Internal Rates, Booking Rates and a new Billing Panel added to the Billing Rates Extension
Continuing with Hub Planner’s array of exciting extension releases this year, we have just released our latest revamp to the Billing Rates extension. New features improve efficiency for Resource Scheduling and Budget forecasting. A smart inline project billing panel displays real time project scheduled and actual spend for both an internal and external rate perspective as well as an extensive range of reporting templates.
So What’s New?
Up until now, customers have had the ability to apply billing rates at a Resource and Project level. Now, you have the ability to create a new Booking Rate which will override Project and Resource rates at the lowest level. This is extremely handy for creating alternative rates for specific pieces of work within the schedule such as non billable work during a project.
Not only that, we have also created the option for you to allocate a rate to a Resource, Project or Booking in both an External and a newly added rate we are calling “Internal Rate”. Both Internal and External rates function in the same way but act completely separated and work independent of each other giving you complete freedom to allocate accordingly. Using internal rates will help you track your internal resource costs on projects and get valuable insight into your profitability.
The single project scheduler now displays a smart billing panel containing a slick analytics panel of real time information reflecting the project resource hours scheduled and costs from an internal and external perspective. Additionally a new toolbar has been added to help control the visibility of the budgeting options.
Projects can evolve in many ways throughout the process and the changing of resources can be very common. With this in mind, we’ve also added the option to add different and multiple rates within a resource without losing the historical data on the legacy rate. This handy addition allows you to react to changes in a seamless fashion.
With the above additions to the extension, we have also ensured that the Reporting templates reflect these new exciting enhancements. You will now be able to generate reports based on Internal, External and scheduled profit over a customized range of dates.
Lastly, we have also improved the clarity of project milestones within your scheduler view. Easy to manoeuvre around by clicking and dragging each milestone to your desired position. The design of the milestone makes it easy to identify and navigate to.
Booking Rates – Applying a rate externally or internally to a particular scheduled booking which will override Project and Resource Rates
Up until now, billing rates could only be applied to a project or a resource. With the addition of booking rates you can now control the rates on all levels of work. Once you have made a selection or a booking we have now provided you with the ability to define a customized rates for the particular bookings. Also, you have the option to allocate rates both on an external and internal basis. These rates will override any inherited rates that may have been applied at ‘Resource Rate’ or indeed ‘Project Rate’ level. Users will find this particularly useful should you need to bill a certain part of the project separately, or perhaps you need to provide ‘Non Billable work’ for a booking.
Non billable work which is an essential business expense reversed and perhaps a hidden value to some. Now you have the ability to track non billable hours through the Billing Rates extension thus providing imperative feedback. The sheer volume of information of where your non billable hours are going can indeed assist in helping you to efficiently strategize going forward and create a ‘best practice’ of resource scheduling. There are many examples of how non billable hours can be generated such as; networking, client pitches, employee development and of course admin duties. However, by tracking non billable work will help you remove any inefficiencies and in the long run find more billable hours.
Scheduled Spend versus Actual Spend
Another of Hub Planners premium extensions is Timesheets which work hand in hand with Billing Rates that will endorse Scheduled verses Actual resource time and indeed budget. The actual metric is pulled into the single project scheduler view panel in real time. You have instant sight of reported resources impact on project budget and time without needing to generate a report.