Billing and Cost Rates

Bric uses billing rates and cost rates to calculate financials for Projects and Reports. This article explains how Bric helps you get precise billing and financial information; while also meeting the needs of each project — no matter how unique.

Note: Only Admins and Managers with Financials are able to view financial information and Financial Reports. Learn more about Access and Permissions.

There are four levels of billing and cost rates in Bric:

  • Company Defaults. Bric will use the company default rate when no other rate is set. For cost rates you can choose to default to annual salary or hourly. For salaries, Bric automatically calculates an effective hourly rate — allowing you to compare hourly and salaried people.
  • Role Defaults. The role rate overrides the Company Default, and applies when no person rate or custom rate is set.
  • Person Rates. You can set billing and cost rates for people on your team. You can also set them as hourly or salary. Enter their annual salary and Bric will automatically calculate their effective hourly rate.
  • Project Rates. You can customize billing rate by project. You can enter a rate, or select a default rate. You will never have to click off the page to remember your company’s default rate, a specific role rate, or a person’s rate.  

Bric will always run calculations using the most detailed rate. Project Rates override Person Rates override Role Rates override Company Defaults.  

This design helps save time and reduce errors during setup because the standard is applied, until you add an exception.

Billing Rates

Your billing rate is the value of someone’s time. It can be an hourly rate, or can be calculated from your fixed bid or retainer by dividing revenue by the number of hours to generate the revenue. Profitability requires your billing rates to be higher than your cost rates.

Read our guide for setting your billable rate, and the different types of billable rates.

As you plan projects Bric uses your billing rates to recommend an estimate for the project. Once your Project is Active and your team starts tracking time billing rates are used to track your progress, comparing your client’s budget to the value of work completed.  

Bric runs calculations using the most detailed rate. The order goes: Custom Billing Rates > Person Billing Rates > Role Billing Rates > Company Default Billing Rate.

On Financial Reports, Time & Materials projects use billing rates to calculate the amount of revenue from tracked time.

Setting your company default billing rate

Your company default billing rate is set by Admins. Admins can change your company’s default billing rate under Settings  > Company. Bric will use the company default billing rate when no other rate is set.

Click to Play Company Default Billing Rates

Setting Role Billing Rates

Admins can add new roles. When adding a new role, Admins will be prompted to enter a billing rate for that role. If you don’t set a role billing rate, the company default rate will be used. The role billing rate applies when no person rate or custom rate is set, or if you select a role rate for a project.

To edit a role billing rate, you need to be an Admin or Manager with Financials. Go to Settings  > Company

Admins and Managers with Financials can edit Roles. To edit a Role Billing Rate, go to the menu in the top right corner. Select “Roles” to be taking to your roles. Click on the  next to the role you wish to edit. Once inside the role settings, you can adjust the role billing rate.

Click to Play Role Default Billing Rate

Setting a Person’s Billing Rate

When an Admin adds a person to Bric, they will be prompted to enter a billing rate for that person. If you do not set the billing rate, it will default to the role default.

Admins and Managers with Financials can edit a person’s billing rate. To edit  under Settings > People. 

To edit a Person’s Billing Rate, go to the menu in the top right corner. Select “People” to be view all people that have been added to Bric. Click on the  next to the person you wish to edit. Once inside the person settings, you can adjust their billing rate.

Click to Play People Billing Rate

Setting a Project Billing Rate

Admins and Managers with Financials can set specific project billing rates. To add a project billing rate, add a role and assign a person to that role. Once a person is assigned to a role, their billing rate will appear underneath their name — next to their max hours.

To set a custom rate for a person, enter the project plan that will have the custom rate. When a person is assigned to a role, both their max hours and their billing rate will appear underneath their name.

Click on their billing rate and a popup menu will appear. There you can select the Company billing rate, Role billing rate, that person’s billing rate, or a custom billing rate. To add the custom billing rate click in the empty box and enter the custom rate.

When a person is assigned to a role, both their max hours and their billing rate will appear underneath their name.

To use a Role Billing Rate instead of a Person Rate, click on their billing rate and a popup menu will appear. Their you can select the Company billing rate, Role billing rate, that person’s billing rate, or a custom billing rate. Select the Role Billing Rate.

Note: A person can have multiple custom billing rates if they are assigned to several roles on a project.

Click to Play Project Billing Rates Large

Cost Rates — Hourly Rates and Salaries 

Bric makes it easy to keep track of your costs. As you plan, Bric estimates your costs. Then calculates your real costs as time is tracked. There are two types of Cost Rates: Hourly and Salary rates.

An Hourly rate is for people that are paid based on hours worked. Their total cost is calculated by multiplying their hourly cost rate by their billable hours. These team member’s billable hours likely vary by week and month. 

A Salary rate is designed for team members that are paid the same amount every month or year. Bric calculates an estimated hourly cost rate for each person. You can view this estimated hourly rate under Settings > People.

On Projects, as you plan Bric uses your cost rates to estimate the project’s labor expenses. As time is tracked, Bric automatically updates the project’s actual labor expenses.

Labor expense = (hours of hourly people * hourly rate) + (hours of salaried people) * (annual salary/(weekly available hours*50)

Setting your Company Default Cost Rate

Admins have permissions to create and edit your company defaults. They can set the Default Cost Status to either Hourly (HR) or Salary (Sal), and set the Default Hourly Cost and Default Annual Salary. Bric will use the Default Cost Status, but if changed will use the other default cost rate. The company defaults can be edited under Settings  > Company.

Click to Play Company Default Cost Rates

Setting a Person’s Hourly or Salaried Rate

Admins can add new people to Bric. When adding a new person to Bric, Admins will be prompted to select hourly or salary. If they do not select either, Bric will default to your company’s Default Cost Status, and will automatically add the default for that cost status. You can override the default. 

Admins and Managers with Financials can edit a person’s cost status and rate. To edit go to the menu in the top right corner . Select People” to be view all people that have been added to Bric. Click on the  next to the person you wish to edit. Once inside the person settings, you can adjust their hourly or salaried rate.

Click to Play Setting and Editing Person Cost Rate