Use cost rates to determine how much your employees cost your company. This article will define cost rates, and explain how to access and use them in BigTime.
What Are Cost Rates?
Cost rate refers to how much an employee costs the company. For example, Zack charges $100 per hour, and his cost rate is $25. That means it costs the company $25 for each hour he bills.
Note: The cost rate feature is blank when a new staffer is added to BigTime. System admins type the cost rate into the cost rate field for each employee.
Accessing Cost Rates
1. Click MY COMPANY...STAFF LIST from the menu bar at the top of your screen.
2. A new window will appear and you’ll see a list of your staff members. Click on a name and you’ll be directed into the BASIC INFO tab for that staff member.
You’ll find COST RATE toward the middle of the window under BUDGET/MANAGEMENT SETTINGS.
3. Type the cost rate for your employee into the field labeled COST RATE. Then, save your work by clicking SAVE CHANGES near the bottom-right of the window.
Using Cost Rates
Creating a custom report is a great way to get the cost rate information you need. Click here if you’re new to custom reports. If you’re familiar with them, read on to get pointers for creating a report with cost rate details.
1. Go to the REPORTS tab and select REPORT CENTER.
2. Your screen will display five tiles, one of which has a MAGNIFYING GLASS icon. Clicking that icon will display a message that says "Can't find what you need?" with a link labeled "Create your report" below. Click that to create a new report.
3. A new window will open labeled REPORT WIZARD, where you can identify the type of report you'd like to create. Select STAFF REPORT from the list of options below BASIC REPORTS, and then click the NEXT button.
4. In the left-hand menu, scroll down to the HOURS INPUT (DATE RANGE) section and check the boxes that are pertinent to your firm.
Then, click the CREATE REPORT button in the upper right corner.
5. Generate the report and get the employee cost details you need.
TIP: Change the Report’s Date Range
You can edit the date range after you generate the report. Click EDIT REPORT SETTINGS near the top-left of your window. Next, type the dates into the text box that you want the report to use. Then, click RUN REPORT.