Professional services firms with staffs of 3 to 100 billable resources often lose revenue because they fail to properly track all of the time spent servicing customers . This happens because firms often don’t track time or if they do using spreadsheets, a process that becomes inefficient as the business grows and which often leads to incomplete time data, as well as delayed invoicing or invoicing that, is lower than it should be .
Primarily, the leakage happens at following stages :