You’ll want to add cost rates for your staffers when they start out using BigTime. This article will show you how. First, we’ll explain what cost rates are, then we’ll show you how to add and edit them.
What Are Cost Rates?
Cost rates refer 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. Cost rates determine the profitability of your staffers and jobs, or projects.
Cost rates are specific to each staffer, and they need to be added on an individual basis. Make sure the cost rate is accurate for each staffer before they submit their timesheet, since cost rates are applied when an entry is submitted.
Add a Cost Rate
By default, the cost rate for a new BigTime user is zero. Follow the steps below to add a cost rate.
1. Click MY COMPANY...STAFF LIST from your navigation bar.
2. Select a staffer from your Staff List. This will cause the Staff Dashboard for that specific staffer to populate.
By default, you’ll be directed to the BASIC INFO tab on the Staff Dashboard. This is where you need to be.
3. Find the COST RATE field and add a cost rate for this staffer.
Note: This field is located toward the middle part of your window, under the header Budget/Management Settings.
4. Click SAVE CHANGES to save your work.
Edit a cost rate by typing a new rate into the Cost Rate textbox and click SAVE CHANGES.