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GreysAnatomy

Iridium Timekeeping - can anyone explain?

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Hi! Does anyone have insight into the headings at a firm's Iridium timekeeper overview? (i.e.: What the "Hours billed YTD, Billable Hours YTD, work realization, billed realization, fees worked YTD, fees billed YTD mean, and what is the difference between them)?

The Iridium webpage doesnt help. Thank you!

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No experience with Iridium but do have a pre-law background in accounting and billing and I can confirm that each term you stated in your question is a standard (or somewhat standard) accounting term. The meanings of the terms transcends Iridium or the legal industry for that matter. I just googled a couple of the terms, and could see there is a lot of explanatory material out there, some from legal timekeeping sources such as PCLaw, but mostly from general accounting sources.

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3 hours ago, BeetleGirl said:

No experience with Iridium but do have a pre-law background in accounting and billing and I can confirm that each term you stated in your question is a standard (or somewhat standard) accounting term. The meanings of the terms transcends Iridium or the legal industry for that matter. I just googled a couple of the terms, and could see there is a lot of explanatory material out there, some from legal timekeeping sources such as PCLaw, but mostly from general accounting sources.

Could you provide a link?

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5 hours ago, GreysAnatomy said:

Could you provide a link?

Sorry, no. The point of time in the history of civilization when humans helped each other Google stuff passed about 15 years ago.

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2 hours ago, BeetleGirl said:

Sorry, no. The point of time in the history of civilization when humans helped each other Google stuff passed about 15 years ago.

So...you went out of your way to look into OP's question, and then when he or she asks for the link to your results, you decide that that is too big an ask...? Strikes me as weirdly unhelpful 

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Sometimes the general labels in a system can differ from how your firm qualifies them. Eg. work realization vs billed realization can potentially mean different things to different people. Is there someone at your firm you can ask? Iridium headings just display the data. So if the firm codes it to mean something different than the typical definition iridium doesn’t know that  

If not, generally speaking the YTD is the total to that date (year to date), which is then usually used to extrapolate to a full year. Worked/billed/realized is typically a reflection of how your hours get passed through. “Worked” is the raw number you docket, then it might get written down or adjusted for a billed amount, and realized might refer to what was paid by the client (this one’s often the most variable meaning). Fees usually just correlate to hours x rate, but can be affected by fixed fee billing. 

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On 12/16/2020 at 3:01 PM, GreysAnatomy said:

Hi! Does anyone have insight into the headings at a firm's Iridium timekeeper overview? (i.e.: What the "Hours billed YTD, Billable Hours YTD, work realization, billed realization, fees worked YTD, fees billed YTD mean, and what is the difference between them)?

The Iridium webpage doesnt help. Thank you!

I am fairly certain it goes as follows:

billable hours is dockets you have made

hours billed is number actually billed to the client

realization means how much actually get paid of your hours, in comparison to how much you docketed or in comparison to the amount billed

fees worked is your standard rate multiplied by the hours worked

fees billed is the actual money value billed (after applying discounts, write downs etc)

YTD stands for year to date, as compared to their annualised numbers.

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