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Recording timesheets in your accounting firm

I have often said that if you want a business to work efficiently you need to build systems and be systems-dependent and not people-dependent.  

You own the system, but people leave. 

Systems should be built so the business can be managed from bottom-up and not top-down to allow capacity to grow.  

Top-down management will keep you a prisoner in your business and will not allow you the capacity to grow.  

A particularly important system that allows your team to be managed from bottom up and not top down are time sheets  

In addition to it being an incredibly good management tool, especially as the team grows as it allows you to be in control without being controlling, it is also an essential tool to ensure you are making money on each job and not losing money. 

Here are some tips to ensure that your firm’s timesheets are being done: 

  • Employees should record their time worked as soon as possible after completing the task. This will ensure that the information is fresh in their mind and that they do not forget to include any relevant details. 
  • We do not allow staff to go home each day until their timesheets are complete  
  • Timesheets should be reviewed periodically by the Senior Client Manager or the Practice Manager to ensure its being done correctly and to help with any concerns. 
  • At the end of each job and after the invoice is raised to the client the Senior Client Manager should be reviewing one out of every 3 invoices against time billed to ensure that staff are working efficiently.  

Constant improvement should be the order of the day.  

Naturally “write-offs” need to be discussed and staff training provided to ensure they are working effectively. It’s a wonderful opportunity to provide staff training when this occurs  

Any discrepancies between the time recorded on the timesheet and the time worked should be investigated and resolved. This will ensure that employees are billing clients accurately. 

Timesheets are an essential part of the system required to manage an accounting firm from bottom up and not top down and as your team grows and you are further away from the pulse of the organisation, it’s absolutely essential to ensure that you are in control without being controlling. 

P.S. Whenever you’re ready, here are 4 ways we can help you grow your Accounting practice:

1. Download a free copy of our book – The Accountants 20 Hour Workweek
In this free book, we highlight the No.1 strategy that’s had the biggest impact on building our own practice to run without the owners – Click here

2. Join our free Wize Accountants Mastermind group
It’s our new free online community to share daily insights, tips and free tools to grow your practice — Click Here

3. Save $’000s in your practice every month with this new program

We’ve just released a new practice acceleration program which will help you save money and time every month whilst taking your practice to a new level of growth. See if you qualify – Click here

4. Build your firm to run without you
We have the step-by-step plan to grow a seven figure profit practice that can run without the owner. Would you like it? –  Click here