Exceeding the budgeted time can result in high costs and very upset clients. Use the Timeneye budget and projects status features to avoid just that.
New! Adding The Member Average Cost (Update Part 2)
What is the value of your time? Are you making profitable business choices?
These questions that every business owners, from tiny startups to bigger corporations, have to answer to.
We added a new PRO feature that can help up with that: the Member average cost.
How to set the Member Average Cost
If you want to measure the profitability of your work, you might want to take a look at the costs, too.
Salaries are one of the fixed costs that every business has to take into consideration. This is why we added the members’ hourly average cost.
By knowing the value of your employee’s time, you can get an idea of where that value is going, and whether it should be directed elsewhere.
If you’re an Admin and Owner of PRO workspaces go to Management> Workspace settings and there they’ll find the Members average hourly cost.
Set the number and Save.
How to keep track of the Member's average cost
After saving the settings, Timeneye will start calculating the cost according to the amount of time tracked by you and your team members.
You’ll see the totals appear on the Project status pages.
Under the Total time box, you’ll see a Cost amount that’s based on your setting and the time tracked for that project.
This setting is even more crucial with billable projects, to see immediately whether what you’re charging for that project is sustainable and profitable for the business or not.
The Earned amount is calculated according to the Billable rate you set. The Cost is the Members average cost.
This feature is not useful only for those businesses that work projects from different clients. It can help also those businesses building products – just like Timeneye! – to have an idea of how much it will take to recover your investments once the product goes live.
Although the members average cost is not the only type of cost you should be aware of, we hope this feature will help businesses live long and prosper.
What do you think of this feature? What other costs would you like to track with Timeneye? Let us know in the comments!