Billable Rates Management

Consulting firms' primary revenue sources should be accounted properly.
Take a look at the flexibility of the billable rates settings in Metric.ai
These are the average rates per employee hour, which should be paid by the customer.

This approach is recommended if a consulting firm charges each consultant the same hourly cost. Also, it is a good default option in cases in which a rate is not specified for an employee or a role.
    Metric.ai interface, rates management, organizational rate
    Metric.ai interface, rates management, organizational rate
    Alternatively, you can specify the company's average billable rate per role.
    Metric.ai interface, rates management, role rates
    Metric.ai interface, rates management, role rates
    If you bill your clients depending on the consultant, you could specify a rate for each employee. If you leave the employee rate input field empty, the organizational average rate will be used.
    Metric.ai interface, rates management, employee's rate
    Metric.ai interface, rates management, employee's rate
    Alternatively, you can specify the rates for each employee in the profile settings.
    Metric.ai interface, employee profile, rate editing
    Metric.ai interface, employee profile, rate editing
    There are cases in which rates change from project to project because of the different conditions and clients. Metric.ai provides the flexibility to change the rates of employees, roles, and project average billable rate.
    Choose this option when all consultants have the same flat billable rate on a particular project.
    Metric.ai interface, project budget, hourly rate of the project
    Metric.ai interface, project budget, hourly rate of the project
    This metric is used for a specific project when some roles have higher or lower billable rates; for example, if the design role has a higher cost rate than the manual QA.
    Metric.ai interface, project budget, hourly rate of the project
    Metric.ai interface, project budget, hourly rate of each role
    You can control the billable rate of each project team member if the role-based rates setting is not sufficient.
    Metric.ai interface, project budget, hourly rate of the project
    Metric.ai interface, project budget, hourly rate of each employee
    If you don't want to input billable rates for each employee manually, you can import data using the following:

    • A .csv file (can be exported from Microsoft Excel or any other spreadsheet editor)
    • A Google Sheet file
    • Import from the Time Tracking system via API

    Sometimes employees spend additional money to complete a task (travel) or provide proper consultation for a client (specific office supplies). This cost could be invoiced to a client as materials. That kind of revenue can be recorded in Metric.ai in the finance management section or as a transaction in the project's payments tab.
    Metric.ai interface, finances management, addition of new revenue
    Metric.ai interface, finances management, addition of new revenue
    Metric.ai interface, project budget, addition of a new payment
    Metric.ai interface, project budget, addition of a new payment
    Let's Talk About Billable Rates in Your Consulting Firm