Streamline Your Billing Process with Rates and Costs
Optimizing processes to maximize productivity and profitability is key for any business seeking for growth. In contrast, billing processes are often complex, confusing, and time-consuming task. TrackingTime’s Rates and Costs add-on is a game-changer in the realm of billing management. Let’s explore how to streamline those billing processes, allowing you to focus on driving your business forward without the unnecessary hassle.
Working with Rates and Costs Add-on
Enabling the Rates and Costs Add-On
The first step in harnessing the power of Rates and Costs is to enable the add-on within your TrackingTime workspace. Navigate to the Manage button in your workspace, click on “Add-ons,” and switch on “Rates and Costs.”
With just a few clicks, you’ll unlock a wealth of functionality to support your billing needs.
Setting Rates at Different Levels
One of the standout features of TrackingTime is its flexibility in setting rates at different levels. Whether you’re dealing with employees, clients, or outsourcing partners, TrackingTime allows you to tailor rates to meet your specific requirements. You can set rates at the user, project, and task levels, providing unparalleled flexibility in your billing structure.
TrackingTime supports non-billable and fixed rates, allowing you to accurately reflect your costs in your reports. This level of granularity ensures that you can bill clients accurately while maintaining profitability.
Managing Project Budgets
With the ability to set estimated times at the project or task level, you can easily cap project spending and prevent budget overruns. Once you’ve set your budget thresholds, TrackingTime will alert you when you’re approaching or exceeding them, helping you maintain control over project costs.
Optimizing Cost Management and Rates for Users
By incorporating customizable cost structures and rates tailored to individual users, teams can ensure accurate budget allocations and billing practices. With this feature, project managers can assign specific rates to team members, contractors, or freelancers based on their roles, expertise, or contractual agreements. This comprehensive approach not only enhances transparency but also facilitates precise cost tracking and billing, promoting financial accountability across all project activities.
Generating Comprehensive Reports
Enhanced Billing with Rates and Costs
TrackingTime’s Rates and Costs add-on optimizes the way you manage billing processes, transforming what was once a burdensome task into a streamlined, efficient operation. By simplifying complex billing calculations and providing granular control over rates, costs, and budgets, TrackingTime empowers you to focus on what matters most—growing your business.
Simplify Billing Processes
Check out our Guide for Employers and learn how to encourage your team to use our Rates and Costs add-on within their workflow to simplify such a time-consuming process.