What I Hate About Timesheets - Part I (of many parts)

"The keystone of practice management for the accounting profession and most law firms has long been the billable hour. We rely on hours accumulated on time sheets in six minute increments to drive most every aspect of our practices from setting the value of the services we provide, to evaluating the individual competency of our professional staff, to measuring productivity, to establishing compensation levels, to measuring the cost of the services provided. What an amazing tool! It does virtually everything and provides all the information we need to manage our firms! The universal tool! The Swiss Army Knife of professional service firms! Unfortunately it doesn’t do any of these things very well..."
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Source: Innovative Practice Management

Related:
Pricing on Purpose: Creating and Capturing Value by Ronald J. Baker