Time tracking is the effort put in to record time spent working on a particular task or a particular client.
Weekly Accounting to explore time tracking tools
📝Weekly Accounting presently does not do any time tracking. We recognize that it's much easier not to track time. We currently gather a little “activity” data from the tasks completed in Asana. From this we can look at revenue per task and cost per task. This was sufficient during our first year of operations. As we grow in 2022 it will not be.
Time tracking is a critical skill
Time tracking is also going to be important to us because it's going to be a critical skill for 📝BrightZen to have as we build other 📝Profitable Revenue Streams based on 📝Specialized Digital Micro Tasks.
At 📝Robin Healthcare we implemented daily revenue and COGS metrics and shared them with a group of team leads so they could share best practices. Having time tracking metrics and revenue data together cut significant excess costs. All companies centralizing and standardizing administrative tasks are great at time tracking.
Time tracking also helps with employee training
At Robin it takes a new scribe twice as long to complete a note with the codes for the doctor. By comparing the practices of the experienced scribe to the new scribe and designing training around the key areas to pick up time, people were able to ramp up more quickly.
Please do note that our goal for time tracking is to get everyone the training they need to be successful at Weekly Accounting.
Time per Client is critical for pricing
Weekly Accounting works with rapidly growing startups. When we work closely with founders as they start the company, we will often do the Weekly Accounting for equity only. It's another way we demonstrate the 📝Spirit of the Gift; see 📝The Gift.
Time tracking will enable us to report on time per client and stack rank clients based on revenue per hour. Overcharging is just as bad as undercharging. Overcharging will lead to poor customer satisfaction and churn. We value long-term relationships and we want to make sure we're creating value.