The new year is upon us, which means you need to update the cost rates for your staffers. This blog post will explain why it’s important to update cost rates and how to do it.
Cost rates determine the profitability of your staffers and jobs, or projects, and they’re applied as soon as an entry is made to a timesheet. So make sure the cost rate field is accurate because this field can’t be applied retroactively to timestamps currently in the system.
There are a few things to keep in mind as you make your updates. First, cost rates are specific to each staffer, so cost rates are updated on an individual basis.
Second, cost rates must be updated on the date you want the increase or decrease to take effect—before your staff starts entering time into the system. For most clients that date was January 1, 2018.
If you missed this date, then we can help. Please contact your BigTime representative or email us at [email protected]. However, it usually takes BigTime engineers up to ten business days to make the update, and your reporting will not be accurate on profitability until the adjustment is made.
Follow the steps below to update cost rates.
- Select My Company… Staff List from the navigation bar.
- Click on the name of a staffer whose cost rate you want to change.
- Type the appropriate cost rate in the text box under Budget/Management Settings.
- Click Save Changes to save your work.
Repeat the process for all staff members that this change applied to.