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In Professional Services businesses time is your most valuable asset. Whether you’re an architect, engineer, accountant or consultant, every billable hour directly impacts your bottom line. Yet, hidden time leakages can quietly drain profitability and distort project performance.
What is time leakage and why does it matter?
Time leakage occurs when billable work isn’t fully captured or recorded accurately. It’s a common issue in professional services businesses where projects move fast and employees juggle multiple clients. Causes include:
- Incomplete or late timesheets
- Manual or outdated time tracking systems
- Unclear project scopes or task boundaries
- Administrative work that goes unbilled
Each missed hour is lost revenue, but the true cost goes beyond the financial. Time leakage can skew project data, inflate workloads and reduce your ability to make data driven business decisions.
The financial impact of time leakages
If every team member loses just 15 minutes of billable time per day, that’s over 60 hours a year per employee. Multiply that by an hourly rate of £100, and a 20-person organisation could be losing £120,000 annually, simply from untracked time.
These losses affect:
- Profitability – incomplete billing reduces margins
- Project Delivery – poor time visibility leads to overruns
- Client Satisfaction – inconsistent billing erodes trust and transparency
How to prevent time leakage in your business
Stopping time leakages requires more than discipline; it requires the right tools and processes. Here are key steps professional services firms can take:
- Adopt time tracking software – replace spreadsheets with intelligent tools that capture time accurately
- Integrate project and resource management – connect time tracking to budgets, milestones and capacity planning
- Encourage real-time logging – make it easy for employees to record time as they work, not after the fact
- Use reporting and analytics – identify where time is lost and adjust workflows proactively.
Why Coretime is the solution for Professional Services
Coretime is purpose built for professional services businesses that rely on billable hours. It helps you:
- Track every billable minute with ease
- Eliminate manual timesheets and admin work
- Analyse performance and profitability in real-time
- Integrate with your existing Accounting systems
With Coretime you can reclaim your lost hours, boost productivity and increase project profitability; all while giving your team a simpler, smarter way to manage their time.
Start reducing time leakages today
Every minute counts. If your business isn’t capturing all its billable time, you’re leaving money and insight on the table.
Discover how Coretime helps professional services businesses plug time leakages and unlock full profitability👇
For more information on The Real Cost of Time Leakages to Professional Services Businesses talk to Coretime