Is your firm losing money and productivity due to its approach to time tracking? If so, it is time to reimagine time.
In today's complex business environment, firms are increasingly looking to improve efficiencies and productivity through enhanced automation and drive greater revenues with more data-driven insights. Timekeeping should be no exception.
With the right tools and resources in place, firms can transform time tracking to better understand their costs and get the data they need to help drive process improvements. Let's take a closer look.
The rise of greater automation
Faced with a rise in client expectations, staffing constraints, and increased competition, firms are increasingly looking to drive greater efficiencies and productivity through more automation capabilities and tighter software integration.
Underscoring the heightened focus on technology, Accounting Today's
Given the complexities facing firms today, the sharper focus on technology is no surprise. In order to better meet client expectations, expand firm bandwidth, and deliver more higher-value, higher-margin services, practitioners must be able to work smarter and faster. This means leveraging automation to weed out mundane, time-consuming tasks like manual data entry.
Furthermore, many firms have migrated to cloud-based solutions, which is the gateway to up-to-date software integrations and robust automation capabilities. In fact, one could easily argue that the cloud is table stakes for today's firms.
However, as firms ramp up automation it is critical they have a clear understanding of productivity. With automated data flowing in, firms need to have the necessary tools to analyze that data via data visualization software and, ultimately, leverage the insights to boost billable revenues and make informed decisions around employee well-being. It is a critical benefit that should not be overlooked.
Business models reimagined
It is no secret that a growing number of firms are embracing more strategic advisory services due in large part to the commoditization of compliance-based services.
Accounting Today's research revealed that nearly half (49%) of respondents said they expect their time spent on advisory services to grow in 2023. Compliance work, however, still remains important. Where firms hope to make up the time and broaden their bandwidth is through improved automation and cutting back administrative tasks.
As firms increasingly move to more strategic advisory services many are also bidding adieu to hourly billing. They are, instead, turning to value-based pricing and implementing multi-tiered service packages or bundles. The question then becomes: are they being properly compensated for the value they are providing? Is there a leakage of chargeable time?
To be successful, firms must ensure they have a true representation of revenue leakage. And they must maintain an acceptable level of profitability on their value-based pricing.
Now throw into the mix the rise of remote or hybrid work environments and its impact on the profession. Firms that have made this transition must rethink how they measure productivity. The good news is that, with the right solutions in place, firms can ensure they are maximizing productivity and can track the digital journey of staff.
The war on talent
Fueled by what has become known as the "Great Resignation," attracting and retaining talent is a top concern for many firms. In fact, according to the AICPA's most recent
Firms are no doubt feeling the pressures of staffing constraints and are turning to more technology solutions to broaden their bandwidth and help ease the strain on team members.
The reality is that with the right tools in place, firms can better attract talent as well as improve the well-being of current staff, prevent burnout, and, ultimately, drive greater staff retention.
A key factor is having the ability to analyze automated data that is flowing into the firm. Firms that are able to analyze automated data, via data visualization software, can make more informed decisions around employee well-being.
Driving change through innovation
Firms looking to drive change and further unlock the power of data-driven insights can do so by automating timesheets. Enter WorkCapcha by CloudCapcha, a strategic partner for large and mid-tier accounting firms.
"Time tracking is nothing new. We are bringing an innovative solution to the table of an age-old problem in accounting firms of tracking time around productivity," said Chris Wicker, Chief Revenue Officer of CloudCapcha.
How it works: WorkCapcha is a cloud-based, SaaS platform that removes the traditional approach to completing a timesheet. It takes timesheets to the cloud and records when software applications — such as client management solutions, communication and collaboration tools, and Office 365 — are used to provide client outcomes. By automating time recording, firms can minimize the leakage of chargeable effort and maximize productivity and billing.
WorkCapcha is native to Microsoft Teams, a platform that most firms are familiar with, so it delivers a seamless user experience.
"Having it be within Microsoft Teams you then get all of the benefits that you get from Microsoft Teams from a mobile app perspective, easy to use, the familiarity of it," said Wicker. "People today, when they complete their timesheets, they don't complete them on time because it is convoluted, it is hard to use, they have to go into the practice management system, or they use a third-party application that feeds the practice management system."
WorkCapcha, however, is much more than an engine for recording chargeable time. It integrates directly with the firm's practice management system and provides data-driven insights via dashboards. This enables firm leaders to track the digital journey of staff, better understand the true cost of production, and make better decisions around employee well-being.
Today's firms cannot afford to risk losing money and productivity due to inefficient time tracking. Take action today by contacting
