Set your rates before your team logs any time, so every billable hour has a value, and your profitability reports are right from the start.

What

Set the billable rates you charge clients, the cost rates you pay for your team, and which time counts as billable by default.

Why

Rates turn logged time into revenue, budget burn and profit. Time logged before rates are set may need updating later.

Who

Site owners and site administrators. Only they can set and see cost rates.

This is step 5 of 8 in the Owner and Administrator onboarding path. About 20 minutes.

Set your rates

Which rate applies?

When time is logged, Teamwork.com uses the most specific rate available. From most specific to least:

  1. Project rate: a rate set for a person on one project.
  2. Client role rate: a client-specific version of a role rate, when selected on a project.
  3. Role rate: a rate for everyone in a role, such as Designer.
  4. Site-wide user rate: each person's default billable rate.

Most teams set site-wide user rates first, then add role or project rates only where a client is charged differently.

Haven't invited your team yet? Set your role rates now, and rates for anyone already on your site. You will set each new person's rates as you invite them in step 7.

1. Set cost rates

A cost rate is what each person costs your business per hour. It is used to work out profit.

  1. Go to People and open the Cost rate view.
  2. Enter a cost rate for each person.

Cost rates apply across all projects and are only visible to site owners and owner company administrators.

2. Set site-wide billable rates

  1. Go to People and open the Billable rate view.
  2. Enter each person's standard hourly rate. You can bulk edit rates from this view.

Rate changes apply from midnight on the day you make them.

3. Add role and client rates (optional)

If you charge by role, set Role Rates. If some clients pay different rates, set Client Role Rates.

4. Set billable time defaults

Choose whether time logged on a project or task list is billable by default. See Set Billable Time Defaults.

Tip: Billing clients in more than one currency? See Multi-currency before you set rates.

Done when

  • Everyone already on your site has a cost rate and a billable rate.
  • Any client-specific or role rates are set.
  • Billable time defaults are set for your projects.

Next step: Step 6: Build your first project template.