will show you which clients make your team spend more non-billable hours than convenient (excessive phone calls, meetings, e-mails and so on) so for the next project you will be able to calculate better fees by factoring in those non-billable hours into the fee for that specific client. Find out which customer yields a revenue stream that exceeds the company´s costs and which don’t.
Reducing Non-billable hours
You will find that administrative tasks are responsible for the vast majority of these hours and of course, that’s when Tracking Time comes into play: automatic time tracking and instant billing will drastically cut he hours allocated to calculating invoices and managing payments.
In addition, specifying which tasks are billable and which are not will help you make more informed choices on how time is allocated. Knowing how much time per month you and your team are spending on meetings, answering e-mails and taking phone calls, is the first step to improve overall efficiency and productivity.