Pop the champagne! You now no longer need to manually round your time registrations on customer invoices
There is money to be made and saved, when your billable time registrations are automatically rounded e.g. to the nearest 5, 10 or 15 min.
You can activate the rounding of billable time registrations in the system administration.
Hereafter, your billable time, which you track in one of TimeLog time tracking applications, is automatically rounded, so you see the rounded time registrations in your invoicing. You then no longer need to adjust them manually on the single invoice lines.
Work time versus billable time
You can make settings to round up to nearest 5, 10, 15 or 30 minutes or the nearest hour.
In your detailed timesheet, you can get an overview of your time registrations, where you can see the registered versus the invoiced time. This means that your work time is not changed, and you will be able to see what the original time registration was and how it is invoiced.
You may read more about the time tracking setup in our guide.
What does it affect your projects?
You will always be able to see the tracked time versus the estimated and invoiced time.
If you track 32 min which are rounded to 35 min, the tracked time will be 32 min and the estimated time on the project will be 35 min.
Estimated value is the suggested value for revenue recognition and invoicing. This is relevant to many consultancies, and especially IT consultancies’ revenue is particularly sensitive with regards to the projects’ progress, if they deliver services on fixed price/prepaid hours.
If a project gets off track, it is important to make budget adjustments on the projects, so the real value creation and thereby the potential revenue on each single project and the assigned consultants gets known and visible.