Your effective billing rate is the amount of revenue per scheduled hour. If consultants are scheduled 40 hours, and they bill every hour, then the effective billing rate is 100% of the revenue.
But most consultants do not bill 100% of their scheduled hours. There are other things they have to do. Admin work, email, meetings, preparation work, ect. It's nearly impossible to bill for every working hour.
This information is on the utilization report. Download ST and run it.
Mike, back with Standard Time with Ray White of Scoutwest. How you doing Ray?
Ray: Pretty good Mike.
We are talking utilization rates today. Ray, how I can I tell how much money I’m making per scheduled work hour?
That’s a typical question consulting firms want to know. They have a sea of consultants, they’re out there billing hours, at the client sites, onsite or in the office. They want to make sure those consultants are billing as many billable hours as they can. Cause if they are doing in house work, maybe there isn’t enough client work to do, maybe they’re working on in house projects, pet projects, secondary projects, administrative things; they’re not billing hours, the revenues not coming in. They want to see where their revenue dollars are coming from and you can get a report in Standard Time to show you exactly that.
So this really makes it easier because that’s a lot of juggling going on to see where the money’s coming from; this makes their life a lot easier.
Right, you’ve got employees working on different projects, you have billing rates varying per project. So one person may be billing out at a real high rate but they are only working a few hours. Another person may be at a lower rate but they are working 50-60 hours a week, bringing in more revenue just based on the number of billable hours. Juggling the number of billable hours per employee, the billing rates, the clients they are working for, the value and priority of those projects; all of that gets juggled. Standard Time handles all of that and allows you to see that in a report.
That’s awesome. Now this is part of the full 30 day trial version.
Yes it is.
Where can we get that?
You can get it at stdtime.com and start in right away. Download it and you can start using it right off. You can put in your employees, put in those clients, those rates, the projects you’re working on. And run that report and you will immediately see where those revenue dollars are coming from.
So go to stdtime.com right now, download your free version. Let us know what you think! You get the android, the iOS, the windows and the cloud version free for 30 days.