In today’s MP message, I’d like to address the topic of chargeable hours. Every tax, accounting and consulting professional at Withum should be aware of their charge hour budgets, and focused on achieving and exceeding those metrics. Doing so not only contributes to the firm’s profitability which drives the professional bonus pool, but also funds our investments in technology, marketing and the firm’s future growth.
You should be aware that we gauge how much to bill a client based upon the time it takes to complete the engagement. Therefore, it is imperative that we accurately record our time. Inefficient use of our time is not only wasteful, but also unfair to our clients and other team members around the firm. And you should never, ever, engage in the practice of overinflating charge hours in order to meet your metrics, or eating time to improve realization.
Another perspective… when we are putting in charge time, these hours are an investment in learning and therefore advancing your career. As an example, exceeding your chargeable hour goal by 10% equates to 10% more time invested in your professional career. In essence, the more you do, the more you learn, the quicker you advance your professional career.
Having just gone through bonus season, we were surprised at how many of you were not aware of not having achieved your charge time targets for the year. Your personal charge time can be viewed on your PE dashlet, and is something you should be monitoring daily. If you are struggling to meet your targets, please speak with your office scheduler, Career Coach and Office PIC. They are responsible for assigning you enough work to obtain your chargeable hour budgets. You should be looking ahead at your schedule at least a week in advance, and not the morning of the start of your day. Achieving your charge hours is your responsibility.
Finally, the primary driver of team bonuses is exceeding your charge hour goal. If you need clarification on this, please contact your Career Coach, Practice Leader, Office PIC or myself, and we would be happy to explain it.
We recognize with the privilege of flextime comes the responsibility of managing our time and the ability to accomplish engagements for our clients. We all need to be conscientious of deadlines, efficiency and distribution and workload, in fairness to our fellow team members and our firm’s overall financial health.
Our profession is changing and I know we are all up for it. The efficient and effective use of all of our resources will be what moves us into the future. Thank you all for your efforts on behalf of our great firm.