By Pamela Phillips
Harvest is an online time and expense tracking tool that is used by businesses to manage project profitability.
Who will benefit from using Harvest?
If you’re in the business of selling your expertise then, to understand what is driving your profits, you’ll need to know where your team are spending their time. This is very much the case if you’re running an agency, whether that be a PR agency or a digital marketing agency.
Why do you need to track time in your agency?
Tracking your project costs can make your agency more profitable. And here’s how...
By carefully tracking your team’s time you can spot where scope creep is happening when there is still time to do something about it. When you track your time you’ll have better data available for when you quote for your next piece of work which, in turn, means that it will be more likely you’ll be making the profit margin you want.
For more benefits of tracking time take a look at our blog 5 reasons to track your time.
How can Harvest help?
So what exactly does Harvest do?
- It enables you to track time by person, team, project and task across your business
- It shows you how your time is split between billable and non-billable work. This is a useful metric to track for your agency as knowing this will help you understand what margins you need to make on each job for your business to be profitable.
- It puts a £ value on the time spent on projects. That can be either the cost rate or billable rate.
- As the project progresses it shows you how the time spent compares to budget so you can take action to keep things on track when needed.
How to set up Harvest in your business
If you’re thinking of introducing Harvest to your agency, take a look at our article: top tips to get up and running with Harvest.
We’ve supported clients through the whole process of getting up and running with Harvest, from completing the setup, populating historic data, and training their teams in how to use it. If you’d like us to do the same for you, get in touch.