Practice Tools

Practice Timesheet & WIP

Time recording, WIP, recoverability, utilisation and lock-up for accountancy practices

£20

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Overview

An accountancy practice sells time, but most of its fees are fixed. That makes four numbers vital: how much of each person's time is chargeable (utilisation), how much of that time actually turns into fees (recoverability), how long work sits unbilled and invoices sit unpaid (lock-up), and which fixed-fee jobs are taking longer than budgeted. This workbook works all four out from three simple logs – time, invoices and receipts – and shows them on a monthly KPI dashboard.

Price

£20

Who it’s for

Practice Tools

Works with

Microsoft Excel for Windows and Mac

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See how it works

A walk through the main sheets

The sheets you will use most, in the order you will use them – shown with the sample data every workbook comes with.

Step 1

Staff

Grades, starting rates, contracted hours, chargeable targets and the rates in force at the report date. What you do: add new starters.

Step 2

Rate History

Dated changes to each person's cost and charge-out rate. What you do: add a row for every pay or rate change.

Step 3

Clients

Client list with partner, manager, year end and agreed fees by service. What you do: add new clients; update fees at renewal.

Step 4

Jobs

Every client job, its budget hours and budget vs actual. What you do: add jobs as you take them on; set status.

Who it is for

Made for people like you

Example – text

Partners and practice managers – A monthly dashboard: chargeable hours, utilisation, fees billed, recovery, lock-up days, top 10 WIP balances and write-offs.
Client managers – A WIP ledger by job with ageing, and budget vs actual hours on every fixed-fee job with overruns flagged.
Team leaders – Chargeable hours against target for every member of staff, plus realisation and effective hourly rate.
Practices without (or outgrowing) practice-management software – Time, WIP and recoverability reporting in a workbook you control.

Quick start

Up and running in minutes

Example – text

Settings – Enter your practice name, the first day of your financial year, working weeks a year, VAT rate, traffic-light thresholds, lock-up target and WIP ageing bands. Check the services and job codes.
Staff – List everyone who records time with their grade, starting cost per hour and charge-out rate, contracted hours and target chargeable hours a week.
Rate History – Whenever someone's cost or charge-out rate changes, add a row with the date it takes effect. Never overwrite the starting rates on Staff.
Clients – List your clients with their partner, manager, year end and agreed annual fee for each service.
Jobs – Add one row per job (client code + job code) with its budget hours. Fees come from the Clients sheet automatically.
Timesheet – Record time daily or weekly: date, staff, client, job code, hours, chargeable Y/N and a short narrative.
Billing and Receipts – Enter every invoice (in date order) and every payment received.
Dashboard – Pick the report month at the top. Everything – WIP, ageing, debtors, lock-up – is worked out as at the end of that month.

Key features

Time recording for up to 6,000 entries against client jobs, valued at the charge-out rate in force on the day – feeding WIP, recoverability and utilisation automatically.
Billing log that clears WIP job by job and works out every write-up and write-down, plus a receipts log for debtor balances.
WIP ledger by job with ageing bands, budget vs actual hours on every fixed-fee job, and recoverability by service, partner and client.
Monthly KPI dashboard: chargeable hours, utilisation, fees billed, recovery, lock-up days, top 10 WIP balances and write-offs.

What’s included

Dashboard – Monthly practice KPIs
Settings – Year, targets, services and job codes
Staff – Grades, starting rates and targets
Rate History – Dated changes to cost and charge-out rates
Clients – Clients, partners and agreed fees
Jobs – Job budgets vs actual hours
Timesheet – Every hour recorded
Billing – Invoices, write-ups and write-downs
Receipts – Money received
WIP Ledger – WIP and ageing by job
Recoverability – By service, partner and client
Utilisation – Staff utilisation and realisation
Lock-up – WIP days + debtor days
Guide – How to use this workbook

How buying works

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