One of the key approaches to budgeting for, and recovery of, salaries includes the forecasting and monitoring of chargeable hours and the production of income by personnel.

At Rob Knights & Co, we explain these terms a little differently to others, defining efficiency as the percentage of time charged to produce income from the actual time worked, and productivity as the dollar value or contribution from the various hours charged by personnel.

Efficiency and productivity data is often utilised to balance individual remuneration levels and hourly charge rates to ensure firms are achieving an adequate rate of recovery. In utilising such information and budgets, it is imperative to measure and compare the actual results within your firm, as well as such performance against market.

Hence, with the most recent financial year complete and our budgets in place, it is NOW TIME to conduct our comparisons to confirm forecasts for the coming year and make changes in time to influence this year’s outcomes.

These reports will enable your firm to:

• appraise staff performances compared to your peers
• evaluate current budgeted results and compare the previous year’s results against actual market data
• utilise current data within your salary and incentive programs where appropriate
• highlight the return or contribution of staff within the practice, based on time charged and income generated.

Click here to download an application form.