Category Archives

Time Entry

  • Jun 01,2017

A recent article from the Wall Street Journal revealed that U.S. companies increased spending on consulting by 7.1 percent in 2016 as more businesses sought advice on cybersecurity, according to a report by Source Global Research.

Spending on management-consulting reached $58.7 billion last year. The pace of hiring outside advice rose fastest in the pharmaceutical industry, though financial services companies maintained their dominance over the market, with cybersecurity advice as the fastest-growing segment. According to new research from American Express and Dun & Bradstreet, business services are the fastest growing segment in the middle market.

Companies Push for a Return on Investment from Consulting Work

Fiona Czerniawska, director of Source Global Research said about the demand for cybersecurity advice, “I can’t see how it stops.” She also cautioned that consulting firms are often seen as able at optimizing back-office tasks, but are not seen as the people you need to grow your business.

Time Billing Software to Position Your Firm as a Strategic Advisor

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BigTime iPhone and Android app for time tracking and expense reporting.

 

We can see the raised eyebrows. But look at it this way. A strategic advisor is a value-add role. Your expertise is the price of admission. Your breakout ideas will get attention. But your value is associated with your insight. And your insight is based on data – the data you’ve captured with time billing software, starting with online timesheets and expense reporting.

The Value of a Connected Project Management workflow

The time and data you enter are associated with a client project. More than that, time and data are associated with, well, even more data: the project budget, tasks, even sub-tasks and its budgets, billing and invoicing, and finally, real-time reporting.

The Value Added Advisor

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Suddenly you’re the go-to person for valued insight based on real-time data that’s easy to access. When your clients ask, “How’re we doing?” you can do more than answer the question. You can tell your clients how they can grow their business.

Read the WSJ article

 

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BigTime Software delivers real-time, metrics-driven time and billing software for more than 2,000 professional firms, tracking over $2 billion (USD) worth of billable time each year.

  • Nov 10,2016

Research Reveals $35 Billion in Billings is Lost Every Year

A recent study by BigTime Software, a cloud SaaS provider of time management software for professional services firms, found that $35 billion in billings is lost every year because of poor or nonexistent notes supporting employee time entry.

Previous studies, including one published in the Harvard Business Review last year, surveyed timekeepers own opinions on how valuable their time entries were. The BigTime study is unique in that the time management software company used economic value, rather than opinions, as a more neutral yardstick.

BigTime Big Data Study 2016 Uncovers value of Time Tracking

Unique In Scope

The study is unique in ways beyond its economic valuation of data. The scale of the project, analysis of 12 million timesheets, has not been undertaken before.

Quoting Saunders, “The study is so groundbreaking because of the large amounts of metadata collected by BigTime data analyst Matt Kwiecien – including what location the time was entered from and even what device was used to enter the data. Other studies fell short because they simply asked users opinions on the value of the data and didn’t review the data collected.”

Insightful Findings With a Practical Payoff

The findings reveal that more value was placed on an employee’s activity notes rather than on “real time” data entry. In other words, the data indicate that it is more valuable for businesses to know what theIr employees are working on rather than exactly when they enter their time, as long as it’s every day or so.

Interestingly, the activity notes don’t have to be more than a few keystrokes. Big Time’s study showed 140 characters, essentially a Tweet, is enough to support a more billable note. Time tracked the next morning was found to be equally billable in the study.

Of special interest to small- and mid-sized firms is that they can increase realization by $5,000 to $10,000 per employee annually by adding notes to the time entry, regardless of when the notes are entered.

Potential of Big Data Realized to Help Firms Succeed

Five years ago, BigTime CEO Brian Saunders probably wouldn’t have guessed that his company would be part of the Big Data movement. “You don’t start out saying ‘I’m going to develop a set of data that I can use to help professional firms run more effectively,’” he said. “You head out in one direction, and keep an eye out for potential value.”
Saunders continues, “The thing that makes Big Data so compelling is that cloud companies, like BigTime, have created multi-tenant data warehouses. It’s really a gold mine of information that has the potential to help our customer base elevate their business in a way that they couldn’t if they were on their own.” For more, read the article on AccountingWeb.com.

BigTime’s Study Isn’t About Big Data. It’s About Discoveries Made Using Big Data

When asked why BigTime invested the resources to undertake the study, Chairman John Howell explained, “Our purpose has always been to help our professional service firm customers be more profitable. This research is consistent with that philosophy. It’s another way that we can leverage the data our software captures to help our customers, and the industry at large, achieve greater economic success.”

Howell emphasized, “BigTime’s study isn’t about big data. It’s about the discoveries we made using big data. The fact that note length and timely entry increase billing realization is of immediate value and useful even if you don’t use our product.”

The Study Is Mathy And Here’s Why

Admittedly, the BigTime study is long on math and deliberately so. The research was meticulous and thorough in the coverage of what was analyzed. BigTime wanted consumers of this information to know that it is credible, worthy of being shared, and sufficiently important to establish industry best practices. While we realize most readers will not dive into the details, they are there for those who are interested. Read the abbreviated version of the study.



