When we think about a timesheet, we’re more likely to think in terms of hours and minutes rather than dollars (or Euros or Sterling) and cents. But, in the end, time resolves to money. For some organizations, they try not to think in terms of rates because the conversation can be so complex or so contentious.
TimeControl was designed from its inception to tackle that challenge. The first thing to think about is what a rate on a timesheet means and the problem can be that it might mean different things to different people. Everyone might easily agree that a person worked on a particular task for an hour yesterday. But to Payroll, that means one thing, to Billing that means something very different and to a project management team that might mean something different again.
That same hour that Payroll says “Well, that actual cost of that hour was $55.00.” might mean to billing “That invoice-able rate of that hour was actually $110.00” or “The invoice-able rate of that hour was $0.” For project management perhaps they work on an average basis and don’t worry about things like overtime, double overtime, unbillable time or banked time.” But other parts of the organization do worry about those very things.
The rate structure of TimeControl just like the rest of the product is phenomenally flexible and, unlikely virtually any other timesheet product we’ve encountered, it is designed to be flexible in multiple directions at the same time.
We’ve put together materials that can make this easier to understand for new clients who are just getting their rate structure started or long time existing clients who want to extend their TimeControl to tackle other aspects of costing in the timesheet. You can find webcasts, screen shots, slide shows and a white paper called “How to create your TimeControl Rate Structure” on the TimeControl website at: https://www.timecontrol.com/features/rates.