This segment addresses the three benefits or biggest benefits of using Standard Time®. And addresses the three biggest pain points that consulting and manufacturing companies have. Those being 1. Being to maximize your billable versus non billable hours and addressing admin vs non admin time. 2. having priorities messed up so that you’re working on projects that don’t matter. 3. Cost over-runs or budget over-runs. I’m going to address those quickly. First thing you see here with the Standard Time timesheet is you get a weekly total at the bottom so that you make sure that you’re hitting your weekly goals. Another thing you can do is go over to the left hand side, open up this Billing section and look at Billable hours. We see 24 ¼ hours here, if I click on Not billable you have 18 ½ hours. So you can compare and find you’re billable versus non billable hours. Another thing you can do is go to the Tools Users and Organization, right click on a user, choose email notification and make sure you get an email out when people have less than 40 hours or people haven’t submitted their timesheet for approval. That obviously doesn’t affect billable vs non billable but it does make sure people get their time in. Another thing you can do is run a Utilization report from the Management section. When I run that, in this case I’ll run it for the last 120 days, you’re able to see the billable vs the non-billable plus the percentages for each user. Then you’re also able to see the effective billing rate so you can keep those billable rates under control.
This next pain point would be having priorities messed up so that you’re working on projects that don’t matter or their not strategic to the company. One of the things you can do here is run a pie chart, I’m going to run the pie chart for projects, no filtering. You see right off the bat which projects are having the most time spent on those so those would be the highest priority. And you can check yourself to make sure you’re doing the higher priority projects. You might consider running another report, a custom report Project Percentages. This is a simple little report that finds all the percentages for each project. This is much like the pie chart but in textual form where you can make sure you are working on the projects that are highest priority to you.
The third pain point I’d like to address for consulting and manufacturing companies would be budget overruns. If you click on the Project Tasks tab this can be set up so you see columns for the Cost Client, Cost Client Actual and Cost Client Remaining. You can also see salary rates. You can use these to find out where your project is. You can see % complete, status % column, things like that to help you see where your project is. If you’re using an Excel spreadsheet you’re not likely to get this kind of information. So that’s a valuable dashboard view. If I open up another report Project Budget Burn we can see here from a report like this a list of all the projects and for each project we get to see the budgeted amount, the amount used on tasks, amount used on expenses and then the remaining amount for each project. That is another way to keep those things under control.
Those are some of the ways Standard Time can help keep the company in line for those three issues. Which were the billable vs non-billable hours, project priorities messed up and budget and cost over-runs. Hopefully that has helped!
Watch the video: https://www.youtube.com/watch?v=iZQdNknupIc