Time IS Money and How To Track Time Part Two
Listen To The Podcast Here
Many business owners include labor in their pricing. If you don’t know how long, it should take to complete a task; you will find your self overworked and underpaid. Or your clients will feel like they can’t trust the number of hours it takes. I have two favorite time tracking tools.
Your labor rate is what you will pay yourself and others. Remember because time is money you need a time tracker always available and use that tracker. Find ways to complete more work in less time or efficiency. I can serve more clients and still take time off without worry.
Time Tracking Tips:
- Travel is a two-part process. We track mileage, the appointment date, time, and purpose next we track our time spent traveling because you are working. Start your timer from the time you leave your home, or if you are running errands, it is the location you are at before you intend to go to this appointment. You must go directly to the meeting. Do not charge your client for personal stops or other stops in between.
- Track your time for phone calls. My phone system tracks the length of a phone call. I can then plug this into my timesheet as the phone system tracks the person I spoke to the date, time, and length of the call. Very handy when charging for consultations.
- Start a timer for video calls — you are on the clock. Stop the timer after you have completed all follow-up tasks. If you go into another call before completing the follow-up, then you will need to stop the timer for that particular client before you begin a new session with the next client. Don’t bill one client for another client's services.
- Start your timer when you begin a billable task. Billable tasks mean you will charge your client for your time to complete the service or the product.
Watch The Podcast Here for Video Examples
- If you have clients prepay for appointments you will need to keep the meeting within the paid time, for example, my clients have to pay for an hour appointment as they schedule. I keep the call in an hour, or less so I can also deliver the follow up without having to charge the client more money.
Virtual Accountant, Pricing, Payroll