How to calculate the cost of a team's time
verhour 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 the members' page. 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 > Member rate > Override current member rates.
To change the rate per client:
- Go to Clients;
- open a client and go to its projects;
- select all projects > choose Billing > Member rate > Override current member rates.
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.