On Trak, you’re able to enter hourly rates for each user. This means that when your workers add their hours to their timesheet, it’s added to the job as an expense, and contributes to the numbers shown in the finance summary. However, the hourly rate you actually pay your employee doesn’t take into consideration things such as:
- Annual leave
- Utilisation rate
- Work Cover
- Long service leave
This means that these expenses are coming out of your business’s pockets, when they should be included in your total job cost. To help our users maximise their profits, the team at Trak has developed an Hourly Rate Calculator, which uses Excel to help calculate accurate rates for your team. This calculator is free to download. All you need to do is enter your details on this page, and the file will be sent directly to your inbox. It comes pre-filled with examples, so you know exactly what data to enter and where to enter it. Once you have calculated a new hourly rate for your workers, this can be added by editing the user on this page. All future timesheet entries will then take into account the new rate, and will be shown on your jobs. If you’d like to find out more about job profitability features on Trak, click here. If you need help with the calculator or Trak in general, reach out to us through the chat box or by emailing:firstname.lastname@example.org
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