Webinar Recap: Solved – Your Project Time Tracking, Billing & Utilization Challenges

A hearty thank you to everyone across the globe that joined us for last week’s webinar on project time tracking, billing & utilization challenges in professional services! 

Our experts led the discussion with a helpful overview on these challenges followed by some great questions. Below is a helpful recap on some of our top takeaways from the session. If you want the whole story, you can click here to watch the recording of the full presentation. 

  • Today, time data is often separated into numerous silos: CRM, ERP, HR, project management, and more. These disparate systems make it difficult to gain real visibility into 100% of an organization’s time, and consequently, understand true project profitability. 
  • This results in numerous time, billing, and resource utilization challenges, such as low utilization rates, revenue leakages, invoicing errors, decreased profitability, and more.
  • This is further complicated as different personas within the company use different metrics derived from employee time in many different ways – but have no reliable system of record for time.
  • To combat this, organizations should seek out a flexible platform for project time tracking offering capabilities like:
    • Accurate Project Tracking: Project resources get to see the exact projects and tasks they are working on and are able to provide accurate inputs, even when they are mobile, around their work and how that affects utilization and billing.
    • Estimates Vs. Actuals Comparison: Set estimates for costs, hours, and billing. Easily compare estimates vs. actuals in real-time using dynamic in-context summary charts and comprehensive graphs.
    • Improved Billable Hours: Business leaders can map revenues to billable hours and set targets at the organization, department, and user level. This added visibility enables resources to be aware of their billable targets and more responsible for billing improving average revenue per resource.
    • Maximizing Utilization: Enable your project managers to understand skills, resource allocation, and current utilization. Ensure high-value resources are mapped to high-revenue projects and ensure an overall reduction in bench time for resources across the board.
    • Project and Resource Forecasting: Plan for future resource needs with full visibility into project pipeline, resource utilization and skill needs. Leverage historical information to more accurately predict resource needs for a project while bidding. Analyze resource availability by skillset to proactively hire or retrain resources.

Replicon customers use our comprehensive suite of products to manage a plethora of key business elements including labor costs, resource utilization, project tracking, and profitability to reduce billing errors, improve invoice turnaround, and more. Read more about some of our happy customers

Interested?

Contact us for a customized demo of our flexible suite of solutions today.

 

Top Questions: 

Q: Does Replicon integrate with accounting software like Quickbooks?

A: Yes! Replicon is open source and highly configurable, so we can connect with a ton of different accounting software, including Quickbooks. For any more specific questions about integration, please feel free to get in touch. We’re here to help!

Q: Does Replicon help with global time & labor? And more importantly, how is global compliance managed in Replicon?
A: Replicon has a solution for global time and gross pay that come built-in with a comprehensive library of pay rules for 60 different countries and over 110 locations including provinces and states. All of these pay rules are monitored by legal and product team experts. Our experts comb the globe, and any time there’s a change it is automatically updated in Replicon to ensure that you are constantly compliant with global compliance everywhere.

Sara Longini
ABOUT THE AUTHOR
Sara Longini
Sara works in Content Marketing and Social Media at Replicon. Replicon provides award-winning products that make it easy to manage your workforce. With complete solution sets for client billing, project costing, and time and attendance management, Replicon enables the capture, administration, and optimization of your most underutilized and important asset: time.
Get started today.
Set up a free trial based on your business needs. Start Free Trial

How to Manage A Project: Closing Out a Project

In this new series from Replicon, we cover every step in project management from A to Z. In our fourth segment, we discuss the final step: closing a project.  You’ve…Read More

Global Compliance Desk – Canada

Canada: Exercising Sick Leave Laws in Provinces in the Wake of COVID-19 The Canada Labour Code and many provinces under their respective employment standards legislation provide up to a maximum…Read More

Eight Tried and Tested Tips on How to Work from Home

Whether you’re a work-from-home veteran or a remote work rookie, it’s never too late for some good advice. With record numbers of employees shifting to remote work in light of…Read More

Consulting firms: 4 ways to improve billing & get paid on time

At the end of the day, your consulting firm relies on the assumption that a good percentage of clients will honor their payments promptly and accurately. In the professional services…Read More

5 ways to improve service delivery in your organization

In a highly competitive market, service-based businesses need to capitalize on any opportunity to set themselves apart from their (often very similar) competitors. While implementation, system details, and service management…Read More

Demystifying the millennial workforce: 5 tips from Trunk Club’s Andrew Anderson Devine

Time magazine labels the millennial generation the “most threatening and exciting generation,” infamous for “narcissism [and] its effect: entitlement.” In the workplace, the perception of the millennial workforce is no…Read More
  • Cloud
  • In The News
  • Corporate
  • Professional Services Management
  • Project and Program Management
  • Shared Services Management
  • Time and Attendance Management
  • Workforce Management
  • Customer Feature
  • Feature Update
  • Time Intelligence
  • Industry News
  • Webinar Recap
  • Global Compliance Updates
  • Chat with us
    How can we help you?