Table of contents
Subscribe to our newsletter
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
.svg){kind=icon}
Time tracking is no longer just an operational necessity, it’s a strategic differentiator. For professional services firms, accurately tracking time is foundational to profitability, resource allocation, project performance, and client trust. Yet, while the benefits are universal, how time tracking is implemented varies greatly between accounting firms, engineering consultancies, and creative agencies.
In this analysis, we compare time tracking needs, challenges, and best practices across these sectors. We explore what makes time tracking effective in each context, how to address industry-specific barriers, and why modern, integrated solutions like Magnetic are key to maximising return on time.
Time is the most valuable asset for professional services firms. Whether billing by the hour, delivering fixed-fee projects, or managing retainers, accurate time tracking underpins revenue, productivity, and client satisfaction.
See how Magnetic eliminates missed hours →
Magnetic makes time tracking easy for busy accounting teams. With one-click entry, built-in reminders, and clear tagging of billable vs. non-billable hours, your team can submit accurate timesheets without added admin. Times are logged directly against clients and tasks, helping reduce errors, streamline approvals, and keep billing compliant and consistent.
For engineering teams juggling complex projects, Magnetic helps simplify time capture. Timeboost automates tracking, reducing missed entries and cutting back on admin. Engineers can log time as they go or allocate hours across multiple days, giving operations teams a clear view of utilisation and helping identify delivery risks early.
Creative teams love Magnetic because it fits into their workflow. Whether using timers, entering hours retrospectively, or getting smart reminders, time tracking becomes a natural part of the process. With visibility into tracked vs. planned hours and billable vs. non-billable time, agencies can keep projects profitable without disrupting the creative flow.
Learn how top agencies protect profits with Magnetic →
While the tools and tactics differ, the end goal remains the same: turning time into value. Professional services firms that invest in modern, industry-aligned time tracking, supported by platforms like Magnetic, gain the insight and agility to scale profitably, retain top talent, and exceed client expectations.
.svg){kind=small}
Time tracking directly affects profitability, resource utilisation, compliance, and client satisfaction. For services firms that bill by the hour or manage fixed-fee projects, accurate time logs are essential for invoicing, forecasting, and performance analysis.
The right method depends on your industry, team culture, and client needs. Accounting teams may need strict approvals for compliance, while creative teams benefit from flexible, low-friction tools. The key is to align the tracking method with how your team naturally works.
Relying on manual entry, not clearly defining billable vs. non-billable work, failing to train teams, and using disconnected tools that don’t link time data to budgets, projects, or invoices. These mistakes often lead to missed billables, poor resource visibility, and scope creep.
Magnetic makes time tracking frictionless. From one-click logging and real-time updates to Timeboost automations that capture hours in the background, Magnetic helps firms log time accurately without slowing anyone down. Link every entry to projects, tasks, and budgets, then turn that data into insight with built-in dashboards, billable vs. non-billable breakdowns, and live utilisation tracking.
Communicate the value to the team: accurate tracking leads to fairer workloads, better planning, and fewer fire drills. Keep it simple, automate reminders, and avoid adding admin. Choose tools that integrate seamlessly into daily work rather than disrupt it.
Yes. Magnetic allows you to tag time by category, so you can distinguish between billable, non-billable, and internal time. This helps with more accurate reporting and better resource planning.
Magnetic is an all-in-one workflow management platform designed and built for professional services firms.
.svg){kind=icon}
