Your team's billable and cost rates determine how much you charge your clients on invoices for hours and also your profitability. Make sure to enter these before you begin time tracking so you have a clear picture of what the time is costing and how much you should be invoicing.
1. Click on the navigation menu in the upper left
2. Click on Contacts
3. Click on Team…
4. Click on the Edit Button on the right
5. Enter a Billable Rate
This is the rate that your clients will be charged for this employee's time.
6. Enter a Cost per Hour
This is what it costs your firm per hour to have this employee perform their work. Make sure this includes not only their hourly wages but also any overhead expenses, like insurance, software, etc. Even when charging a flat fee, there is no such thing as pure profit on the services you and your team provide. Entering a cost rate will help you know how much profit you're actually earning on your team's fees, so you can ensure you're charging enough!
7. Click on "Save Changes"
Now, the new rates will take effect on all future time tracked. These are used to calculate the amounts to bill on your client invoices, and also in your financial reports to calculate your project profit.