Benefits of using Standard Time®
The three biggest benefits of using a timesheet like this are these: 1) Maximize your billable hours, 2) Prioritize your projects according to company strategic value, and 3) Reduce budget overruns.
If you are in a consulting environment, you must maximize your billable hours and minimize the non-billable time. You must also minimize the in-house admin time. Along with maximizing billable hours, you must also maximize the effective billing rate you charge clients. The effective billing rate is the final amount you get for all your working hours, whether those hours are billable or not. So reducing non-billable hours increases the effective rate.
Regardless of the type of company, you must also prioritize the projects you work on. You cannot afford to work on non-strategic projects. The program lets you see where all the hours have gone -- whether to strategic projects or secondary ones. The goal: increase time on strategic projects and reduce secondary ones.
Budget overruns are another big problem. Use the reporting system to customize budget reports for your business. Watch them closely and don't allow overruns, if possible.
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