There are many software packages on the market, with a variety of features available. Consequently, before selecting a package, an evaluation of your firm's needs is in order. A major benefit derived from use of computerized time and billing is more effective management of employee productivity. Each employee can be analyzed by individual hours available and individual hours billed. Usually a ratio of hours billed to hours available can be readily computed.
Productivity is evaluated according to client, type of service, employee, and responsible partner.
Furthermore, the software may provide for analysis of effective rates charged versus standard rates. This would allow the firm to evaluate its billing rate structure. Most software can provide a client history including amounts previously billed. If firm billing policies include client credit limits for work in process and accounts receivable, the software may facilitate tracking the client's total charges so these credit limits are not exceeded. Most software offers a variety of report formats, and these can usually be further customized.