Finance > Global billable rates

Set up global billable rates if you set default rates based on roles rather than individual people.

Determining the default billable rates for your business is a crucial decision. When responding to an RFP or inquiry, would you provide a list of rates categorised by the various roles within your organization, or would you specify rates for each individual employee?

Global billable rates are set in (Settings > Finance > Global Billable rates). These are set per role (position/rank) and can be set in each currency you operate in. Each person has a role (set on their posting) and that will determine which rate from the Global Billable Rates to draw from.

When you initiate a new project and global billable rates have been established, the hourly billable rate for each individual assigned to the project will correspond to the rate specified in the global billable rates section for their respective role. For instance, if Sam holds the position of Architect and is included in a project, their billable rate will be determined by the value set in the global billable rates for the currency in which the project is being conducted.

Why you might want to use global billable rates

If your business has set default billable rates for each role, implementing global billable rates could be the ideal solution for you. This approach is especially beneficial if you operate in multiple currencies, as it allows you to establish default rates for each role according to the respective currency.

If you’re unsure whether global billable rates are best for you, refer to the Should we use global billable rates of set rates on a person’s posting article for more information →

Maintaining global billable rates

Setting up global billable rates is straightforward; however, any adjustments should be approached with care. Since these rates are not tied to specific dates, once modified, the "new" rates will be available for use. It's important to note that they will not be automatically applied to in-flight projects.

A global billable rate card is automatically integrated into every Projectworks environment, allowing for easy setup as needed. This rate card displays global billable rates in a grid format, featuring a row for each configured role and a column for each activated currency. If you don’t want to use global billable rates just ensure there are no rates entered.

To implement global billable rates, simply enter the hourly billable rate corresponding to each role in each currency you plan to transact projects in. If a specific role/currency combination doesn’t have a rate set, the individual assigned to a project or timecode will default to the billable rate set on their posting (eg, a person specific rate).

You can also input a daily rate, and the hourly rate will be automatically calculated by dividing the daily rate by the number of hours. The number of hours for a standard working day is maintained in the system > settings.

Note that the hourly rate will be used throughout the application. The daily rate serves merely as a reference for converting to an hourly rate.

Editing global billable rates

Global Billable Rate Cards can be edited by entering a new hourly or daily rate for the necessary role. This won’t change to any in-flight projects, but the adjusted rate will be what is used going forward when adding a person to a project or timecode for the first time.

Refer to the Changing billable rates on a project article for details on editing rates on in-flight projects →

Deleting global billable rates

To delete a global billable rate simply select the rate and delete it. Ensure it presents as 0.0 and greyed out in the field. If you type 0.0 as a rate it will set a 0.0 as the rate for that role.

When adding a person to a project or timecode for the first time, if the role they have doesn't have a global billable rate set the billable rate from their posting will be set for them.