Multiple billing rates:
Does your services firm have employees with different levels of knowledge and experience? Do you have subcontractors, as well as full-time/part-time employees? If so, you probably pay them based on their knowledge and experience, which is most likely different for each person.
Do you have projects that are billed at a standard rate for the first x number of hours then a separate rate if the project exceeds that number of hours?
Are your rates the same for each project or do they fluctuate depending on the type of service you are providing the customer?
If you answered yes to any of these questions, you require software that allows you to define different rates based on resources, projects, services performed, and time worked against a project. Plus, you may need the ability to adjust rates on projects based on any number of criteria (i.e. reaching milestones, exceeding number of hours worked, or working premium time (i.e. weekends). The ability to define multiple billing rates for a resource, project, task, or time worked is the key to charging appropriate rates for the work being done.
How does Beyond Software easily handle multiple billing rates?
Beyond Software’s advanced flexible billing functionality makes billing your clients simple, all while accommodating your internal billing processes and your customers’ billing needs. Billing rate markups are applied to source cost transactions that flow to a project to determine the basis for invoicing clients. Billing markups can be based on several parameters including Project Account, Labor Category, Resource and Task. Billing rates can be applied to units (labor hours), or can be factors/percentages that markup direct expense amounts.
Sample Billing Rate table in Beyond Software.