Why Professional Service Firms Should Use Timesheets

an infographic by jovaco solutions WHY PROFESSIONAL SERVICE FIRMS SHOULD USE TIMESHEETS Revenue leakage Revenue leakage occurs due to scattered information when entering data. Lost hours One missed 10th of an hour each day translates to 23 lost hours a year. 1/10 hour lost each day %3D 23 hours lost each year Profit loss If employees report work hours at the end of the week, the organization suffers a 15% profit loss and those who report worked hours at the end of the month, the organization suffers from a 30% profit loss due to forgotten billable activities.? 15% when reporting worked hours at the end profit loss of the week 30% when reporting worked hours at the end profit loss of the month Billing cycles 00-00 Reduction in billing cycles since the employee's time and expenses will be automatically integrated to your financial system therefore you will spend less time tracking down and entering this information on a weekly basis. $ Annual payroll expenses 2$ A study by the American Payroll Association (APA) shows that by adopting an automated Time and Attendance system companies can save up to 4% on their annual payroll expenses. 4% data provided by brought to you by 1 "Improve Timesheet Accuracy and Increase Revenue." Ezine Articles 2 "Revenue Leakage at Professional Services Organization." Sevara 3 "Time and Attendance." Vorex JOVACO Solutions www.jovaco.com %24 %24