Specifically for Public Accountants
Time & Billing
Accounting profession for almost 13 years.
The experience of our firm is that more than 50% of
our new clients either had no formal time and billing record keeping
procedure or what they had was rudimentary at best.
When asked why, too often small to mid-sized
practitioners feel that tracking time is a waste of their time.
Again in our experience the reality is it can lead to a more
effective practice, happier staff, greater profitability and larger
values upon succession.
A time and billing program designed to suit the specific needs of a
professional accounting firm will help analyze the three key things
every accountant needs to know.
|Who are the clients that keep the practice
alive and who are the clients that drain the firm’s resources.
|Are we using the key talents of each staff
member and partner effectively |
|What activities that the firm undertakes are
the most profitable and which ones drain the firm|
Time is the only real asset of an accounting
professional – and should be valued as such. It should be a simple
task to record the activities done for each client, and when it
comes time to bill, review the items to decide which items to bill
and how much to charge the client. If the firm or the employees are
not in the habit of recording time as the work is performed, then it
is a habit that needs to be fostered.
Almost every firm that embarks on tracking time in an efficient
manner say they see a pay back almost immediately – most are
surprised how much time they actually spend on some clients and how
much money they let slip through their fingers.
So why doesn’t everyone track all of their time? Some common excuses
are: It will take too much time therefore it will cost them money.
They don’t have the time to invest in setting up a time and billing
program or they don’t have the additional staff needed to administer
these kinds of programs. Or they simply believe they are getting by
just fine so why rock the boat.
So if a firm doesn’t track their time how do they produce a bill for
a client for the work performed?
Often firms will choose to simply bill based on what they “think” a
client is willing to pay or based on what they have historically
charged for the service. If all things were equal this approach
might work. It’s been my experience that all things are not equal
which means that most of the time the amount of a bill grossly
understates the effort expended. Without any records of time spent
it is up to the partner, manager or employee to somehow know that
the amount they’ve quoted or are considering for the invoice is
wrong and should be differnt.
Then I also wonder how they handle clients who question the amount
of an invoice. I know that is tantamount to a lack of trust but
surely everyone has one or more clients that just need to know.
Having a record of the time logged on the client’s file will remove
any questions from the client and will most likely point out how
much the firm chose to write-off.
Finally, when the time comes to sell the practice or value it for
new partners how will they demonstrate the true value, not just the
amount of billing, of the firm. Where did the firm put its efforts,
which clients were the most profitable? Succession is something to
be dealt with in every practice, why not have the ammunition
available to answer the inevitable questions?
For complete reviews
All this for as little as $399 (single user)!*
|I have been
extremely satisfied since the initial phone call and do not anticipate
any change in my opinion. I have used your software for nearly 2 years
(I think) and do not regret switching at that time.
Las Vegas, Nevada, USA
TPS Software's strongpoint
to our firm has always been your technical support. Your staff remain
the most knowledgeable of their product that the partners and myself
have encountered of any software we use. The fact that you care comes
through with each call. We never feel just like another subscriber on
your client list....please do not change your personal approach. It is
so refreshing in this impersonal world.
Whitecourt, Alberta, Canada
Love the program for its simplicity, logic and ease of use. Although
customer service has been needed very infrequently, response is always
Novoto, California, USA
..it (TPS) was a great investment, their "cash flow is way up" because
they are billing clients right away and getting paid quicker.
Pointe-Claire, Quebec, Canada
Overall, we are very
happy with TPS Software. It has proven to be the most user friendly Time
& Billing Package we have used to date.
Islandia, New York, USA
I had tried several time
tracking software until TPS was recommended to me by a TPS user. This
software has made time tracking easier and more precise than I had
previously experienced. I would recommend this software to others. Once
I learn it better I sure I will like it even more than I currently do.
Your tech support is outstanding.
Edmonton, Alberta, Canada