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Capium
Capium

Capium releases new time and fees tracking module

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Cloud accounting suite Capium has launched a new time and fees module for practice users designed to improve time tracking, monitor firm and staff performance, and boost reporting capabilities.

13th Mar 2024
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Capium’s new time and fees module integrates with the developer’s existing practice management module, allowing users to monitor employee and client activities, and record chargeable time on one platform. 

Speaking to AccountingWEB, Capium customer success team lead Surya Dinavahi said the new module will enable firm owners or managers to track time more efficiently, access more information about their practice, and ultimately discover whether their clients and staff are profitable.

“Accounting is moving away from time-based fees towards more of a fixed-fee model,” said Dinavahi. “This has driven a race to get to the bottom price in certain parts of the industry. Our new module can tell you how many jobs you’re doing and how many you’re actually making a profit on, so you can understand where you’re making money and where you’re losing it.”

While Capium already has basic time and fees tools available, the new module offers a variety of new functionalities including:

  • set up projects and assign individual tasks
  • set timers to track time spent on a task
  • track time for clients and projects
  • track and record working hours
  • assign payment rates to staff
  • generate individual and project performance reports
  • record payments and set reminders
  • automatically create and send invoices and statements.

Time and fees functionality

The module has an import tool where users can bring client data into the system. It integrates with Capium’s practice management module, but users of other third-party software can enter and store client information individually. 

Users have two methods to log time: managers can create a job and assign it to staff, and the system logs their time; or staff create a job as they go and start logging time, which automatically creates a new job for their manager to approve. The system can also be set to create recurring tasks.

“Tasks are nothing but the services a firm offers,” Dinavahi. “In time and fees, you can have tasks and sub-tasks, which you can update with how much progress has been made by marking off the steps.” 

The module has granular permissions via customisable access screens, where administrators can add or remove access and editing privileges for the system.

Firms can use the module to compare estimated time versus actual time spent on a job. Approved users can dig into time logs and see a detailed breakdown: who inputted the time and who was doing the work. Firms can also track how much an employee costs the organisation and assign (and edit) a billable rate for their time, allowing users to see the cost of their time against their billing rate. 

In the fees section of time and fees, firms can see how much an overall job has cost and then invoice the customer from within the module.

There is also a reporting section, where practices can run reports on how much time has been spent by the practice on each company. This can be broken down by several key metrics, and users can also see how many invoices have been issued, and how many are due for payment. Those with appropriate access levels can also see user activity data.

Time and fees is available as a standalone module, and customers do not have to purchase Capium’s practice management module to use it. 

The price for time and fees starts at £40 per month for up to 100 clients and follows the same pricing structure as Capium’s practice management module. For more information see Capium’s time and fees page.

You can find out more about Capium and its new time and fees module by visiting the Capium stand (E6) at the Festival of Accounting & Bookkeeping (FAB) on 13–14 March at the Birmingham NEC. For more information or to register for your free tickets please visit the FAB website.

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