How detailed do you get with time tracking on audit projects? I'm trying to better estimate future projects and figure out where I'm spending the most time. Do you break it down by activity (data collection, analysis, report writing) or just track total project time?
Time Tracking for Audit Projects
Connie, I track by major categories: Initial Review (30 min), Data Collection (varies), Rate Analysis (2-3 hrs typically), Demand Analysis (1-2 hrs), Report Preparation (2-4 hrs), Client Communication (30 min - 1 hr). Helps me quote new projects more accurately and identify where I can get more efficient.
I keep it simple - just track total time per project and note any unusual circumstances (missing bills, complex rate schedules, multiple meters, etc.). After a year or so you start to see patterns. Manufacturing facilities usually take longer than retail. Multi-rate schedules add time. Estimated bills slow things down.
I use QuickBooks timer feature to track everything in real-time. Sometimes I'm surprised how long certain steps take. Data entry is usually the biggest time sink - might be worth investing in better scanning/OCR software. Also track travel time separately for local clients.