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Tracking costs using different hourly rates for regular time, extra-time, weekends and holidays

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When customers hire you to perform certain services, it is common to do that using a service contract. The contract value is the amount the customer will pay you for and the billing model can be usually Fixed-Price or Time & Materials. In both cases, controlling how much your team costs is essential to get a profitable contract.

However, there are some cases where teams work in alternative workloads as support and infrastructure teams do. And depending on the local regulations, the hourly rates cost differently according to the date/time the work is performed. 

Having this in mind, ContractsPro team designed a new solution to make this calculation simple to managers and team leaders. Among the new cost tracking features recently added, one is particularly important: the custom work rates.

The concept is simple: each team member has its work rates, but you can set up different values for normal hours, extra time (for hours that exceeded the defined workload), weekends, and holidays. In this way, we can be sure costs are always calculated in the exact way they should, and you do not need to set up prices based on "averages". 

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The rates work together with the new "Working Days" and "Holidays" configurations, where you can see up your daily workload and local holidays.

 Whenever team members log their time in Jira, the system will identify the date/amount of hours logged and select the respective rate to calculate the cost for that worklog. Using the new Financial reports, it is possible to better track contract margins and profitability.

The Margin Per Hour is a report for Time & Materials (hours) contracts that allows users to identify how profitable each team member is, considering the work rates compared to the average hourly rate from the contract:

 

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The Margin Per Contract report allows users to identify how profitable each contract is, considering the amount of money that comes from contract value, executed hours (billable and non-billable), extra revenues, and extra expenses.

 

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With this level of information, managers can quickly analyze the health of current operations and how efficient teams are, and how much money each contract execution brings to the company or area. 

If you want to see the same benefits, try ContractsPro for FREE by clicking here or access our product documentation to learn more.

 

Check other articles like this using the #contractspro hashtag or visiting our blog.

 

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