L. Gary Boomer, of Boomer Consulting in Manhattan, Kansas, says time sheets measure effort, not value. The value of an hour of time is a function of:

• The professional’s skill level.
• How much confidence he or she inspires.
• His or her leadership qualities.
• His or her creativity.
• The effectiveness of technology used in delivering services.

The perception of value may be influenced more by the client’s experience than the objective value of the service. That experience may be enhanced by the skills of the professionals providing the service as well as by contributions of the firm’s support staff.

With the current staff shortage affecting all firms, it is more important than ever to concentrate on skill and performance rather than on time. It is critical to have the right people serving the right clients. In this environment, staff is more important than clients. Firms must focus on improving delivery processes and ascertaining the level of client satisfaction. The result can be the happy circumstance of decreasing cost of the service while increasing value as perceived by clients. This is how firms need to invest their resources – focus on this rather than on increasing partner income.

From Accounting Today, August 7, 2006, SourceMedia Inc., One State Street Plaza, 27th Floor, New York, NY 10004. For the complete article, click on the following link:
http://www.webcpa.com/article.cfm?articleid=21140&;pg=acctoday.