{"id":66064,"date":"2019-09-17t12:00:41","date_gmt":"2019-09-17t16:00:41","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=66064"},"modified":"2019-09-23t09:57:30","modified_gmt":"2019-09-23t13:57:30","slug":"why-daily-t-e-entry-should-be-required","status":"publish","type":"post","link":"\/\/www.g005e.com\/2019\/09\/17\/why-daily-t-e-entry-should-be-required\/","title":{"rendered":"why daily t\/e entry should be required"},"content":{"rendered":"

\"man<\/a>this means owners and managers, too.
\n<\/strong><\/p>\n

by roman h. kepczyk<\/i>
\nquantum of paperless<\/i><\/a><\/p>\n

studies done over the past two decades have clearly shown that there is a significant improvement in realization for firms that enter, release and post time and expenses on a daily basis. this process allows for daily or \u201chotel\u201d-type billing, which is sent out with the completion of each billable project.<\/p>\n

more: <\/b>avoid over-auditing with \u2018document containers\u2019<\/a> | the top portable monitors for auditors<\/a> | why scanning procedures matter<\/a> | using databases for document management<\/a> | survey: firms split on mobile device management<\/a> | need internet? grab your phone<\/a> | survey: im still not common at cpa firms<\/a> | the best defense against malware<\/a> | survey: 59% deliver invoices on paper<\/a> | is it time to update your offsite backups?<\/a>
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the next step in the evolution of time and billing systems provided real-time dashboards to report on firm activities and effectively allow firms to generate invoices.
\n
\nthis can work only if all time and expenses for all personnel are captured within the system. while most firms have a daily time entry \u201cpolicy\u201d the biggest abusers of the policy are often owners and managers, so it is about time for them to get on board and use the system.<\/p>\n

as we keep stating, all professional staff today have at least dual monitors and the majority have the screen real estate of three or more. this allows users to have their timesheet open at all times and enter information throughout the day so that it can be reviewed and released before walking out the door. this will require training and some adjustment on the owner\u2019s part, but this is a first and most critical step when moving to daily billing and reporting.<\/p>\n

if management doesn\u2019t get on board, they are wasting any investment in a new time and billing system. this choice can diminish the value of their practice.<\/p>\n

once everyone is on board with \u201clive\u201d time and expense capture, the firm will be in a position to create an invoice with the completion of each project. these time-capturing systems support both onscreen entry and onscreen invoice generation. with this information immediately available it is recommended that the \u201cin-charge\u201d for a client generates the invoice and the owner can then approve it onscreen for administration to process.<\/p>\n

by doing daily billing, the majority of invoices will go out faster, improve the cash collection cycle and leave a smaller volume of traditional month-end billing, mailing and paper sorting.<\/p>\n

\u201c72% of firms were preparing the majority of invoices onscreen rather than using manual billing sheets and 6% delivered invoices electronically.\u201d \u2013 cpafma 2019 survey<\/p><\/blockquote>\n

today\u2019s time and billing systems can also generate invoices in a pdf (rather than physically printed) format. these can be emailed to the client as an attachment with or without password security. this<\/p>\n