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How to calculate the cost of a team’s time

The main focus of our software is time tracking. Many of our customers work with clients charging them hourly. This is why they are interested to calculate cost of their time to their clients and to compare it with their business expenses on wages or salaries of their team.

Everhour is a great tool where you can calculate the price and the cost of your time.

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 an 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.

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.

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