Billable hours calculator: Free & easy to use

For businesses where hours and dollars are interlinked, tracking billable hours becomes very important. While you can use manual methods to track and calculate billable hours, they can be inaccurate and unreliable. Professionals can’t bill their employers or clients for all the time you spend on the project, but tracking non-billable hours is as important as billable ones. You can also find out your company’s hourly rate without accounting for billable utilization rates, overhead expenses, etc. Tracking hours spent on client projects helps them get their pricing right, manage project scopes effectively, and allocate resources efficiently.

How to use the timesheet calculator

• This transparency helps build a trusting relationship with the client.
• Such data-driven evaluation allows for fair and objective performance appraisals for all employees.
• HR professionals are more prone to human error when relying on manual time entry methods like spreadsheets or paper-based systems.
• It’s a good idea to keep all your timesheets in a secure, central place – it’s an important part of accurate bookkeeping and will make it easier to comply with local labour laws.
• Don’t forget to factor in taxes, expenses, and any downtime when determining this rate.

At this stage, it’s also important to understand the difference between what’s billable and what’s not. Productive treats any data submitted and processed safe and highly confidential. Join thousands of project managers who have made scheduling a breeze. In-house teams also often work with freelancers—special shout out to those of you working with Resource Guru 👋.

Track resource availability with Scoro

Whether you’re sending a report to a client or archiving your records, exporting options ensure that your data remains accessible and easy to share. Once your data is all set up and looking great, you might need to share it with clients or colleagues. Excel makes it easy to export your data in various formats, such as PDF or CSV, depending on your needs. These summaries can be set up on a separate sheet within the same workbook, providing a quick snapshot of your productivity and income over time. how is sales tax calculated It’s a great way to keep track of your progress and make informed decisions about your workload. Before diving into the nitty-gritty of formulas and functions, you need a solid foundation.

How to elevate service delivery for scale with Mike Della Porta

When you know how much time your team has available, you can allocate client work more efficiently. Use Scoro’s Utilization report to monitor your team’s current workload and real-time capacity. It shows both the percentage of available time and hours booked for each team member.

This tool integrates spreadsheets, docs, and presentations into one seamless package, powered by AI. It can handle everything from writing formulas to creating visuals like dashboards and reports. With Bricks, you can spend less time on spreadsheets and more time doing what you love. Seeing your total hours and earnings for a period is important for many reasons, from invoicing clients to analyzing your productivity. Once you’ve got your hours worked, it’s time to apply your billable rate to see how much you’re what are billables earning.

How can I calculate the hourly billing rate?

Tracking billable hours also helps you assess profitability across different projects. This can direct you on which projects to bid on as your company grows and how to prioritize your current projects. What qualifies as billable hours varies between projects and https://www.bookstime.com/articles/billable-hours industries.

• There wasn’t enough slack in our schedules to try new things in a meaningful way.
• For example, if you’re a freelancer charging a company for your time, or an agency charging a client for hours worked, it will be handy in both circumstances.
• Billable hours are the time spent working on tasks directly related to a particular client project.
• Otherwise, if they opt to put in untracked overtime hours instead, you’ll be unable to get reliable estimations for future projects.
• Remember, clarity is key, so make sure each column is properly labeled and easily readable.

Start Your 7-Day Free Trial

This feature is especially useful for freelancers, consultants, and managers handling multiple clients or work streams. The greatest benefit of time tracking can probably be attributed to time tracker capability to categorize work time with precision. A small business owner who plays multiple roles at the same time can greatly benefit from using a payroll company.