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Setting Billable Rates Per Projects and Invoicing Your Clients
Setting Billable Rates Per Projects and Invoicing Your Clients

Keeping Your Projects On Track

Written by Katarina Dakic
Updated over a week ago

With Insightful, it is easy to keep a log of where the time goes so you can bill accurately. All you have to do is set billable rates, track time, and Insightful will do the rest, from calculating how much money you've earned to showing where each minute went. This feature is available on the Time Tracking and higher plans, and permissions are required for Admins and Managers.

Set Hourly Employee Or Project Bill Rates

Set hourly rates so Insightful can automatically calculate how much money you will earn on your projects. Insightful lets you set an hourly bill rate per project or per employee:

  • Employee Hourly Bill Rate - set up an hourly bill rate for each team member individually. Go to Employees, select Employee, click on the Edit button in upper right corner, and set hourly bill rate per hour.

  • Project Hourly Bill Rate - in the project settings, you can define the project hourly bill rate. Simply go to Projects, select Project, click on the Edit button, choose Project Bill Rate option and set your project hourly bill rate.

Track Time Spent On Tasks And Projects

When your employees or contractors work on a project, use the Insightful timer to measure how long they've worked. In the Insightful timer, they will see the projects and tasks they are currently working on. Go to the Insightful timer, select the project and task, and start the timer.

Once you are done, stop the timer. If you forgot to start the timer, you can always add time manually later.

Keep Projects On Track

All time data is synced online in real time from the Timer to the Dashboard, allowing you to stay up to date on the productivity, efficiency, and profitability of each project.

Keep an eye on project margin:

On each project overview page, you can track project expenses against the budget to ensure you stay on track.

Income: Total revenue earned from a project, calculated as the hourly bill rate multiplied by the hours spent working on the project.

Labor Cost: Labor costs are the expenses associated with paying your team for working on a client project.

By quickly glancing at these two numbers, you can determine if your project remains profitable or if costs are exceeding the revenue generated from the project.

Minimize inefficiencies:

By breaking down the details of each task, you can quickly identify any unproductive activities, bottlenecks, and address them promptly to ensure the success of the project.

If you wish to view a more detailed report for a specific individual employee, click on the assigned employee and navigate to the Projects Tab.

Share project progress with your clients:

You can also create a live link and share it with the client to show what you are working on in real time. This is especially handy in case of any client dispute, providing you with a proof of work.

Export Billable Hours For Invoicing

Insightful automatically calculates billable hours, making it easy for you to compile an invoice for your client. Insightful allows you to export all your time entries to Excel, enabling you to pick and choose what you want to bill for.

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