The Ultimate Guide to Billable Versus Non-billable Time
How to improve efficiency and profitability
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For those with careers in professional services, the nature of business requires fairly regular discussions around hourly rates, monthly retainers, and project-based fees, which can often feel uncomfortable, especially during the early part of one’s career.
Once contractual terms are agreed upon, the next administrative challenge may be the process of figuring out project billables — what time can be billed versus what is considered non-billable time — which also becomes a headache, especially if multiple workers’ timekeeping and rates are involved.
The good news is that adopting best practices around billable time can help make the entire process easier. With a clear understanding of how to best invoice, your business can streamline operations, improve its overall efficiency, and experience higher profitability.