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Cost rates

Take control of your project costs with Timely. Stay on top of internal expenses, allocate resources wisely, and ensure maximum return on every project.

Maximize profitability and optimize resources

With Timely, you gain total visibility over project costs, ensuring that your resources are allocated efficiently and profitably. By setting individualized cost rates for team members, you can measure actual labor costs against billable rates, delivering a clear picture of project performance. Real-time insights into planned versus logged costs help you refine budgets, improve resource allocation, and avoid financial surprises. Whether you’re managing internal teams or external contractors, Timely empowers you to make informed decisions that enhance project profitability and streamline operations.

Increase profit margins - identify and address unprofitable work early by tracking actual costs vs. revenue.

Make smarter resourcing decisions - allocate resources effectively with clear cost visibility for every team member.

Save time and avoid errors - automate cost tracking and reporting, eliminating manual calculations.

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Key use cases

Timely’s cost rate features are designed to handle the complexities of modern project management. From setting accurate labor costs to exporting detailed financial reports, you can take control of your profitability with ease. Here’s how it works in practice.

Easily update rates

Quickly adjust costs

Generate informed reports

Effectively compare costs

Easily Update Cost Rates as Your Business Grows

Improve budgeting accuracy by comparing planned time and costs against actuals.
Measure accuracy and refine future budgets by logging hours against planned time.
Monitor project profitability at every stage to ensure a healthy bottom line.
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Adjust Cost Rates for Existing Team Members

Track time by specific activities like "Research," "Development," or "Meetings."
Get a breakdown of what tasks consume the most time and adjust priorities accordingly.
Spot trends in your team's work habits and refine your workflows to boost productivity.
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Generate Reports to Drive Informed Decisions

Ensure every team member categorizes their time consistently.
Maintaining high-quality data and reporting by requiring specific tags for each time entry.
Automatically prompt your team to apply the right tags before submitting time, eliminating errors and improving data quality.
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Compare Planned Time with Actual Costs

Create location-based tags (e.g., "Office," "Remote," "On-site") to see where your team is working.
Understand how team dynamics vary depending on location and optimize for better performance.
Manage remote or hybrid work policies with clear visibility into where your team spends their time.
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Planned time

Make smarter decisions that keep your projects on track, within budget, and more profitable.

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