Harvest
Time Tracking
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Accounting Firms Timesheet

Harvest empowers accounting firms to effectively manage timesheets, reducing inaccuracies that cost businesses $63,807 per employee annually.

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How much revenue is your team leaving on the table?

Most agencies run at 55-60% utilization. Even a small improvement means significant revenue. See what closing the gap looks like for your team.

Number of people who track billable time
$
Blended rate across roles (junior, senior, lead)
55%
Percentage of total hours that are billable. Industry average is 55-60%.
75%
A realistic target for service businesses is 70-80%.
Monthly revenue gap $0
Revenue at current utilization $0/mo
Revenue at target utilization $0/mo
Extra billable hours needed per person/day 0h
Annual revenue opportunity $0

Start tracking team utilization

Walk through the entire flow below. Start a timer, check your reports, and create a real invoice — all in three clicks.

Go ahead — start tracking!

One click and you're timing. Try it right here: start a timer, add an entry, edit the details. This is exactly how it feels in Harvest.

  • One-click timer from browser, desktop & mobile
  • Works inside Jira, Asana, Trello, GitHub & 50+ tools
  • Duration or start/end — your call
  • Day, week & calendar views to stay on top of it all
  • Friendly reminders so no hour gets left behind
Acme Corp
Website Redesign
Homepage layout revisions
1:24:09
Content Strategy
Blog calendar planning
1:30:00
SEO Audit
Technical audit report
0:45:00
Brand Guidelines
Color system documentation
2:15:00
Logo Concepts
Initial sketches round 1
1:00:00
Today's total 6:54:09

The Financial Impact of Accurate Timesheet Management

Accurate timesheet management is crucial for accounting firms looking to maximize their profitability and efficiency. Research shows that inaccurate timesheets can cost businesses an estimated $63,807 per employee annually, with about 20% of billable hours going unrecorded, resulting in one out of every five hours worked not being compensated. For accounting firms, this can significantly impact their bottom line, especially when coupled with the fact that accountants spend approximately one-third of their time on non-billable activities such as meetings and administrative tasks.

Harvest offers a solution by providing detailed time tracking capabilities. With one-click start/stop timers and manual entry options, Harvest ensures that all hours, whether billable or non-billable, are accurately recorded. This can help firms capture 20-30% more billable hours and reduce administrative overhead by 25%, leading to faster billing cycles and a substantial return on investment within 3-6 months.

Boosting Efficiency with Automated Time Tracking

Automated time tracking is an essential feature for accounting firms aiming to streamline their operations and enhance productivity. On average, manual timesheet calculations take seven minutes per sheet, but with automation, this can be reduced to just one minute. Firms using automated systems typically see a 50% faster billing cycle and a reduction in administrative burden.

Harvest excels in automating time tracking through its seamless integration with platforms like Asana, Trello, and Slack. This not only minimizes the manual entry workload but also helps accounting practices stay compliant with regulatory standards such as the FLSA by maintaining accurate and detailed records. Furthermore, Harvest's automation supports improved realization rates by ensuring that all billable hours are captured and invoiced.

The Role of Timesheets in Billing and Profitability

Timesheets play a pivotal role in managing billing and ensuring the profitability of accounting firms. The average professional services firm reports a 69% billable utilization rate, indicating that a significant portion of potential revenue is lost through unbilled or underutilized hours. Additionally, untracked activities such as emails and meetings can cost firms up to $50,000 per professional annually.

By using Harvest, firms can accurately track both billable and non-billable hours, providing insights into team utilization and uninvoiced amounts. This detailed reporting allows firms to justify their billing rates and refine pricing strategies effectively. Furthermore, Harvest supports project budget tracking, issuing alerts when limits are approached, which is vital for maintaining profitability on fixed-price contracts.

Streamline Accounting Timesheets with Harvest

See how Harvest simplifies timesheet management for accounting firms, capturing all billable and non-billable hours efficiently.

Harvest dashboard displaying accounting firm timesheet management.

Accounting Firms Timesheet FAQs

  • While templates like Excel or Google Sheets can be useful for basic tracking, accounting firms benefit more from dedicated software like Harvest. Harvest offers automated tracking with detailed reporting capabilities, helping firms efficiently manage both billable and non-billable hours.

  • Automation in timesheet tracking can be achieved using tools like Harvest, which provides one-click timers and integrations with platforms like Asana and Slack. This reduces manual entry and increases the accuracy of recorded time, enabling faster billing cycles.

  • Essential features include automated time tracking, detailed reporting, project budget alerts, and integration with accounting platforms. Harvest offers all these features, ensuring efficient management of time and resources for accounting firms.

  • Timesheets provide crucial data for billing accuracy and profitability analysis. Accurate tracking ensures that all billable hours are invoiced, while insights from Harvest's reports can help refine pricing strategies and improve realization rates.

  • Yes, ethical considerations include ensuring transparency and accuracy in time tracking. Harvest supports this by offering detailed audit trails and requiring employee certification of timesheets, which fosters accountability and trust within the firm.

  • Harvest integrates seamlessly with Asana, allowing users to track time directly from tasks. This integration helps capture accurate billable hours and syncs data for streamlined project management and invoicing.

  • Yes, Harvest allows you to track expenses with receipt capture. This feature complements timesheet tracking, offering a comprehensive view of project costs and profitability.