In this article, we will help you understand how to manage your financial information while creating a project. For further information on creating a project in Rocketlane, please refer to this article
In this article
- Financials for Fixed fee projects
- Financials for Time and material projects
- Financials for Non billable projects
Financials for Fixed fee projects
If you have fixed-price projects where your customers pay you for the entire project regardless of how much time and resources you use, make sure to include the following information:
Fixed fee is the amount your customer pays you for the project. It will be the revenue you earn.
Budgeted hours refer to the total amount of time you have set aside to complete the project.
Financials for Time and material projects
If you have a time and material project where customers pay for the hours and resources used, make sure to include the following information:
Rate cards: The rate card lists the hourly bill rates of the team members working on your project. You can use this information to invoice your customers for the time your team tracks.
Project budget refers to the amount of money you have allocated for this specific project.
Budgeted hours refer to the total amount of time you have set aside for finishing the project.
Financials for Non billable projects
To keep track of non-billable projects, you can monitor the budgeted hours. This helps you measure the time spent on internal tasks or non-billable activities that are similar in nature.