While the time sheet is an integral part of most accountants' lives, it is not the measurement of performance that many believe it to be. A time sheet is nothing more than an accountability tool.In my opinion, the profession has erred, because the time sheet was never intended to be a measure of value or a pricing tool. Value is defined as the monetary worth of a good or service. The time sheet is simply a historic record of the cost of delivering a service.

Yet many firms don't even utilize their practice management systems to calculate total labor and overhead costs. They simply use them to calculate a standard rate or price. Clients and accountants often value services differently.

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