The CEO now has a full overview of the core business
When Frederik Sandgrav’s accounting company started to grow rapidly, he needed a tool to manage his business. Now he has a good overview of the key figures and saves a full day every month doing invoices.
At Sandgrav Solutions in Hillerød, Denmark, they offer accounting – as Frederik Sandgrav put it – easy, appetising and interesting for the customers.
And they do something right, as they have experienced high growth in the past few years. In fact, they quickly grew out of their existing systems.
But about six months ago, they started to use TimeLog. It provides an overview and makes it easier to run the business.
Necessary key figures for running a profitable business
One of the most important reasons why Fredrik Sandgrav chose TimeLog for his company was being able to get the exact key figures he needs to run his business.
”Before, I drowned in Excel sheets each time I had to do anything. I wanted a system that could deliver key figures in a good way. TimeLog gives us a really good overview of the core business – our time and finances.”
Full transparency means that all hours are invoiced
In TimeLog, it is easy to see how many hours you spend on customers, projects and contracts, and to make sure you invoice all your employees’ work.
Among the key figures, Frederik Sandgrav uses the most, is the overview of the realised hourly rate on fixed price agreements. If the hourly rate is too low, he can quickly look through tasks and solutions to see, if he can do something internally. If it is an unhealthy business, the contract must be re-negotiated with the customer.
In this way, he can secure a healthy profit margin on all customers, no matter if they run on fixed-price or time & material contracts.
”In TimeLog, I can see many key figures. For instance whether or not I match my desired hourly rate on my fixed price agreements.”
In addition to the hourly rate, TimeLog also provides him with an overview of employee efficiency, how many billable hours they invoice and the distribution of the employees’ internal and external time.
One-Click Invoicing reduces the invoicing time by one day
At Sandgrav Solutions, they constantly work to make work processes smarter and remove manual work that steals away a lot of time.
Therefore, Frederik Sandgrav highlights TimeLog’s ability to make lightning-fast invoicing – One-Click Invoicing – as one of the features that adds the most value to him.
It's an insanely powerful tool and it works really well. We save one day a month on invoicing.
Before using TimeLog, he had to manually add the right specifications on all invoices and link the registered hours and hourly rates on fixed price agreements in his accounting system each time he had to invoice his customers.
Time registrations quickly become invoices in Visma e-conomic
Sandgrav Solutions has integrated their accounting system Visma e-conomic with TimeLog. With the free integration, hours on customers, contracts and projects are quickly turned into invoice drafts that transfer to e-conomic with just one click.
In TimeLog, he gets a quick overview of his invoicing potential on customers and contracts, and with a single click he can send the completed invoice drafts to the accounting system.
”When I invoice my fixed price agreements, I go into the system and say suggest all my fixed price contracts, and then they all appear. And then I can just send them over. I actually do it as we speak. It’s an insane and strong tool and it works really well. We save a full day each month on our invoicing”, he says.
If the agreement with the customer is on time & material, he uses TimeLog’s preset invoice grouping rules for the customers. Here he quickly sees which employee that has worked for the customer and how many hours. Again, he can transfer the invoice drafts to the accounting system with just a click.
TimeLog is the heart of his business and the key to decentralisation of work tasks
Today, the system is central in the way Sandgrav Solutions run their business, and all 15 employees use it in their daily work.
”TimeLog is the heart of our business. It’s where our employees track their time and kilometers, the team leaders invoice the customers and approve timesheets, here I control the normal working time for the employees and see the key figures,” he says.
Would you recommend TimeLog to someone else?
"Yes, absolutely! When you have 5-10 employees, you end up with decentralised work functions, where the team leaders need to approve people. Or you delegate responsibility and tasks. It’s just easier in TimeLog. "
- Frederik Sandgrav, CEO in Sandgrav Solutions
For Frederik Sandgrav the introduction of TimeLog means that he no longer does all the administrative work himself. It was essential that he could decentralise work tasks like timesheet approval and invoice checks which were his responsibilities before.
In TimeLog, he has assigned his employees with specific roles, and it lets him delegate work where it makes most sense.
”You’re a team leader, you need to invoice. I’m a huge fan of the role distribution, and that the team leaders can see who they approve hours for. I can delegate the exact responsibility people need to fulfil their role.”
About Sandgrav Solutions
Sandgrav Solutions’ 15 employees offer accounting for a large range of different customers. The purpose of their work is to make it as easy as possible for the customer. They at the same time help the customers with their digital journey and they become better insights into their company.
”Once we have made it easy for the customers, it gets interesting. Then they start asking: How can we run our business based on these numbers?”
Besides delivering accounting to the customers, Sandgrav Solutions also assist the external bookkeepers and accountants with teaching in digital best practices.
You can read more about Sandgrav Solutions and what they have to offer at www.sandgravsolutions.dk