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FAQ

As a business owner, what online/offline templates would you benefit from having (e.g. a template to fill out and send invoices, business plan templates, etc.)?
One awesome highlight of ZipBooks‡ invoice templates is that you can save default settings like your notes and payment terms for your invoices once you nail down the details of what exactly should be on your invoice. Using ZipBooks for your invoice means never sending off an invoice without your own company information on it (oops!). They actually score your invoice based on what information you include and so you'll be able to leverage the data we've collected from tens of thousands of invoices on what things are important to get you paid faster.Here are a couple tips on things that you will get you paid faster and should definitely be included on your invoice:Company logo: This is part of the invoice template that we prfor you. You'll save a company logo under company settings and you'll never have to think about whether your invoice template header looks good again.Notes: Thanking a customer for their business will always make you stand out in a crowd and leverages the psychological principle of reciprocity so that you get paid faster. Lots of studies show that including a thank you note gets you paid faster. I think that would especially be true when someone is getting a big bill for legal services.Invoice payment terms: Another great free feature of ZipBooks invoice templates for legal services (and anyone else who used our invoice templates for that matter) is that when you put terms into an invoice, we automatically detected it and set a due date for you. If you don't set terms, we assume that the invoice will be due in 14 days. This is the due date that we use to drive the late payment reminder and to display the number of days that a invoice has been outstanding in the AR aging report. If you don't want to set the invoice payment terms every time, you can set it up once under Account Preferences in the ZipBooks app. Pretty neat, right?Customer information: This one might seem pretty straightforward but it should always be on the list of "must haves" when thinking about what you should put on your invoice.Detailed description of bill: ZipBooks' invoice template lends itself to the ability to show a detailed account of everything that you have charged since you last sent an invoice. You can do that by manually entering the invoice details or you can use the time tracker to automatically pull in billable activity once you are ready to send the next invoice for your legal services.
How do you find out if a company is open to using a staffing agency to fill positions?
Get an introduction to the target company through a referral if possible.  A lot of the companies that retain us even talk explicitly about "no agency referrals" on their website.  There are times that going in through HR or their staffing org can be to your benefit but more often that not it helps to have a referral with a "VP" in their title to get you that introduction.  You might still be a long way from getting a fee agreement signed (retained or contingent) but you'll be a lot close than being one of the hundreds of agency recruiters leaving voicemails for the VP HR or Staffing Manager.
Do large consulting firms like McKinsey, Accenture, or BCG still have their staff members fill out time sheets? If not, how do they specifically track profitability by client projects?
As the others have said- yes, all consulting firms have staff fill out timesheets.One interesting thing- many staff work more than 40 or 50 hours- and work more hours than the project budget allows for. So each firm must determine how it wants to track the ‘extra‡ hours. The simplistic approach is to tell staff ‘just bill 44 {or whatever the weekly total is} hours to the project’- as this simplifies accounting. The more accurate approach is harder: staff record every hour worked and code it to the relevant activity (internal / client). This requires some discipline about using ‘shadow‡ client codes so that you bill them the time agreed in the contract {e.g., 44 hours/week} but then the consulting firm gets a sense of how many hours staff are truly working {probably 50–70 hours}.You mentioned project profitability- while timesheets do prthe data to compute basic project profitability, there is a lot more to this topic. There are a couple of really key profit levers that would not be addressed via timesheet data: follow-on sales and staff retentionFollow-on rate: To the extent that a project leads to a string of future projects, that project was VERY profitable, as it decreased the overall cost of sales on future work. This has a major impact on overall profitability, so one must account for projects‡ differential follow-on rates in some way.Staff retention: good staff are very expensive to recruit and retain. Some projects can be real attrition machines (poor scope, poor leadership, unrealistic demands, etc) and firms need to understand if a given project can be logically tied to disproportionate staff attrition. If so, that project wasn’t nearly as profitable as it seemed via timesheet analysis. One analysis could be comparing billed hours versus total hours worked, and then for the outliers, note if there was higher attrition 6–12 months later.Of course, there are other considerations as well but I wanted to highlight a couple that showed how timesheet data is necessary but not sufficient to understand project profitability.
What amount of work (filling in forms, meeting minutes, etc.) is needed to form a limited company in the UK?
I started a limited company when I was 16, not having any idea about the technicalities of setting one up, such as the financial figures and tax etc.I went through the Companies House, which is the official government website for setting a ltd company up (it takes 48 hours for the paperwork to be processed)So the actual filling in of the paperwork and the application details was extremely straightforward. All you need to know are the following:Company name and addressOfficer details - this is you (if you're the founding director) and your company secretaryShare capital and shareholder detailsThis took me around 45 minutes to fully complete, with the majority of this time being spent on trying to get other shareholder information (which you need in place of a signature.)Setting up for tax is a slightly different matter, but is also very straight forward through the relevant government website.So in summary.It takes between 45 - 60 minutesThe paperwork is easyIt costs £15 as opposed to the extortionate price that a company would charge to 'help' you set it upHope this helps!
How many staff do I need to fill 21 8 hour shifts per week?
depends when the shifts are. If there are 3 shifts per day over the whole week, you’ll need 3 full time employees working 40 hours per week and two part time employees working 24 hours per week. this could change depending on when all the shifts are, so without more info, that’s pretty much the set up.
Ten pipes through which water flows through at the same rate can fill a tank in 28 minutes. If three pipes go out of order, how long will the remaining pipes take to fill the tank?
If all other factors remain identical then seven of ten pipes fill the empty tank in 10/7 X 28 minutes = 40 minutes.