TIMEKEEPING IS NOT JUST FOR ATTORNEYS. ACCOUNTANTS AND OTHER PROFESSIONAL SERVICES FIRMS PUT SIGNIFICANT FOCUS ON THEIR TIMEKEEPING PRACTICES.
Like attorneys, accountants and other professional services professionals must keep rigorous records of their time. In the past, we've focused mostly on the legal industry and its timekeeping challenges, but it’s time to widen the scope of our conversation. After all, accounting firms devote significant care in order to maintain timekeeping accuracy and understand how important it is for them to manage their time entry policy.
That’s why the topic of contemporaneous timekeeping is so important for accounting and professional services firms. In this case, there is no argument that timekeeping is important, but that the manner in which time entry is practiced can have a sizeable impact on performance. In this blog post, we’ll take a look at why contemporaneous timekeeping is of the utmost importance for accounting firms.
Why Contemporaneous TimeKeeping is Important for Accounting and Professional Services Firms
When it comes to timekeeping for accounting firms, contemporaneous time entry can enhance the firm and its professionals to achieve its goals. Let’s take a look at why contemporaneous timekeeping is the best option for accounting firms:
#1: Client trust & transparency.
Much like law firms, accounting firms need to maintain client trust and transparency. This is achieved through keeping clear and detailed records.
#2: Mobility is a reality for all of today’s professionals.
Accounting firms are now realizing the value of mobile timekeeping, as most professionals are mobile from the moment that they leave their desks.
#3: Mobility leaves accounting professionals victim to invisible time.
An increase in mobility leads to a greater instance of tasks being completed on the go and in smaller increments. That means that those quick client calls or emails that happen on the sidelines of the soccer field can go unrecorded if the professional does not have access to the right tools.
For accounting firms, it is especially important that leadership maintain its commitment to providing better tools for their professionals, to make their lives more efficient and hassle-free. That’s why it is important for firms to invest in technology that makes contemporaneous time entry possible for accountants. Implementing the best and most cutting edge technology brings value to the firm and its professionals.
How do you approach contemporaneous time entry at your accounting firm? What has been the result? Share your experience in the comments section below.