Track Billable Time in Financial Cents
Now you can easily track billable and non-billable time in Financial Cents for admin and billing purposes! This new update includes the following:- The ability to set a billable rate on workflow projects and templates
- Insights into how much time you are spending on billable vs non-billable work and how much to bill your clients
Adding Billable Rates to Project
All projects are automatically assigned a billable rate of “$0.00” when time is recorded at a rate of “$0.00” it is considered non-billable time.
To adjust the rate for billable work you can easily click the “$0.00” and set your rate. After doing this all-time recorded on that specific project will be labeled as billable time with the new rate.
Tip: You can add your billable rate to workflow templates so the rates will automatically be added to the projects created by your staff.
Billable vs Non-Billable Time & Invoicing Insights
With the new update, we also added a few metrics that will help you better understand where your firm is spending its time (billable vs non-billable) and how much you need to invoice your clients. You can view the following metrics on a client, project, and staff basis:- Logged Hours: The total amount of time logged (billable and non-billable)
- Billable Hours: Only the amount of billable time logged
- Billable Amount: The amount of money to bill your client, which is calculated by multiplying the billable hours by the billable rates.
You cannot invoice your clients directly in Financial Cents. However, you can easily export all this data into CSV or Excel file and import it into your invoicing system.
In the next week, we plan to release a QuickBooks Online integration that will automatically sync all your billable and non-billable time to QBO so you can seamlessly create invoices and get paid faster. Stay tuned!
Automate client data collection & hit your deadlines today!