You can create unique Rate Cards by Client, Region, and Project Type, even specify unique Rate Cards for each project. To get started using Rate Cards, take a look at your Margin Report. Projects with the best margins may be the best blueprint for defining your account rate card.
Once published, your Rate Card will apply to all of your financial projects. With Rate Cards turned on, you’ll no longer need to set Bill Rates via the Account Members section. Instead, the Bill Rate that is applied is determined by your role. The Cost Rate, however, will still need to be set via the Account Members section.
To get started using Rate Cards, you’ll need to create your Account Default Rate Card. The Account Default Rate card is the first rate card that you create. Before this Rate Card can be published, you’ll need to have a Default Rate set for each currency used by your projects. A Default Rate is what gets applied if a service provider doesn’t have a set role.
How to Enable Rate Cards
Rate Cards can be enabled via Account Settings by a Premier Account Admin.
- To enable rate cards, simply hover over Settings from the left-side nav bar and select Rate Cards.
- Set up the rate card by assigning hourly bill rates to account roles with a default currency (multiple currencies can be added if applicable).
- If no rates are given to certain roles, the Default Rate will be used.
- Once all rates and roles are ready to be enabled, simply click Publish and the rate card will now be enabled.
To set rates by role, you’ll need to first create Roles. Roles Administration can be found here:
Unlike the Default Rate, you do not need to have a rate for all your roles. When no rate is specified, the Default Rate will be applied to those roles.
With the Rate Card’s versioning functionality, you can set up rates and roles for a specific time period. For example, if you wanted to set new rates for next year, you would click “+ New Version” and change the rates and roles according to your plan. Before you can create a new version, you must create an initial rate card.
Activating Rate Cards
Once you’ve set up roles and rates for your account members, you’re ready to enabled Rate Cards. After you’ve enabled your default Account Rate Card, it will be applied to all your projects, replacing any bill rate you’ve set for account members. When your employees track time, the bill rate that’s applied will come from the rate that’s tied to that individual’s role.
Creating a Custom Rate Card
One of the big advantages of Mavenlink’s Rate Card functionality is the ability to create custom rate cards by project, client, region, or project type. In order to create a Custom Rate Card, you’ll need to have already created your Account Rate Card. Any currency that you’re adding to a Custom Rate Card must already be on your Account Rate Card. As you’re creating a Custom Rate Card, consider making the name very clear. Only Account Admins can see the actual Rate Card, but account members creating financial projects will need to select the appropriate rate card for a project. If a Rate Card is for a specific project, type of work, or client, call that out in the name.
To apply a specific Rate Card to a project, you must be at least Project Lead on the Account and have administrative access in the Project.
How to select a rate card at Project Create
You have two opportunities to select a unique rate card for your project: at the time of project creation and later via project settings. To select a rate card for your project, you’ll need to be creating a financial project. Your permission on the account must be Project Lead or higher to create a financial project. You’ll find the Rate Card Menu below the Currency Menu on the project create page. For your convenience, we’ve pre-filled the Rate Card selection with the Account Rate Card.
How to select a Rate Card via Project Settings
If you’d like to select a different Rate Card for a project that’s already been created, you can do so from Project Settings.You’ll find the Rate Cards Menu in the Financials section of Project Settings. Keep in mind that once time entries, invoices or other financial activities have taken place, you will no longer be able to change your currency for a project.