Introduction:
Rate cards serve as a guide to the billing rates for resources working on client projects. These rates are determined based on the resources' experience and involvement in the project, with per-hour billing rates clearly outlined in the rate card. When resources submit timesheets for project work, the client is charged for the hours worked at the specified rates in the assigned rate card.
Understanding Rate Cards:
To illustrate, consider a scenario where a senior developer charges INR 1000 per hour and a junior developer charges INR 600 per hour, as per the rate card assigned to the client. If the senior developer works for 2 hours and the junior developer for 5 hours in a week, the total billing for the client would be: INR 1000 x 2 + INR 600 x 5 = INR 5000.
In the Keka platform, organizations can establish general Organization Reference Rate Cards in various currencies for billing all clients and projects. Additionally, client managers have the option to create client-specific rate cards tailored to individual clients based on specific agreement terms.
For instructions on adding organization reference rate cards, refer to the appropriate section. Now, let's delve into how to add rate cards for a specific client.
To create a rate card for a specific client:
Go to Project (1) then click on Clients (2) in the navigation menu.
You will see a list of clients that have been added to your organization. From there, select the specific Client (3) for which you want to establish the rate card.
Next, go to the Billing tab and select the option to Add Rate Card under the Rate Cards tab.
If the client is new, you can easily add a rate card by navigating to the Client Summary page as illustrated below.
In the Add Role Rate window, you have the option to add role rates that are already defined in the global rate cards for your organization or create new ones specifically for the client.
If you choose to use existing role rates, simply select the "Select from Existing Role Rates" radio button. You can then pick a rate card with the same billing currency as the client from the Org Rate Card drop-down menu. Once selected, you can choose the specific role rates to include in the client's rate card.
Click on "Add" to finalize adding the selected role rates to the client's rate card.
To add new role rates, you have the option to create rates for unique roles and include them in the client's rate cards. This feature is beneficial for special projects or roles that are not covered in existing rate cards.
To get started, select "Add New Role Rate" from the Add Role Rate screen. You will need to provide the following details to add a new role rate.
Role Name: While Keka offers predefined roles, you can also add new role names as needed.
Click on "Add New Role" to create a new role. Enter the Name and Description for the new role, then click Save to add it to the list.
Bill rate - Input the hourly billing rate for the selected role.
Rate Category (Optional) - Rate categories allow for different rates for the same role based on specific categories. Off-site and on-site are predefined categories within the system.
To add additional rate categories, simply click on "Add Rate Category." Enter the new category name in the provided field and click "Add" to include the new rate category.
Cost Suggestion (Optional) - The cost suggestion feature assists in assessing profitability by specifying the expenses associated with the role.
Once you have filled in all the necessary details, click on the "Add" button to include the role rate for the client.
To complete the rate card for the client, you can follow the same steps to add all the required role rates.
For editing or deleting a role rate, locate the specific role rate you wish to modify in the list of role rates under the Billing section of the Client details. Click on the three dots in the Actions column and choose either Edit or Delete from the drop-down menu.
Note:
1. Remember that the Role Name and Role Category cannot be changed.
2. If a role rate has been assigned to a project resource, it cannot be deleted.
For further information on adding a client, please click here: Adding a client
That wraps up this section on creating rate cards and setting role rates for the client. Have more questions? Don't hesitate to contact our team of product experts for assistance today!