Case Study: Agency Gains Insight Into Profitability
To maintain a successful business, having access to all data is as essential as having the right reporting tools.
A growing full-service agency was experiencing a surge of new clients, which led to hiring more employees to meet the demands. The size of their staff more than doubled over the course of a year, making it essential to have information on client profitability and employee productivity. Agency leaders needed to resolve this as soon as possible.
In order to measure the value of their most valuable assets, their people, they needed employee time data and tools to analyze the information. Without it, they would never have the full picture of the business.
It boiled down to two basic needs:
- 1. User-friendly time entry tools to gather employee time data;
- 2. The ability to measure, understand and optimize data.
After researching several software products, they selected agency management software with the features they needed to reach their goals. Because its time-tracking feature is integrated with project management and accounting, data seamlessly flowed into financial reporting. This provided management with the ability to run essential reports such as Client P&L and Employee Utilization.
There were also unexpected benefits of implementing the new platform. Employee time data flowed into the software’s resource management tool. Project managers could now see the workload of every team member in real-time, making it easy to see who was over or under utilized. The system even recommended which employees for task assignments based on roles and availability.
Because time entry was entered on projects, the profitability of each project could be analyzed. Estimates became more accurate because historical project costs could be instantly pulled when estimating similar projects. This ultimately resulted in more accurate (and more profitable) billing. The Quote vs. Actual dashboard allowed managers to monitor the financial status of projects by comparing actual project hours to estimated hours.
The benefits of time data are only possible if employees actually enter their time. That’s why user-friendly time entry is essential. Because the agency implemented a platform that allowed employees to enter time throughout their day with just a couple of clicks. And the system can be set up to send reminders to employees when their time needs to be entered.
The agency management platform provided the data and transparency to generate essential reports. Agency leaders now have the information they need for actionable insights. Managers can monitor projects and make better assignment decisions. And time entry is easier than ever.
The Advantage agency management system is an all-in-one solution purpose-built for agencies and creative teams of all sizes.
We’ve been exclusively focused on helping our clients maximize productivity, efficiency and profitability for over 40 years, with almost a thousand agencies counting on us to help run their business every day.
Our clients have access to a team of US-based agency veterans supporting them every step of the way. Every user has unlimited access to our live customer support line from 8am-7:30pm Eastern every business day.
Find out how Advantage can help you by contacting us for a complimentary demo or discussion about your unique needs.