Why is accurate timekeeping crucial to accounting firms?
Accurate Time Data Enables Better Decisionmaking
- Understanding the time your professionals spend on engagements is critical to knowing the full value of your work.
- Knowing the true cost of delivery can inform future pricing, resource allocation, fixed-fee engagement planning, and project management.
- Avoiding the human error that skews the results of manual timekeeping systems can help prevent gaps between time recorded versus actual hours worked.
What exactly is passive time capture and how can it help firms track the true cost of their client engagements?
Passive time capture — an innovative Intapp Time feature — automatically captures time data for all your accountants.
- This feature is fully configurable for each individual; the software automatically captures activity for additional time entries
- Passive time capture, most popularly presented in a calendar view, notes possible gaps in tax professionals’ timesheets
- Users receive suggestions for additional hours and activities that should be recorded.
What challenges do firms face with current timekeeping methods?
Until now, there hasn't been an easy streamlined way to track all the time spent on engagements.
- Interfaces are hard to use and not mobile friendly.
- Time entry is tedious, especially in the fixed-fee arrangements many accounting firms have with their clients.
- Tax professionals may delay or procrastinate in updating their timesheets—which results in incorrect time data
What are the benefits my firm can expect by using Intapp Time?
Your firm can recover untracked hours and get a more complete picture of timekeeping for efficiency.
- Timesheets take less time to complete; they’re submitted sooner, with fewer errors, enabling better tracking of the true cost of engagements
- Passive time capture is technology your accountants will actually use (and likely thank you for)
- Firms gain a real-time, 360-degree picture of what employees actually did as opposed to what employees recorded
How can accurate timekeeping inform strategic decisions, improve project efficiency, and help with personnel management?
Your firm will know the true cost of service delivery for every engagement.
- Armed with real-time, accurate time data, your firm can price and staff projects to reduce revenue leakage and maximize realization
- You can project how much time a task takes and predict, manage, and plan projects with new efficiency
- Reporting dashboards enable your firm to review time data for professionals across similar projects or clients to better manage personnel allocations.
What are the real-world benefits we could see in terms of revenue?
The ROI is even more impressive when you tally up the numbers.
Consider an accounting firm of 3,000 employees with 1 missed hour per week per employee, at an average rate of $335 per hour. In a fixed-fee environment, that represents a $50 million annual difference between estimated costs and actual costs.