Cost-Plus Billing

Two fundamental project pricing approaches where fixed-fee projects charge a predetermined amount regardless of hours worked (requiring time tracking for profitability analysis only), while time & materials projects bill based on actual hours tracked plus expenses (requiring time tracking for client billing), each with different risk profiles and time tracking needs.

A time tracking system configuration allowing different hourly billing rates for various employee roles, seniority levels, or skill sets, automatically applying the correct rate when generating client invoices based on who performed the work, essential for professional services firms with tiered pricing structures.

Combining multiple pricing approaches (hourly, fixed-fee, retainer, value-based) within single engagement to optimize revenue and client satisfaction. Time tracking data supports all models by measuring delivery efficiency and profitability.

Advanced time tracking feature enabling different hourly rates for different clients, matters, task types, or team members, allowing precise billing aligned with value delivered and client agreements rather than one-size-fits-all pricing.

Comprehensive hourly rate calculator tool that helps freelancers and contractors determine their rates by factoring in desired salary, expenses, billable hours, taxes, and profit margins.

A common billing practice in professional services where all work is rounded to the nearest 15-minute increment for invoicing purposes, typically paired with the 7-minute rounding rule where 1-7 minutes rounds down and 8-14 minutes rounds up to the next quarter hour.