Jump to content

Tracking Time


Guest JPAdmin

Recommended Posts

Guest JPAdmin

Please provide some feedback on this topic.

I reviewed the previous post on billable hours and I too am in an environment that has billable and non-billable hours.

My previous experience from other TPA shops involved a fee schedule and a stack of work to complete by applicable deadlines.

I am really struggling with the concept of a fee schedule, a stack of work, deadlines, and a billable hours goal.

I am curious to know how many others are out there with hours goals. Are there a standard number of hours per plan? How many billable hours should a person have? I really need some help on this issue! Thanks!

Link to comment
Share on other sites

I work for a CPA firm and have a billable hours goal ranging from 1400 to 1500 -- out of a 2080 hour work year (yeah, right).

Some our clients are set up on a fixed fee schedule, some are billed from the fee schedule plus hourly charges for non-routine work, and others are billed on an hourly basis only.

None of our plans has fixed hour allocation per year/reporting period. After doing a couple vals, we pretty much know what kind of fee/hourly billing arrangement the client belongs on. Our time reporting system allows me to add a text comment to each "time card," so it's easy to analyze the work done.

Maverick

Link to comment
Share on other sites

Guest JPAdmin

Thanks for the reply! Is the billable hours goal raised and lowered on a "busy" season schedule? How did you/they determine the goal of 1400-1500? Do you reconcile the assets as well as prepare participant statements? How do you track the time to take a pro-active look at plan operation and design? Thanks so much for your feedback.

Link to comment
Share on other sites

Billable hours divided up by month, more during busy season, less during slow periods. The annual goal was determined based on data from prior years. I do everything -- prepare plan docs, set-up plans on r.k. system, do record-keeping, compliance testing, and prepare form 5500. Also consult on plan design and ERISA "issues." "Pro-active" time is usually posted as client development (non-chargeable), but sometimes gets charged. We have work-in-process codes for EB admin (routine day-to-day stuff) and EB plan design (non-routine) to break out hours. We also have wip codes for 5500 prep, and audit (work we spend gathering/providing data to other cpa firms auditing our plans w/100 or more parts). Maverick

Link to comment
Share on other sites

Guest JPAdmin

Maverick:

It sounds like we work for the same firm. I sure appreciate your input. I guess I'm not alone.

I have one last question: Do you ever find yourself looking for billable things to do rather than non-billable?

Thanks so much!

Link to comment
Share on other sites

While I recognize that there has to be some time spent on non-billable stuff, I try to bill most work. Like someone said in another thread today, put a hours goal out there and people will magically meet that goal.

Professional staff must get 40 hours CPE per year, and we have all kinds of non-chargeable categories (misc. admin/housekeeping, client development, meeting w/referral source, meeting w/prospect, etc.).

If I'm working on a valuation and spend an hour or two "fighting" the software, the time is non-chargeable. Learning new software/releases also goes to non-charge. For example, if it takes me 4 hours to complete a val, 2 hours of which is getting familiar with new version, only 2 hours is billed.

Sometimes I say the heck with it and spend a morning reviewing my reference files or looking at old threads on benefitslink.com. Most work gets completed on schedule, you know how that goes.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...