Customize Your Cost Rates

  • Sep 04,2018
You’ve long been able to customize bill rates. Now you can customize cost rates, which work in a similar way. Custom cost rates are the “exception” to the cost rate “rule.” Each staffer has a cost rate on their Staff Dashboard. Our staffer, Jason, has a cost rate of $75, which is applied despite the task or project he logs time to. Think of this rate as Jason’s standard cost rate, or the “rule.” However, Jason, like many other staffers, has different cost rates depending on the project and task he’s working on. Custom cost rates account for these variances. They’re the “exception” to the “rule.” Let’s look at Jason’s custom cost rates for his project, Smith Consultants LLC. His cost rate is $80 when logs time to the “update homepage” task and $70 for the “write report” task. BigTime automatically applies the appropriate custom rate each time Jason logs time—and overrides the one set up on the Staff Dashboard. This post highlights some of the ways to use this feature. As you can see in the image below, many combinations are possible! Create custom cost rates as detailed as you’d like. Look at the top line in the image above: we didn’t select a staff member or category. This means anyone who logs time to the “website design” task for this project has a custom cost rate of $100, effective on July 6. By contrast, we selected and inputted specific details in each field for our staffer John Johns. His cost rate is $80 each time he logs time to the “complete audit” task, effective August 13. The point is: there’s flexibility for the rates you create. There are two important points to keep in mind when creating custom cost rates. First, you need to select an “Effective Date.” This date tells BigTime when the custom cost rate takes effect. This field automatically defaults to today’s date, so be sure to update it if you don’t want the new rate to take effect today! Second, enter a “Prior Rate,” which is the original cost rate for the staffer. Any time logged before the effective date will apply the “prior rate.” If you leave this field empty, then BigTime will apply $0 to time logged prior to your effective date. Explore custom cost rates on the “Rates” tab on the Project Dashboard.