How to calculate the cost of a team's time

Everhour is a great tool where you can calculate the price and the cost of your time to issue a simple payroll report.

How to set default rates and costs of your team

You can set up the hourly team rates and costs on Members. A rate is how much you charge your client for an hour of work, the cost is what you pay an employee for an hour of work.

The information about rates and costs displays only to users with admin status. You can't use multiple currencies with your rates and costs, it is a base currency that we apply to from your Team Settings. We do not keep the historical data now, it means if you change the rate or cost, the amount will be calculated everywhere, even for historical time entries, with the new value.

How to change a rate for a project or a client

You can make a different rate for any project. You can't change the cost per project.

Do this to change rates:

  • Open Projects;
  • Select a project/-ts;
  • Choose Billing > Hourly member rate > Manage Rates.

To change the rate per client:

  • Go to Clients;
  • open a client and go to its projects;
  • select all projects > choose Billing > Hourly member rate.

How to calculate billable amount and cost for your time

If you want to see the client billable amount and your company cost of that time, you can build a report.

  • Go to Reports;
  • Click to Create Report;
  • Add such columns as Billable Amount and Cost;
  • Other columns may include the name of the project or a member and reported time.
You may also see the billable amount of a fixed-fee project. It won't change across any period you select, but you would see a cost difference in this case.

Calculated Revenue, Cost and Profit in reports

This is another option to track your time price by using a task estimate. Our columns Estimated Revenue, Cost and Profit could calculate it by multiplying the estimate by rate or cost of a user. In case you have an overall task estimate, we use the default team settings parameters, or you can change them by going to your report settings.

What more thing you should be aware of is that when your project has a fixed fee, we take the default rate from your team settings to calculate the estimated revenue.

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