Time and billing systems continue to advance; metric analytics are increasingly more popular yet the problems of time management and productivity detours continue to plague the world of public accounting. All too many practitioners will be heard saying, “I was so busy today but I don’t know with what and my open item list is growing.” If you expect clients to appreciate the value of your service, you need to appreciate the value of your time and live by a time value action plan. Here are some keys for implementing a personal time value action plan to prioritize your efforts and capture your time more effectively to best turn your time into money: Approach each day with the following perspective: If you had to pay someone your hourly rate for the day, what would you want them to accomplish and what would you consider to be their best use? Use an open item list that reflects best case and worst case for the amount of time that your involvement requires. Work off of a due date target for all projects. Use a top 10 achievement target for each week. Maintain a perpetual inventory of items to do with entries in real time fashion. Create fixed time slots for billing and business development each month. Utilize a 60-day personal business development action plan. Create action plans for your top 10 clients and update the plans quarterly. Use a time slot warning system for scheduled meetings of one hour or more so that an administrative person is authorized to interrupt and warn you 15 minutes and then 5 minutes before the close of the meeting. Block out blackout periods several times a week when you can only be interrupted for an emergency. Enter your time twice a day in the time and billing system. Use tenths of a unit for your time entries so that you maximize accounting for chargeable time. Employ a time entry cross check – Have another set of eyes cross check your calendar and "to do" list with your time entries. Delegate appointment confirmation and scheduling time to an administrative person if possible. Evaluate your productivity performance every other week. Public Accounting continues to be a business which is based on selling time. The more time you can sell and the higher the price the better. Put your time and billing package to excellent use by pumping it with accurate and potent time. You deserve much more profit for all of your efforts and YOU are the key to making that a reality.
Posted on: Mon, 12 Aug 2013 07:14:41 +0000
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