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With increasing competition in many areas of the financial services industry and the pressure to provide value for money for fees paid, it has never been more important to keep costs under control and carefully measured in all areas of a firm, from fee earners to support staff. Ensuring that all time spent on individual clients, or specific projects, is recorded and recharged in an accurate and timely manner, along with recoverable expenses, can make a big difference to the profitability of a client, a project and the overall profitability of the firm.
Sage Timesheet is a PC based project time and expense management solution. It integrates with other systems but can function as a standalone system, giving you more insight and control over how time is spent in your business. Sage Timeslips is the global leader in Time Tracking and has been purchased by thousands of businesses worldwide.
Glaisdale Management Limited (GML) provides Corporate and Trust Services to an international client base from its offices in the Isle of Man. The services they provide commercially include, Holding of Intellectual Property Rights, Media & Entertainment Management and Ship & Yacht Ownership & Finance. For private clients, they provide Trust services for asset protection and estate and tax planning.
Due to the island’s competitive tax system and the legal status of the Isle of Man, writers, recording artists and film makers can find it beneficial to have their works protected there, while excellent links to the UK and central and eastern Europe make the island an attractive destination for companies to do business and for wealthy individuals looking to relocate.
GML face competition both locally and internationally and with a small number of partners, it is important that they provide value-for-money for their services, while ensuring that all hours spent on a client or a project are faithfully recorded, providing a complete and accurate audit trail to substantiate fees and invoices.
Even in a small practise this can be difficult to achieve, and that’s why, two years ago, GML decided investigate time and expenses recording solutions.
They drew up a list of requirements based on their experiences with an existing system that was not meeting their requirements and discovered that Deepak Sareen Associates would be able to provide a solution using Timeslips.
The subsequent implementation went smoothly with Deepak Sareen helping to set up the database required for the system. Immediate benefits included identifying missing hours and the ability to have Work in Progress Reporting.
In a business where it is important to record not just face-to-face meeting time, but lengthy phone conversations as well, it can be difficult to ensure that all time spent on a client project is recorded accurately. Using Timeslips makes it easy to record time spent on a clients work and if anyone forgets to complete their time recording, system alerts can quickly remind users that they are late with their entries.
Glaisdale Management Limited are not just another satisfied user of Timeslips, but an advocate as well, having recommended Timeslips to other businesses!