Time Recording - Is It Worth The Effort?
It has been said that the process of recording time, if not managed properly, can be worse than not having any recording system at all - like the old adage garbage in, garbage out. Some firms have come to the conclusion that it is not worth the effort. Opportunity Cost Some argue that the time captured through having a Time Recording system readily available doesn t always compensate the opportunity cost of recording it. Certainly, It is relatively easy to quantify the time taken to capture and process time worked. The cost of someone on a hourly charge-out rate of say 50.00 spending 15 minutes every day inputting their time will be in the region of 3,000 per annum; multiply this up by 20 staff and that is 60,000 in lost time. Conversely, attempts to quantify those elements of time worked and not charged are extremely subjective. or so the saying goes. So, by not...