[Premier Customers Only]
Mavenlink allows you to assign all your team members a Bill Rate and a Cost Rate. We use these rates to help you project your revenue and margins, as well as show you your actual project revenue. Cost Rates are the cost of paying for that personnel member. The Bill Rate is what you charge your client.
To get started, navigate to the left-hand navigation and click on Settings then click Members. Set a default Cost Rate and Bill Rate for each of your team members by clicking on the edit link to the right of their name.
HOW WILL IT HELP YOU?
The rate defaults that you’ve set will insure that time tracked gets an appropriate rate, making your billing process easy. You can track your team’s progress against a project’s budget by going to the Project Details Report, found under the Performance Analytics section located toward the bottom of the left-hand navigation.
WHAT THE MAVENS KNOW
You can always override the Bill Rate or Cost Rate in your project's settings by clicking on the gear icon next to your project title and scrolling down to Rates & Roles. While it is possible to override a Cost Rate for a project, we don’t recommend it. Typically, a Cost Rate is constant. We recommend tracking billable and non-billable time and expenses to keep track of the total cost of doing business.
Related Videos: The Cost of Doing Business - Ray Grainger, CEO