Although time travel is still a figment of our imagination, our latest release will give you the illusion of going back in time.
Picture this: You’ve given your team member a much deserved promotion for their hard work on a big project and amidst the happy celebrations, you’ve forgotten to change their billable rate on said project. Weeks go by, many hours have been logged, and suddenly you realize the project budget, profitability, billing, and invoicing are all incorrect due to the missed rate increase…
Don’t wish on a shooting star or magic eight ball. Little did you know, your wish has already been granted with the release of Retroactive User Rates.
Preventative rate management
This time-bending feature allows you to change a user’s project-level billable rate based on dates that have already passed so any incorrect rates can be rectified moving forward—crisis averted! Have confidence that you have a handle on your finances, no matter what happened in the past. Now there’s no lost money with your team’s work, client billing can be as accurate as possible, and you don’t need to ask anyone for more money (surprise!).
At this time, updated rates will only apply for uninvoiced time logs. However, if you remove the time log from the invoice, once added back in the invoice will be updated with the shiny new rate.
Tailored rate options
With a new rates table front and center, Retroactive User Rates will assist in making this foundational part of your Teamwork.com experience flexible, transparent, and as customizable as possible. Knowing there’s no “one size fits all”, we’ve provided three options to choose from when changing a user’s historical project-level rate to best accommodate your workflow. The new billable rate can be applied:
From specific dates
For the project duration
Whether you need to change a rate ad hoc, at preset intervals, or for the full duration of the project (accidents happen!), you have a ton of freedom when editing these fine-tune details. You can also select multiple users and backdate everyone’s rates on the project in bulk to speed up the process. A handy log of effective rate changes is present so you always know the billable rate applied at this moment.
Seamless financial control
We know how important it is to provide the most accurate view of the financial performance of your project. With the ability to backdate and correct billable rates, be confident that all other important project calculations downstream will reflect the right numbers. With just a couple clicks you can get back on track with your budgeting and profitability, drama-free. Correct financials will not only keep your books clean, but also garner more trust from your clients who you're billing, and your staff who you're paying.
So whether you forgot to update a billable rate, or simply just had the incorrect rate on the project, now you have definitive control and flexibility so anything dollars-and-cents-related can be corrected and accurate with as little friction as possible.