If you use timesheets to track time, what is more important to you?
The $ amount of the Budget vs Actual or the Hours amount of the Budget vs Actual.
If you don’t use $ or Rates, do you still have Roles? (So you wouldn’t want the Partner spending an hour on Work that they’d usually only spend 5 mins on, even if the Junior was underbudget by 55 mins)
What is more important to those of you who track time? $ or Hours?
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14 January 2022
Sam,
Ultimately the cost ($) is the most important, but our time is also allocated based on the cost. Since we charge a fixed weekly retainer, we are able to set time budgets for each client based on average hourly cost. After the fact, we use actual cost to compare to income to figure out the net profit per client.
Userlevel 7
+15
- Sr. Karbon Community Guide
- 815 replies
-
14 January 2022
Sam,
Ultimately the cost ($) is the most important, but our time is also allocated based on the cost. Since we charge a fixed weekly retainer, we are able to set time budgets for each client based on average hourly cost. After the fact, we use actual cost to compare to income to figure out the net profit per client.
Thanks Brooks, indeed, both are interlinked
At the end of the day, a job could be over/under budget in terms of hours (depending on the method used to set it), but vastly different in terms of $ - and we pay our bills, calculate our profit and distribute to shareholders with $!
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