Entering the billing rate is important for multiple reasons:
- The tracked hours by the employee are multiplied by the billing rate. Based on this, you will get a report on income per the employee, project, or client
- The billing rate is shown in the Daily Timesheet report, so the managers can have an overview of all completed tasks and the billing rates for each task or project
Once you enter the billing rate, it will automatically show in the Tracker when the employee is adding their time. However, when it comes to specific projects, the employee can change the billing rate when they log their time.
The cost rate is important, as the hours logged by the employees are multiplied by this rate. Based on that, you will receive reports on expenses per the client, project and task.
To set up billing and cost rates for a team member:
- Click “Team” in the main menu
- Hover over the team member whose data you want to change and click “Edit”
- Once a window opens, fill in the Billing Rate and Cost Rate fields in the currency applicable to your company
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