I’ve been using Hiveage’s predecessor Curdbee for years, and Hiveage improves on Curdbee in every way. The interface is polished, fast, fluid and intuitive, and the amount of features available are pretty amazing. It will be my project management software for the foreseeable future, and the only one I recommend to clients and colleagues.

Equipment Scheduling Software

While necessary for overall business operations and growth, non-billable hours do not generate direct revenue. And the balance between billable and non-billable hours is crucial for any service-based business. Whether you’re in consulting, marketing, IT services, law, or accounting, profitability depends on effectively tracking and managing your time.

Common mistakes when tracking billable and non-billable hours

If you charge a single rate for all your services and clients, this step is straightforward. If you charge different QuickBooks rates for services or clients, try outlining your rates in a table to ensure clients understand what they’ll pay for different billable hours. Robotic Process Automation (RPA) in Billing AI-driven RPA will automate repetitive billing tasks such as data entry, invoice generation, and payment tracking. This will significantly reduce human intervention, improve processing speeds, and ensure accuracy.

Use Hubstaff to track working hours

If you have a good automated invoicing system, you will stay consistent and thus avoid missing invoices. It is standard practice to send invoices monthly but for projects that need more resources, you can work out a bi-weekly schedule with your client. Billable hours as a concept exist so you can optimize processes and maximize business value.

Keeping good track of your time will help you to figure out where you may be wasting it! You will be able to identify those non-billable tasks which might be taking up more of your time than they should, and make appropriate changes to streamline those processes. Rize runs automatically in the background, keeping track of what you’re doing and how much time you’re spending on different activities. Two of the most popular options include using a timesheet or dedicated time-tracking software. Keeping track of and optimizing your billable and non-billable hours doesn’t have to be another dreaded task on your ever-growing to-do list.

Understanding billable hours, they're able to see how https://www.bookstime.com/ much time employees spend on revenue-generating work. This helps companies track billable hours as effectively and accurately as possible without losing time spent on time tracking. There are a few reasons why tracking billable hours makes sense for your business.

• If you notice that one project has accrued a large amount of billable hours, you can budget additional time for similar projects in the future.
• The most direct way to track your productivity using billable hours is to determine your utilization rate.
• This helps companies track billable hours as effectively and accurately as possible without losing time spent on time tracking.
• This concept is prevalent in various service sectors, including IT consultancy, audit and accounting firms, legal advisory organizations, etc.
• Minimization of non-billable time can be achieved by automating administrative tasks, such as invoicing, scheduling, or reporting.

How to increase your billable hours?

As an employee, don’t worry; your employer will still pay you for these hours. For freelancers or business owners, non-billable hours will help you increase your profits and benefit your business. Different employees or departments may interpret billable vs. non-billable hours differently, leading to inconsistencies in your invoicing. Here’s a quick overview of the main differences between billable and non-billable hours, with a focus on billing rate, business impact, and priority. Only some of our work hours are directly billable, and the rest of the time, we’re knuckling down to crucial non-billable work. That’s the stuff that keeps the business running but isn’t easy to assign to a particular client or project.

With this insight, managers can periodically mobilize professionals from non-billable tasks to billable work wherever feasible. This approach will help increase billable hours and improve resource utilization levels. Moreover, it helps address instances of under/overloading, maintaining optimal employee productivity. A billable hours chart will help project managers, clients, and yourself to how many billable hours in a year were used in a particular project. A time tracking system with a billable hours calculator will help you to efficiently track billable hours and ensure you get paid as you should. Runn software has easy timesheet tracking and management interfaces to help you and your team record billable and non-billable time.

In fact, non-billable time can be very productive for growing your business and planning for future opportunities. Instead of thinking of non-billable hours as what are billables time you can’t get paid for, you should think of them as opportunities to invest in your company’s future. Billable hours are how you get paid but performing non-billable work is also critical for running your business and growing your client base.