Free Billable Hours Template Download Excel Tracking

billable hours example

At the end of each billing cycle or when you complete a client’s project, review your time log and calculate your total billable hours for the project. Doing effective billable hours accounting will help you figure out how much time, funding, and other resources were required for a specific project or collaboration.

  • It’s called the realization rate – how many hours an attorney tracks compared to the fees that are collected.
  • Now that you understand what the billable hour requirement is, you need to start tracking your billable hours.
  • You may end up with a smaller count of hours than you were expecting for a workday.
  • It is calculated by dividing the total billable hours by the total hours available, then multiplying by 100.
  • Billable hours refer to any time you or your team spends on a client’s project.

The most important thing about any business is time – time to complete a project, time to meet a deadline, and time to make sure you get paid for the hours you work. Another way to increase your billable hours is to track time that does not go toward the billable hours.

Decide what is billable and non-billable

Such tools are ideal if you offer legal services or other work where keeping accurate records of billable hours is crucial. Professional service providers, such as law firms, freelancers, consulting firms, and creative agencies sell billable hours the time they spend working for clients. If you find yourself in a situation that requires billable hours, it’s crucial to understand how they work. Once you have your hourly rate set, choose the invoicing schedule you’ll follow.

  • One of the major benefits of tracking working hours is the ability to determine your and the productivity of your employees.
  • For workers like consultants, freelancers, and contractors, a full day’s work, hopefully, looks a little different.
  • The time tracking software you use to track billable hours provides valuable data that’s crucial to your business.
  • Local laws usually require the party requesting a witness to pay a standard fee.

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Billable Vs. Non-Billable Time. What’s the Difference?

Once you have calculated your total billable hours, put together an invoice to send to your client. When you complete a project or at the end of each billing cycle, add up all your billable hours for each client. Recording your billable hours by the project will help you keep track of all your clients and the projects for each of them.

billable hours example

It is, therefore, a good idea to track time and leverage the benefits of time tracking tools. Since some non-billable hours help speed up the project, it is good to track this, so you can know how much non-billable time is required for a particular project. If more non-billable hours are required for a project, you may be working at a loss. You may need to renegotiate with the client or add the non-billable hours to the invoice and let the client know why you need to be paid for these. You’ll know exactly how many hours each employee spends on a project and will be able to determine if they could be working faster or more efficiently.

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