time tracking software - Page 2 - Virtual Assistant Forums

Tess · #16 (**permalink**) 02-13-2008

Hi all, I'm updating this thread with a very interesting request for some input and feedback from those of you who've been participating in this conversation -

I am in touch with a programmer who is very interested in your wish list request for a time tracker that counts retainers down, when I mentioned it they started talking about updating their product to do this - but we have a few questions that I thought I'd pass on in case you have any input - here's your chance to help craft your ideal time tracker/invoicing system

If you know anyone else who bills on retainer and has feedback, feel free to send me their responses too (I don't bill on retainer so could only offer my best logical estimation on these...those of you who DO invoice that way surely have more input than I could offer)

1. Do VAs typically have a different "start date" for each retainer client, or try to consolidate all clients to something like the first of the month? (From a software standpoint, should we track both the retainer hours and the start of the retainer month).

2. Is the value of retainer tracking in something like a summary view that shows each client and the hours remaining in the retainer period, or would it be more useful as part of general time tracking (a warning or indicator that you are getting close to/exceeding the retainer time when you log time for a client task)?

3. And how best to display the time remaining, since the start dates could be different for each client. So maybe what we need to understand is "what's the right question to ask".
Maybe it's "Does this client have any time left in their current retainer period?" Once the retainer period "expires", I assume that means the client no longer has any hours. That might mean that the VA would want to manually "reset" the retainer period to a certain number of hours and a new expiration date.

#17 (**permalink**) 03-08-2008

Are there any other methods of time tracking?

Georgann · #18 (**permalink**) 03-10-2008

Does anyone bill strictly by the month, doing pre-agreed upon jobs (results)? This would be a retainer relationship, but without the micromanaging of billable hours (or quarter hours). In consulting it's called value pricing. I guess it would be called the same here. Quote a set price for a specific job. Or, is that not as profitable as billing by the hour?

I haven't 'opened' the door to my business so I don't yet have a sense what works best. If anyone here has done billing both ways, I'd sure appreciate hearing from you on the differences, the advantages of one over the other, etc.

Rebecka Melson · #19 (**permalink**) 03-10-2008

Originally Posted by Tess

Hi all, I'm updating this thread with a very interesting request for some input and feedback from those of you who've been participating in this conversation -

I am in touch with a programmer who is very interested in your wish list request for a time tracker that counts retainers down, when I mentioned it they started talking about updating their product to do this - but we have a few questions that I thought I'd pass on in case you have any input - here's your chance to help craft your ideal time tracker/invoicing system

If you know anyone else who bills on retainer and has feedback, feel free to send me their responses too (I don't bill on retainer so could only offer my best logical estimation on these...those of you who DO invoice that way surely have more input than I could offer)

1. Do VAs typically have a different "start date" for each retainer client, or try to consolidate all clients to something like the first of the month? (From a software standpoint, should we track both the retainer hours and the start of the retainer month).

The first month starts on their contract date and ends on the last day of the month, that way they are on a calendar month after the initial first month. With that said, I don't usually start new clients out on a retainer.

2. Is the value of retainer tracking in something like a summary view that shows each client and the hours remaining in the retainer period, or would it be more useful as part of general time tracking (a warning or indicator that you are getting close to/exceeding the retainer time when you log time for a client task)?

I like a summary page to come up on the first page showing each client's current balance.

3. And how best to display the time remaining, since the start dates could be different for each client. So maybe what we need to understand is "what's the right question to ask".
Maybe it's "Does this client have any time left in their current retainer period?" Once the retainer period "expires", I assume that means the client no longer has any hours. That might mean that the VA would want to manually "reset" the retainer period to a certain number of hours and a new expiration date.

I think it should have the option when you set up the client to tell it whether it is a retainer or hourly client, if it is retainer you input the number of hours and the start/end date, also have a box to check for whether or not the unused hours rollover, then have a place where you can add additional hours for the period if they have used all their hours.

If their hours do not rollover I don't want it to automatically zero them out at the end of the month, I just don't want them to rollover to the next month. I think it's important to see on a report if the client repeatedly has unused hours at the end of the month.

Also, another feature that I would really like to have on my time-tracking software is the ability to track the hours billed. I use QuickBooks to actually bill the time, but it would be nice if I could tell the time-tracking software which hours have been billed so I can easily see what still needs to be billed at the end of the month.

Rebecka Melson · #20 (**permalink**) 03-10-2008

Originally Posted by Georgann

Does anyone bill strictly by the month, doing pre-agreed upon jobs (results)? This would be a retainer relationship, but without the micromanaging of billable hours (or quarter hours). In consulting it's called value pricing. I guess it would be called the same here. Quote a set price for a specific job. Or, is that not as profitable as billing by the hour?

I haven't 'opened' the door to my business so I don't yet have a sense what works best. If anyone here has done billing both ways, I'd sure appreciate hearing from you on the differences, the advantages of one over the other, etc.

I do quote "per job prices" for certain projects, but in most cases I bill by the hour. Also, payroll is billed on a set rate rather than hourly. I have a base rate and then a per employee rate on top of the base rate.

I track my hours for all jobs though no matter how they were billed, so I can check job profitability. Otherwise I wouldn't know if I was underestimating my projects.

gris133 · #21 (**permalink**) 03-11-2008

I also found a new Time Tracker. Its called http://www.paymo.biz I think its a really good tool besides the conversions that you are able to do. Check it out! It's a keeper on my list.

Dvas1310 · #22 (**permalink**) 10-09-2008

Gris133 -what a great piece of software. Thank you for posting the link!

Dee.

Jessi27M · #23 (**permalink**) 10-11-2008

TY you for the online leads. They are really great!

tg180078 · #24 (**permalink**) 02-01-2009

Originally Posted by Rebecka Melson

I think it's a good idea to track your time even if you don't have to submit it to your client or you charge a flat rate, because at the end of the month (or whatever interval you want) you can go back and compare your hours to your income and make sure you are charging the correct amount. You may think you are making $X per hour but at the end of the month when you go back and compare the hours actually spent vs. the rates charged you might find out it is more or less than you expected.

When I invoice in QuickBooks I have my retainer and per project fees categorized separate from my hourly income so I can easily compare it against my time spent and see if I am over/under charging.

This was perfectly explained to me and it never crossed my mind to do a comparison to see where i stand although i just started and dont have any clients i can't to use it.