Consulting firms need flexible billing options. Here we're answering the question of setting those billing rates for time tracking and client billing.
The video shows the most common method of billing -- Employee billing rates. But there are other models you can use, including categories, roles, Option Year Funding, and flat project rates. Each project can have it's own billing model.
Fixed-price projects can also bill using milestones. A common method is one-third at signing, one-third at mid-point, and one-third at completion. Although this method is not explicitly discussed in this video, you'll find it in others.
Mike: Mike with Standard Time® back with Ray White of Scoutwest the developers of Standard Time. We’re answering your questions about how to use Standard Time a little bit more efficiently. How’s it going Ray?
One of the questions I have, it’s actually a question that’s personnel to me. I have a consultant firm. I have a lot of employees, a lot of consultants and billing rates going this way and that way and everywhere, it’s a mess. I feel like my head is going to explode. How can Standard Time really bring that in for me and give me peace of mind.
OK. You’re wanting to set different rates for different projects and for each employee on those projects. Let me switch over to the screen, show you how to do that in Standard Time. Right now we’re looking at the timesheet I’m going to go to the tools menu choose employee billing rates. Up pops a window let me show you first of all that we have default rates. These are the rates, you see the employees listed here on the left, and these are the rates that you would be billing your clients presumably. You’ve got salary rates here which you can set to zero if you’re not using. But you’re definitely using these. These are the default rates you can go back on for different projects. Let me go ahead and collapse this, go in take a look at a project. First of all right off the bat you see these projects can be overridden. You’ve got some default rates here mixed in but you’re overriding for this project. So you see the project listed here, this project has a different rate. I go to a different project, open that up, you see rates for that. Go to another project, so each project that I go through you can see that there are different rates for each employee. That is essentially you want to do is override those rates and make different rates for each project.
That’s awesome. Now one thing that got me giddy like a school girl is that I have international clients and consultants. You have a currency convertor built into this.
Right. Right here you’re looking at British Sterling pounds, I go to another project and you have US dollars. So yes, you can set different currencies and you can convert between those currencies for different projects in different locals.
That’s great. Go to the website download it now you won’t regret it. Answering more questions next time, see you then.