Access and Use Cost Rates for Profitability Reporting
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Use cost rates to determine how much your employees cost your company. This article will define cost rates, and explain how to access and use them in BigTime.
Cost rate refers to how much an employee costs the company. For example, Zack charges $100 per hour, and his cost rate is $25. That means it costs the company $25 for each hour he bills.
NOTE: The cost rate feature is blank when a new staffer is added to BigTime. System admins type the cost rate into the cost rate field for each employee.
Accessing Cost Rates
Click My Company...Staff List to access cost rates. A new window will appear and you’ll see a list of your staff members. Click on a name and you’ll be directed into the “basic info” tab for that staff member. You’ll find “cost rate” toward the middle of the window under “Budget/Management Settings.”
Type the cost rate for your employee into the field labeled “cost rate.” Then, save your work by clicking Save Changes near the bottom-right of the window.
Creating a custom report is a great way to get the cost rate information you need. Click here if you’re new to custom reports. If you’re familiar with them, read on to get pointers for creating a report with cost rate details.
Select Staff List for the “report type.”
Check the boxes under “Hours Input (date range)” that are pertinent to your firm.
Generate the report and get the employee cost details you need.
Tip: Change the report’s date range
You can edit the date range after you generate the report. Click Edit Report Settings near the top-left of your window. Next, type the dates into the text box that you want the report to use. Then, click Run Report.
See these article if you’re looking for other ways to measure your staff’s performance: