Whatever that person's Cost Rate is when they last save the time entry will be hard-coded to that time entry.
#Clicktime office update
If needed, Administrators can update Cost Rates and re-run the cost adjustment to update the values though.Ĭost Rates are similar to Billing Rates in that each time entry someone makes includes a built-in Cost Rate. If the numbers do not look correct, check your Salaried Costs. In this example, we see that Jim's 40 hours of worked time does equal their weekly timesheet: The new Cost Rates will now be included in any cost-based reports. Once you’ve reviewed the cost rate preview report, select the categories of timesheets you would like to adjust, and click “Adjust Costs” for ClickTime to distribute the cost per timesheet across the timesheet’s hours.Īnd if you scroll over the "dollar sign" icon a pop-up message will confirm "Timesheet Cost Adjusted". Timesheets with only a few hours entered will result in very high hourly cost rates after adjustment. It is important to double check timesheets that are incomplete.
#Clicktime office download
The modal that displays gives a preview of the timesheets selected, and shows whether they are considered complete, incomplete, not evaluated for completeness, or ineligible for adjustment.Īdmins can download a preview of what the hourly cost rates will be for these timesheets after adjustment, to make sure that they are ready to take that action. In order to adjust Cost Rates, you will need to be logged into ClickTime as an Administrator and have already approved the timesheet(s) of any employees with a Salary cost defined.Īdmins can select timesheets, and select “Adjust Salaried Costs”. This will allow you to calculate the actual cost per hour in that timesheet based on the employee's salary. Once the timesheet is approved (or locked) it will be eligible for cost adjustment, which will evenly distribute the cost per timesheet over all hours worked. There will be a dollar sign icon on the Company -> Timesheets page for any employees who have a Salaried Cost set on their Person Details page. This field is independent from the Cost per Timesheet and does not need to “add up” to the Cost per Timesheet.Īs a user enters time, ClickTime will use the projected cost per hour on time entries. This should be the best estimate of a Salaried person’s hourly cost. Projected Cost per Hour- This is a temporary field used before a cost adjustment. This can be as fully burdened as you’d like (Salary, Overhead, etc.). If your company uses a weekly timesheet, then enter their cost for a week. To set an employee with a Salaried Cost model, select the “Salary” option and input a cost per timesheet, and a temporary projected cost per hour.Ĭost per Timesheet- Enter the total amount that this employee costs during the set timesheet period. Administrators will be able to “Adjust Costs” on Salaried Employee’s timesheets once they are approved (or locked), and ClickTime will evenly distribute the cost per timesheet across all hours on the timesheet. Specifically, you can set salaried employees so that they have a set “cost per timesheet”, rather than a fixed hourly rate. It's generally difficult to predict exactly how much an employee will earn from bonuses, or what their overhead is exactly, and we also understand that some work weeks fluctuate, which is why we provide an approximate Hourly Cost for estimation purposes.Ĭompanies that are Premier or higher have the ability to choose between two different Cost Rate models. Given these factors, ClickTime estimates the hourly cost of staffing this employee to be $40.38 This employee will likely earn a 10% bonus throughout the year ($6,000), and the cost of overhead (which can include payroll taxes, benefits paid for the employee, office expenses, and more) is estimated to be about 30% of their salary. In this example, we have an employee who makes $60,000 a year with an expected work-week of 40 hours a week.
#Clicktime office how to
If you are not sure how to calculate a Cost Rate, ClickTime offers a function to help you calculate this number: Whatever is saved at this time will be the Person's Cost Rate for all of their time entries. When a new employee is added to the system, you will have the option to change their Cost Rate by simply adding a new rate during the setup process: This is set on the Company -> Preferences page and can be changed at any time: When a new employee is added to the system, the Cost Rate field will automatically be populated with whatever the Default Cost Rate is. Please be aware that while ClickTime data can be helpful in creating invoices and payslips, the Cost Rate and Billing Rate reports are provided for estimation purposes only.
For more details on Billing Rates, please see the Billing Rate Overview Guide. that your team provides to your customers. When used in tandem with Billing Rates, ClickTime can assist with the estimated profitability of the services/etc. In ClickTime, the Cost Rate is the approximate hourly cost of paying your employees.
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