Use time data to cut costs with precision
Timely gives you the visibility to spot inefficiencies before they eat into your margins. Track where time and money go, so you cut waste – not the resources you actually need.
See what’s costing you – and fix it fast
With real-time time tracking and AI insights, Timely helps you reduce admin, reallocate resources, and focus on high-return work. Cost-cutting becomes smarter, not riskier.
Track project costs down to the hour
Assign cost rates to roles and compare actuals against budgets with Timely’s reporting. You’ll know exactly what each project costs – and which ones are worth your team’s time.
"We've already seen insights leading to operational changes. For example, we've reduced time spent on particular tasks based on data feedback."
Cutting hidden delivery costs
A Timely customer in the professional services space had rising delivery costs without insight into where time was being spent, and after tracking internal effort by task type saw a 12% reduction in cost per engagement.
Assumptions
- Average cost per engagement = $1,500
- Engagements per month = 60
- Total delivery cost/month = $90,000
- 12% reduction in cost = $180 saved per engagement
- Team size = 20
- Timely cost = 20 users * $22 = $440/month
Workings
- $180 * 60 engagements = $10,800/month saved
- $10,800 / $440 = 24.5x ROI on licence cost
ROI
- Timely paid for itself in under three engagements.
- The improved task-level visibility saved the business $10,800/month, improving profitability without changing team size or client volume.
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How to get it done in Timely
Using time data for cost analysis isn’t just about cutting expenses - it’s about spending smarter. With Timely, businesses can track costs, reduce inefficiencies, and make informed financial decisions that drive profitability.
Automate time tracking
Download the Memory App to effortlessly track where time is spent and uncover hidden inefficiencies.
Analyze profitability
Create a custom report in Timely with a Profitability Column to see which tasks and projects generate the most value.
Plan smarter with Workspace Capacity
Use Timely’s Workspace Capacity feature to distribute workloads effectively and plan future projects with real data.
Maximize workforce efficiency
Identify underutilized employees and shift them to billable tasks to boost profitability.
Prevent burnout & track productivity
Monitor overtime, undertime, and capacity with custom reports, making it easy to adjust workloads and optimize team performance.
Ready to make the most of your time?
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How to use time data for operational cost analysis
What is operational cost analysis and why does it matter?
Operational cost analysis involves evaluating a company’s expenses to identify inefficiencies and areas for cost savings. For consultancies, agencies, SaaS businesses, and professional services firms, understanding where money is spent - and whether those expenses align with business goals - is critical to maintaining profitability and long-term sustainability.
The impact of inefficiencies on business costs
Inefficiencies, such as excessive administrative work, poor resource allocation, and redundant admin, can lead to significant financial waste. Without visibility into these inefficiencies, businesses risk overspending on non-essential tasks, underutilizing their workforce, or failing to allocate resources effectively, all of which can erode profit margins.
The role of time data in cost analysis
Time data provides a clear picture of how employees spend their hours, making it easier to track productivity and spot inefficiencies. By analyzing time-tracked data, businesses can identify non-billable work that consumes excessive resources, determine if projects are taking longer than expected, and assess whether operational processes need refinement.
Challenges in controlling operational costs
One of the biggest challenges businesses face is distinguishing between necessary operational costs and avoidable inefficiencies. Without accurate tracking, it’s difficult to determine whether time is being spent productively or wasted on low-value activities. Without visibility, companies may end up cutting costs in areas that actually contribute to growth while leaving inefficient processes untouched.
Measuring cost efficiency using time tracking data
Time tracking data helps businesses measure cost efficiency by comparing time spent on projects to revenue generated. By assessing employee utilization rates and project profitability, businesses can make informed decisions about where to invest resources, when to streamline workflows, and how to reduce unnecessary expenses.
Strategies for optimizing operational costs
Businesses can reduce operational costs by eliminating redundant processes, automating administrative tasks, and optimizing workforce allocation. Using time data to analyze trends and inefficiencies allows companies to implement data-driven strategies that cut waste while maintaining productivity.
How Timely can help
Enhancing operational cost analysis with Timely
Timely provides a powerful set of tools to improve operational cost analysis for consultancies, agencies, SaaS businesses, and professional services firms. Features such as automatic time tracking, detailed reporting, and project management features, enable businesses to accurately assess their current workload and forecast future capacity needs. This precise time data allows for better resource allocation, ensuring that teams are neither overburdened nor underutilized, which is essential for maintaining productivity and profitability.
Automatic time tracking for precise cost allocation
Timely’s automatic time tracking captures all work activities without manual input, providing an accurate record of how time is spent across tasks and projects. This data is crucial for operational cost analysis, as it allows businesses to understand the actual time required for various activities, leading to more accurate forecasting and scheduling. Managers can identify patterns, allocate resources more effectively, and anticipate future workload demands, thereby optimizing team performance and project outcomes.
Cost rates feature for financial transparency
Timely’s cost rates feature allows businesses to assign specific cost values to different team members or roles, providing a clear understanding of labor expenses associated with each project. This functionality enables managers to monitor actual labor costs against projected budgets, facilitating more accurate financial planning and decision-making. By having visibility into these costs, businesses can identify areas where expenses may be exceeding expectations and implement corrective measures to maintain profitability.
Additionally, the cost rates feature supports the evaluation of project profitability by comparing labor costs to revenue generated. This insight helps in assessing the financial viability of various projects and informs strategic decisions regarding resource allocation and pricing strategies. By understanding which projects yield the highest returns relative to their costs, businesses can focus on the most profitable opportunities and enhance overall financial performance.
Comprehensive reporting for informed decision-making
Timely’s robust reporting features provide deep insights into both billable and non-billable hours, enabling businesses to assess operational costs effectively. These reports help evaluate employee utilization, project profitability, and internal process efficiency. By understanding where time is spent, companies can pinpoint areas for improvement, such as reallocating resources or optimizing processes. Customizable reports also support strategic planning, highlighting trends that can drive cost-saving decisions and enhance overall efficiency.
Integration with existing workflows for seamless operations
Timely integrates seamlessly with apps like QuickBooks and Zapier, connecting to 500+ other tools. By capturing time automatically, Timely cuts down on manual entry, allowing employees to focus on their core tasks. More importantly, integrations in Timely link accurate tracking of both billable and non-billable activities, directly to projects or internal tasks. This data helps businesses assess operational costs by analyzing employee utilization, project profitability, and work allocation. With a clear understanding of time investments, managers can make data-driven decisions to optimize resource allocation, reduce inefficiencies, and improve profitability across projects.
