MP Message

Time Keeping in Practice Engine

MP MessageToday’s message is about an important function we all need to be mindful of, but all too frequently are a little lax in performing consistently… and that is time keeping in Practice Engine.

From a team member perspective, it is critically important to track our time regularly and accurately. Being able to see the true numbers of hours each team member works allows us to know who is putting in extra time and have that effort rewarded, or have workload imbalances recognized and corrected.

From the client perspective, it is equally as important to track chargeable time. Doing so helps us evaluate a client’s profitability as well as our own. “Chargeable time” can also include time spent for phone calls and emails with a client, including time invested in answering informal questions. It is the engagement partner’s responsibility to determine whether the time results in value and should be invoiced to a client. However, it is everyone’s responsibility to make sure the time is accumulated. Often times, we overlook the brief conversations we have that are related to servicing clients yet tend to be the most valuable.

Remember, we all need to work together in big ways and small in order to help make our firm a stronger one in terms of profitability and client service. Keeping accurate time entered in PE will go a long way in helping achieve both.

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