Do you track time spent on different phases of your audits? Trying to get better at estimating project scope and pricing. Curious how time typically breaks down between data collection, analysis, report writing, etc.
Time tracking for audit phases
Tyrone's breakdown matches my experience pretty well. One thing I've learned - always budget extra time for client communication. They inevitably have questions about the findings, want clarification on recommendations, need help presenting to management, etc. That "15%" often becomes 25%.
Good discussion. I use time tracking software (Toggl) to capture actual hours vs estimates. Helps me refine my pricing over time. Biggest variable is data quality - clean, organized data from the client can cut total project time by 30-40%. Worth offering a discount for well-prepared clients.
Bill, I track everything. Rough breakdown for typical commercial audit: Data collection/cleanup 25%, Analysis 40%, Report writing 20%, Client communication 15%. The percentages shift based on complexity and data quality. Poor data can double the collection phase.