Measuring and Tracking the Value of Work Done in Time Based Billing Businesses.
by Dale Carter on 2012-11-17
The Value-of-Work-Done is a great way to look at the financial productivity of your team. It is a simple calculation of time-worked multiplied by rate-per-hour that can be billed, but it is a very important in time based billing businesses. The value of work done is different from what has been invoiced (billed to clients) but is a valuable concept that allows you to know if your team is being profitably productive on a daily basis. Value-of-Work-Done is a measure of productivity in financial terms. Because all business bill differently for different work, with some billing up front, others billing on completion and some in between, knowing the Value-of-Work-Done daily, weekly, fortnightly by your team is a valuable key performance indicator and management tool.