BigTime Software delivers real-time, metrics-driven time tracking, billing and project management for more than 2,000 professional firms, tracking over $2 billion (USD) worth of billable time each year. Their flagship product is a SaaS-based system that is custom-built for the professional services industry – specifically, Accounting, Architecture and Engineering, Consulting, Creative, Government Contracting, IT Services and Legal firms. BigTime is a venture-funded company based in Chicago committed to helping clients run professional teams more efficiently, unlocking potential revenue and improving profitability within the knowledge economy.

  • Apr 07,2015
iPhone Timesheet App

You know that tracking time and capacity of your staffers is crucial, but is a desktop or cloud option the right answer for you? Although desktop time tracking and practice management software can be great tools for monitoring employee capacity and productivity, they can be cumbersome. Desktop solutions are typically only helpful if you use one application that you need “bolted to the floor” in one location. In this increasingly mobile society, however, few of us are tethered anywhere and are itinerant multi-taskers, whether owing to travel, busy schedule or both.

So what is cloud computing?

Cloud applications are by nature accessible from anywhere, at any time. Cloud computing means that your software exists in a virtual space online instead of taking up space on a desktop computer or server so it is available to your staff 24 hours per day from any location with an internet connection. iPhone timesheet apps also allow staffers to track time offline from the palm of their hands, with no need to get to get your computer connected to WiFi. (Android, too.)

Payroll will never again be held up because someone was absent and didn’t submit a timesheet, and jobs will remain on track regardless of where employees are working (or resting).

Is an iPhone timesheet app reliable?

The best thing about tracking time online is that cloud apps integrate well with many other programs that are both in the cloud and on your computer. For example, our time tracking product, BigTime IQ, is used as a stand-alone app by many of our customers, but it also seamlessly connects to Intuit’s Lacerte, as well as QuickBooks Online Plus and QuickBooks desktop.

The key to making cloud computing work for you is to use a mobile app so that your employees can record their time and track project status from anywhere. You could carry around a computer and navigate through websites in order to log time for a client visit, or you can pull out your iPhone timesheet app, for example, and log/submit time with only a couple taps.

Introducing cloud computing to your company does not require a radical overhaul of your business processes, as it fits neatly into them and enhances existing functionality. BigTime IQ Pro and Express can also be synced with other apps via the API.

Is cloud computing safe/secure?

It can be intimidating to store confidential data in the cloud, but it is a secure process that may take better care of your data than a desktop alternative, in the long run. What will happen to your data if your computer or server crashes or experiences another hardware issue? BigTime Software uses triple encryption technology to remotely store your information in a heavily-fortified digital environment. iPhone timesheet apps also don’t store data locally on the smartphone and entries there are subject to the same security as logging in through a browser.

Is 2015 the year that your company explores cloud computing software and enters the 21st century, to optimize efficiency and cut costs associated with productivity loss or inaccurate time/expense tracking?

Questions about tracking time and/or expenses in the cloud?

Call us at 312-346-4646 or email us at [email protected]



  • Feb 26,2015

 

poor time tracking software

Harvard Business Review reports that inaccurate timesheets are costing businesses billions of dollars every day, nationwide. Time tracking software or timers for client billing are designed to record every moment that you work for said client. It appears, however, that many professionals fail to log time spent corresponding with clients, the rate of which is rapidly increasing in the digital communication age.

A recent study surveyed 500 workers across the United States and found that each worker lost about $50,000 per year in revenue by failing to track time spent corresponding with clients and with others involved in work projects. Nearly 40 percent of those surveyed said that they never tracked time spent reading and answering emails related to work. The firm that conducted this study reports that, owing to the sheer size of its professional services sector, the American economy is losing 50 million hours in productivity per day – the equivalent of around $7.4 billion.

This study also demonstrates that many workers wait until Friday to log hours for the previous week, roughly guessing at their activities over the past five days. It’s no surprise that people who reported filling out their timesheets daily submitted more accurate records.

Cashflow is almost always an issue at professional service firms – how do you cut overhead and boost revenues? Did you ever think that two minutes per day (how long it takes to log time) might generate tens of thousands of dollars? A company with 15 employees that charges an hourly rate of $150 has an average revenue leak of $1.6 million per year. That amount should more than cover the cost of good time tracking software.

  • Feb 18,2015

Cloud Time Tracking SoftwareYou know that tracking time and capacity of your staffers is crucial, but is a desktop or cloud time tracking software the right answer for you? Although desktop time tracking and practice management software can be great tools for monitoring employee capacity and productivity, they can be cumbersome. Desktop solutions are typically only helpful if you use one application that you need “bolted to the floor” in one location. In this increasingly mobile society, however, few of us are tethered anywhere and are itinerant multi-taskers, whether owing to travel, busy schedule or both.

So what is cloud computing?

Cloud applications are by nature accessible from anywhere, at any time. Cloud computing means that your software exists in a virtual space online instead of taking up space on a desktop computer or server so it is available to your staff 24 hours per day from any location with an internet connection. Payroll will never again be held up because someone was absent and didn’t submit a timesheet, and jobs will remain on track regardless of where employees are working (or resting).

