Workslayr’s Billable Rates feature allows you to define the rates at which your employees’ time is charged to clients for services rendered. This crucial functionality helps ensure accurate invoicing, project profitability tracking, and clear communication regarding service costs. By effectively setting up billable rates, you can streamline your billing processes and maintain transparency with your clients.
It is important to understand that Workslayr focuses on defining these operational rates for your services. While it facilitates the calculation of amounts based on these rates for invoicing, it does not handle complex accounting, tax regulations, or financial compliance.
Setting Employee Billable Rates #
Each employee in Workslayr can have a specific billable rate assigned to them. This rate is typically used when tracking time against client projects and tasks. When you create or edit an employee profile, you will find options to define their billable rate. This allows for flexibility, as different roles, experience levels, or types of work might command different hourly charges.
For example, a senior consultant might have a higher billable rate than a junior technician. Workslayr ensures that when either employee logs time on a client project, the system accurately calculates the cost based on their individual rate.
How Billable Rates Impact Projects and Invoicing #
Billable rates are fundamental to how Workslayr manages projects and generates invoices. When an employee tracks their time on a project, their assigned billable rate is used to calculate the monetary value of that time. This directly feeds into project budgeting, profitability analysis, and ultimately, the client invoice.
When creating invoices for services, Workslayr can pull the time logged by employees and apply their respective billable rates to generate line items. This simplifies the invoicing process and reduces manual calculation errors. For a detailed look at employee management, including how to update individual profiles with their rates, refer to our guide on Employee Profile Structure.
Distinction for Internal vs. External Work #
It is important to note that billable rates primarily apply to work performed for clients. For internal projects or administrative tasks, time tracking is still valuable for operational insights but does not typically involve a billable charge to an external entity. Workslayr helps you differentiate between these types of work to ensure accurate billing and reporting.
By defining clear billable rates for your team, you empower Workslayr to seamlessly translate logged hours into revenue, ensuring your business effectively charges for its valuable services.
Workslayr’s Designation + Department Mapping feature provides a flexible way to define billable rates for your team members based on their roles and organizational placement. Instead of setting individual rates for every employee, you can establish rates that automatically apply to all employees within a specific designation (e.g., Senior Developer, Project Manager) or department (e.g., Marketing, Engineering), streamlining your billing processes for invoices and projects.
This allows your business to maintain consistent pricing structures and simplify the management of time-log reports. When an employee logs hours against a project, Workslayr references their designation and department to apply the appropriate billable rate.
Setting Up Billable Rates by Designation and Department #
To access and configure your Designation + Department Mapping, navigate through the Workslayr settings. In this section, you can establish a foundational rate for personnel:
- Access Settings: Go to ‘Settings’ in your navigation bar.
- Locate Billable Rates: Search or scroll to ‘Billable Rates’.
- Define Rate Combinations: Here, you can specify different hourly rates for various combinations of designations and departments. For example, a ‘Senior Developer’ in the ‘Engineering’ department might have a higher billable rate than a ‘Junior Designer’ in the ‘Marketing’ department.
- Assign Default Rates: Workslayr allows you to set a default rate that applies if no specific designation or department mapping is found. This ensures that every minute of logged time has an associated billable value.
This systematic approach dramatically reduces administrative overhead, especially for businesses with a large team of employees. It also helps in forecasting project earnings more accurately by ensuring that the cost of labor is factored in correctly.
How Rates Are Applied #
Once you’ve configured your designation and department mappings, Workslayr automatically handles the application of these rates:
- When an employee tracks time using the built-in clock-in/out process or manually logs hours for a project, the system identifies their current designation and department.
- It then matches this information against your defined billable rate mappings.
- The corresponding rate is applied to the logged hours, impacting project financials and client invoices.
This functionality is crucial for maintaining consistent billing practices and ensuring that clients are charged appropriately for the expertise and effort involved. For a deeper understanding of how employee details contribute to this, refer to the Employee Profile Structure documentation. You can also explore the HR Analytics Tab on the Admin Dashboard for insights into how these rates affect your overall operational overview.
Workslayr allows the configuration of hourly rates for employees. These rates are used for billing clients on projects. Hourly rates can be applied at a global level for an employee or customized for specific projects or tasks.
Individual employees can have a default hourly rate set within their employee profile. This rate is applied to time tracked activities unless overridden by a project or task-specific rate.
Setting Default Hourly Rates for Employees #
To set a default hourly rate for an employee, navigate to their employee profile. Within the profile, locate the section for billing or compensation details. This is where the hourly pay rate is defined. This rate is used to calculate costs for the company, and the hourly billable rate is used for client invoicing.
- These rates impact calculations for invoices and project profitability reports.
- Ensure rates are updated to reflect any changes in compensation or client agreements.
Project-Specific Hourly Rates #
Hourly rates can be customized for specific projects. This overrides the employee’s default hourly rate for all tasks performed under that project. Project-specific rates are useful when different client contracts dictate varying charges for the same employee or service.
To define a project-specific rate, access the project settings. Within the project’s member list, you can assign a unique billable rate for each employee on that project. This rate will apply to all time logged by the employee against that specific project’s tasks.
Workslayr allows for the conversion of tracked time into amounts due on an invoice. This process ties time logs directly to client billing.
There are two methods for converting billable time to an invoice: direct invoicing from the project time log or via the client profile.
Converting Time Logs from a Project #
To convert time tracked on a specific project into an invoice:
- Navigate to the desired project overview.
- Access the ‘Time Logs’ tab within the project details.
- Select the billable time entries you want to include.
- Click the “Create Invoice” button. This action generates a draft invoice populated with the selected time entries and their corresponding billed amounts based on the assigned billable rates.
Converting Time Logs from a Client Profile #
To consolidate all unbilled time logs for a specific client:
- Go to the client’s profile.
- Locate the ‘Statements’ or ‘Billing’ section.
- Select the option to view unbilled time logs.
- Choose the time entries to include and initiate the invoice creation. This method ensures all billable activities for a client are captured on one invoice.
All created invoices then proceed through the standard invoice lifecycle within Workslayr.
Workslayr allows for the export of billable rate information for employees. This functionality is available within the employee list.
To export billable rates, navigate to the Employees section via the left navigation panel. The export action is available directly from the employee table view.
Export Process #
From the Employee Table, locate and click the “Export” button. A dropdown menu will appear with selections for the type of data to be exported. To download billable rate information, select the “Export Billable Rates” option from this menu.
This action generates a CSV file containing the billable rates for all visible employees. The exported file includes information such as the employee’s name and their assigned billable rate.
- The export function considers any applied filters on the employee table.
- Only employees currently displayed in the table view will be included in the exported file.
- This feature provides a bulk method to review employee billable rates outside of Workslayr.
Managing employee details, including employment status and attendance tracking, is centralized within the employee profiles.
