Timesheet & Project Management Blog

 

An occasional question I get is how Standard Time® handles future billing rates or estimating projects out into the future.

That actually starts here in the Tools menu. If you go to the Billing Rates menu, go over here to Employee Billing Rates or Category Billing Rates, I’m going to choose Employee... Normally you’re able to filter this view on the right hand side and set your client and salary rates here for each project, each project has different rates. But you’re also able to go out into the future so when you open up the date range choice you can choose a certain date range and then set the rates for that. This would essentially handle projects that would go out into the future, into future years, even bleed over into the next year. Where you know there is going to be a rate increase, you can see the rate is changing here as I go into future years. Even projects that go into one year from now you’ll be able to estimate those client salary rates so you can estimate your costs and your revenue for those projects.

I see you have a lot of those that look like they are year by year. Can you do different date ranges? What if I have a project that has a 3 month range?

That would be handled here by going here to the Managed choice. You are correct, each of these happens to be on a yearly boundary for this example. You do not have to limit yourself to that. You can set these to any date range. If you have year and a half, two year, whenever your rate changes occur you can set your starting and ending date there.

It’s probably more clarifying too that if you don’t do any changes here it just uses the default billing rate that the project already has.

Yes, that’s correct. What I’m going to do is take a look at a fictional project that has some tasks that go out into the future. You can see I have some tasks here with some starting dates that go out into future years. Just as we saw in that previous dialog box you have rates that get assigned because those tasks are out into future years.

Good. Basically looks like in 2013 the billing rate is $200 an hour, 2014 is $225 and so on.

That’s correct!

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