Start by establishing a standard chart of accounts that aligns with the nature of your accounting practice. Familiarize yourself with industry standards and guidelines for categorizing and recording accounting tasks, such as those issued by the Financial Accounting Standards Board (FASB) or the International Financial Reporting Standards (IFRS).
When recording time entries, use clear and descriptive labels that accurately reflect the task or activity performed. Categorize your time entries based on the type of accounting task performed. For example, you may have categories for general ledger entries, financial statement preparation, tax compliance, audit or review procedures, client consultations, or research activities.
If you work with multiple clients or engagements, use client or engagement codes in your time tracking. Utilize time tracking software that allows you to create custom categories and automate the assignment of time entries to specific tasks.