Harvest
Time Tracking
Sign up free

Time Tracker for Auditors

Harvest is a time tracker designed for auditors, helping them manage billable hours and boost project profitability with detailed reporting and seamless accounting integrations.

Try Harvest Free

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 Imperative of Accurate Time Tracking for Auditors

Accurate time tracking is essential for auditors to ensure precise client billing and prevent revenue leakage. In professional services, inefficient time tracking can lead to losing 15% to 25% of billable hours. This translates to significant revenue loss, especially for audit firms that rely on precise billing practices. By recording time accurately and promptly, auditors can capture all billable work and improve their financial health.

Moreover, consistent timekeeping provides real-time visibility into project progress and resource allocation. This enables audit firms to identify high-value activities, optimize staff utilization, and meet regulatory compliance. For instance, federal regulations like the Fair Labor Standards Act mandate accurate records of work hours, which can be achieved through robust time tracking systems.

Essential Features of a Time Tracker for Auditors

For auditors, a time tracking tool must offer detailed categorization by client, project, and specific audit tasks. This granularity allows for precise tracking of time spent on various activities. Harvest excels in this area, enabling auditors to log time against specific audit tasks and phases, ensuring every minute is accounted for.

Another critical feature is the ability to differentiate and track both billable and non-billable hours. This capability allows firms to gain accurate insights into their financial performance and adjust pricing strategies accordingly. Harvest provides flexible rate settings, allowing auditors to track time spent on client consultations versus actual audit work. Additionally, seamless integration with accounting software like QuickBooks and Xero facilitates automated invoicing and reduces manual errors.

Enhancing Project Profitability and Operational Efficiency

Accurate time tracking significantly contributes to an audit firm's profitability and operational efficiency. By identifying underpriced services or projects, firms can adjust future estimates, improving their realization rates. For instance, increasing billable utilization from 65% to 75% can add $20,800 in annual revenue per auditor billing at $100/hour.

Time tracking data also aids in optimizing resource allocation and capacity planning. This ensures the right personnel are assigned to the most critical and profitable tasks. Harvest's detailed reporting capabilities provide insights into project profitability and staff utilization, enabling firms to make informed, data-driven decisions. By reducing non-billable hours and administrative tasks, auditors can enhance staff productivity by up to 30%.

Best Practices for Implementing Time Tracking in Audit Firms

Implementing an effective time tracking system in audit firms involves establishing clear policies for time entry. This includes defining billable and non-billable activities and recommending specific time increments, such as the common 6-minute intervals used in auditing. Harvest supports these practices with detailed task logging and flexible rate settings.

Encouraging real-time or daily time entry is crucial to maximize accuracy and minimize lost billable hours. Harvest's automated reminders for time entry deadlines can be aligned with audit cycles to ensure timely logging. Additionally, providing comprehensive training and ongoing support ensures that all team members use the tool effectively and consistently. Regular reviews of time tracking data help identify inaccuracies and compliance gaps, ensuring continuous improvement.

Time Tracking for Auditors with Harvest

See how Harvest helps auditors manage billable hours with detailed reporting and accounting integrations.

Screenshot of Harvest's time tracker for auditors showing detailed reporting.

Time Tracker for Auditors FAQs

  • A time tracker for auditors should include detailed categorization by client and project, the ability to track billable and non-billable hours, and integration with accounting software. Features like audit trails and approval workflows are also essential for maintaining data integrity.

  • Accurate time tracking prevents revenue loss by capturing all billable work, enhancing realization rates, and optimizing resource allocation. For instance, increasing utilization rates can significantly boost annual revenue per auditor.

  • Yes, Harvest integrates with accounting software like QuickBooks and Xero, facilitating seamless invoicing and financial reporting. This integration reduces manual errors and streamlines workflows.

  • Harvest allows users to set flexible rates for projects and tasks, enabling easy differentiation between billable and non-billable hours. This helps in analyzing financial performance and optimizing pricing strategies.

  • Harvest provides detailed reporting on billable hours, project profitability, and team productivity. These reports can be filtered by client, project, or time period, offering valuable insights for decision-making.

  • Harvest allows auditors to log time against distinct audit tasks and phases, ensuring precise tracking and billing. This granularity supports accurate invoicing and project management.

  • Best practices include defining clear time entry policies, encouraging real-time logging, and providing training. Using specialized tools like Harvest ensures compliance and maximizes data accuracy.