What are the benefits of cloud time tracking?

The best thing about cloud time tracking apps is that they integrate well with many other programs that are both in the cloud and on your computer. For example, BigTime IQ is used as a stand-alone app by many of our customers, but it also seamlessly connects to Intuit’s Lacerte, as well as QuickBooks Online Plus and QuickBooks desktop. Introducing cloud computing to your company does not require a radical overhaul of your business processes, as it fits neatly into them and enhances existing functionality. BigTime IQ Pro and Express can also be synced with other apps via the API.

Is cloud computing safe/secure?

It can be intimidating to store confidential data in the cloud, but it is a secure process that may take better care of your data than a desktop alternative, in the long run. What will happen to your data if your computer or server crashes or experiences another hardware issue? BigTime Software uses triple encryption technology to remotely store your information in a heavily-fortified digital environment.

Is 2015 the year that your company explores cloud computing software and enters the 21st century to optimize efficiency and cut costs associated with productivity loss or inaccurate time/expense tracking? We’d suggest you strongly consider it, whatever solution you end up implementing.

Questions about tracking time and/or expenses in the cloud?

Call us on 312-346-4646 or email us at [email protected]

  • Feb 09,2015

Small companies or individuals may not need extensive invoicing, task or expense tracking features, so they shouldn’t have to pay for them. BigTime IQ Express gives small businesses a comprehensible time and practice management solution without unnecessary bells and whistles – usable on any Smartphone, tablet, mobile or desktop device.

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BigTime IQ Express has full timesheet functionality with the ability to post to QuickBooks to run payroll and billing. Historic timesheets can also be imported from QuickBooks, similarly to clients, staff, and labor codes. Import and create an unlimited amount of clients so you can keep working without running over capacity. There is no need to re-enter data, instantly cutting down on redundant administrative tasks.

Don’t use QuickBooks for your company? Many small business owners prefer to use BigTime IQ Express as a stand-alone software, opting to track time and create detailed reports from one place in the cloud.

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The reports available in BigTime IQ Express provide comprehensive views on the state of your company’s resources and projects. Review timesheet details across all staff members, or the status of any (or all) projects. If the nine pre-loaded report templates don’t satisfy what you’re looking for, create your own from the Report Center and share them with anyone in your company.

BigTime IQ Express also comes with an industry-specific lexicon that you can personalize, and customizable admin rights for individual staffers. BigTime IQ Express customers and staff also have access to the award-winning BigTime IQ mobile app from their smartphones and tablets, so you can work smarter anytime, anywhere.

Visit the pricing page to learn more about the BigTime IQ pricing structure, email [email protected], or call the sales line at (312) 346-4646. Not ready to make up your mind and subscribe? BigTime IQ Express is available for a free trial.

  • Mar 19,2014

BigTime is being known as the best time billing software for accountants. Let it make this tax season less taxing.

BigTime’s time billing app helps make your tax prep reporting and invoicing a breeze — bringing super-efficiency, flexibility and automation to capture more of your client tax-prep revenue.

time billing for accountants

 
Following are just a few features tax-prep accountants might find especially useful:

Status tracking. Place statuses around your engagements or work codes and run reports by client and/or project. Need to see which clients still owe you tax documents? Done. BigTime shows you know exactly where you are throughout the tax prep process.

WIP analysis. BigTime can help you capture un-billed time and expense for projects still in the pipeline. Management reports can enable automatic analyses of work-in-progress payments (by staffer, billing code and client).

Invoicing your way. We’re talking multiple billing rates, write-up and write-down, and unlimited line item editing and reporting. Billing can be easily tailored to the needs of each client, and you can conveniently invoice out of either BigTime or QuickBooks.

You can learn all about BigTime’s features for time and billing for accountants. Or if you’d like, our team will be happy to demo the software for you — which takes just 30 minutes or so.

  • Nov 09,2012
Just a few of the timesheet templates available in BigTime Enterprise.

Guided by 10 years of user feedback, BigTime’s created over 28 timesheet templates – the most offered by any timesheet software on the marketplace.

From simple to complex, BigTime’s timesheet templates can display just the basics – logged hours and labor codes – or offer a more detailed view of actual vs. estimated hours, a breakdown of budget items, and tasks entered with a timer. Managers can also pick and chose which features to display and create completely custom timesheets in a snap.

Automatically applied to all staff members, BigTime’s timesheet template setup couldn’t be faster – and, universal settings ensure all employees and contractors adhere to a uniform set of timesheet guidelines.

Staff couldn’t be clearer on which information needs to be included, and they can complete and submit timesheets online, through BigTime’s desktop widget, or on-the-go with our mobile app.

As business needs change, BigTime makes it effortless for management to be responsive – toggle through timesheets without worrying about data integrity. All information remains securely stored and automatically populates into the newly selected template.

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To learn more about each of the timesheet templates, please see our knowledge base article or contact a support specialist, who can help you decide which timesheet template is right for you.