Managers in the professional services sector are often tasked with driving additional revenue, but this can be an impossible task when team members either don’t fill in their timesheets or submit inaccurate timesheets.
In our new whitepaper, The Global Timesheets Benchmark Report, we set out to understand the impact of time tracking on the professional services sector by surveying over 1,200 managers across the USA, the UK and Australia. The results show that managers are well aware of the issues with manual time tracking and believe an improvement in accuracy could significantly improve revenue in their business.
9 out of 10 managers say accurate timesheets data would increase revenue
Managers across all countries understand that timesheet data is their Achilles’ heel. In our survey, over 90% of managers believe they can generate additional revenue if staff complete timesheets accurately.
Managers estimate they can boost revenue by up to 28%
We also asked managers how much additional revenue could be generated with accurate timesheets. The results were similar across all countries, with the USA projecting the most revenue at 31.1%, Australia being a close 2nd with 28.4%, followed by the UK with a 25.7% projected revenue increase.
Results broken down by Industry
The top ten professional services industries projecting an increase in revenue were:
- Advertising and Marketing
- Banking & Insurance
- Websites & Hosting
- Real Estate (Residential & Commercial)
- Software, IT & Support
- Photo, Film & Video
- Construction & Engineering
- Consulting & Accounting
- Lawyers & Legal Services
- Other professional services
Download the full report for % breakdowns of results by industry, as well as information on billable utilization rates and average hourly rates for the professional services sector.
These results come as no surprise to the Co-Founder of Tribes.AI, Christian Bartens:
“We started Tribes.AI after our experience of creating & running Datalicious, a data analytics agency in the marketing space. The team was cohesive and worked well as a group of 10, but as we grew to 50+ staff and expanded across the globe, it became impossible for us to understand what team members were working on. We also knew that team members either weren’t filling in timesheets, or were dumping hours on generic admin job numbers, so our manual time tracking data was unreliable.
We wanted to create a tool to help team members, managers & business owners get data-driven insights on what activities their team was spending time on. We also wanted to link this activity data to the only real numbers that matter — revenue. That’s how Tribes.AI was born, and the platform now gives professional services teams the opportunity to accurately analyze and optimize their own performance.”