Time is money, and with the rise of technology in the office, we have found that technology has made life easier, return time on projects shorter, and automated manual processes that once were considered time wasters. But with this rise of technology has come a rise of distractions and other time drains. Whether it’s user error (forgetfulness), administrative drains (meetings) or errors in the technologies meant to make life easier (email), organizations are losing time.
This leakage in time tracked results in leakage in money earned by project organizations—creative, legal, accounting, engineering, and government contractors.
To quantify exactly how much money these project organizations are wasting, AffinityLive, a cloud-based software for professional service automation and more surveyed over 500 IT, digital & creative, engineering, legal, accounting and public relations professionals and found the top time wasters in an organization and how much these cost said organization.
The results? Poor tracking and time capture is costing the U.S. Economy over 50 million hours, or $7.4 billion a day.
Specifically, the report found these three untracked or poorly tracked items were draining organizations most:
- Email: According to Atlassian, those in a business setting receive an average of 304 emails per week, and McKinsey found that we spend just over 2.6 hours a day reading and responding to those emails. Turning this into a monetary amount ($150/hour billable), the study found that email leaks over $50,000 per professional, per year.
- Meetings/Calls: Although more diligently tracked than email, employee spends about 62 hours a month in meetings, which is about 15.5 hours a week, according to Verizon. If these aren’t tracked, organizations are losing nearly 40 percent of billable hours.
- Completing Timesheets: A simple fact, people who were more frequent at completing their timesheets were more accurate at keeping track of their work. But when an employee waits days or weeks to complete a timesheet, less is remembered, resulting in fewer billable hours captured.
Put this all together, and the average 15-person company is prone to losing $1.6 million in yearly revenue to lack of time tracking for email, meeting, and forgetfulness.
- Make it Easy
Automate, Integrate, Make it Easy
When you can shorten the process, remove emails, and make it easier for the employee, you can recognize an immediate increase in productivity.
This could go for financial management software, it could go for travel and expense management, and it could go for invoicing.
Brittenford Systems specializes in simplifying the processes that drain organizations of time and money.
Whether it’s helping you automate your end-of month closing with best-in-class, cloud-based financial management software Intacct; easing the travel and expense reporting or accounts payable process with Concur; or minimizing the manual, error-prone processes in budgeting with Host Analytics EPM; we have helped organizations save time through automation.
We also have made the processes easier through integration between platforms: ExpenseConnect and InvoiceConnect for Intacct, ExpenseConnect or InvoiceConnect for GP, and SchoolConnect.
Learn more by checking out our products and services, and contact us for more details.