timeghost insights — 2 easy ways of creating a flat fee project — timeghost
timeghost users often agree on a flat fee for projects with the customer. We will show you how to create your flat fee projects in timeghost and what options you have with it.
1. Create a project and set the hourly budget directly
To create a new project, go to the “Projects” section and select “Create Project”. The pop-up you see in the picture above will open. Here you can name the project and set the customer for the project.
You have more options to add more detailed information to the project.
Should the project be billed as “billable” or “non billable”.
You have the setting options “Public” or “Privat”
Here you can select “Manual time budget”. With an hourly rate defined for the project, which you can set later, you define the project length by the manual time budget. For example, if you want to charge the customer $1600 for the project, select an hourly rate of $80 for a 20 hour time budget. Once you have filled in the advanced settings, you just need to click on “Create Project” and the project is created.
You will get to the page where you can configure the settings for the created project. Here you can define further settings for the project.
2. Skipping the Additional Settings
The second way to create a flat-fee project is to omit the “additional Settings” when creating the project and click directly on “Create Project” after selecting “Project” and “Client”.
With both options you will get to the page where you can make adjustments within the project (see above).
If you have already used option 1, you do not have to set the project budget anymore, but only define the hourly rate. If you have set a flat fee of 1600$ for the project, you simply enter 80$ hourly rate for 20 hours time budget.
When skipping the Additional Settings, you still need to define the hourly rate and the time budget. However, you can enter them on the page shown above, where the settings are displayed within the project. The advantage of this is that you can see both numbers immediately and have a better overview when entering the parameters (see in the animation above).
Now you can create tasks relevant for the project. By defining tasks, individual time entries can be assigned more precisely within the project. Furthermore, you have the possibility to define individual time budgets for each task.
Enter time entries
After defining your tasks, you can start entering your times into timeghost, assigning them to the corresponding project and tasks. As an example, several time entries have been created here, which can be displayed in timeghost in different ways.
In the dashboard you can evaluate your project by applying different filters and display the exact project information you need.
Under Projects you get an overview of all running projects and see the progress of each project.
The Profitability feature allows you to keep track of your current income and expenses. You additionally have the option to view either project profitability or employee profitability.
If your project exceeds the defined number of hours and therefore also the defined project budget, this will be displayed directly in red in the profitability.
The possibilities timeghost offers you for displaying your project are great. Different filters and graphics give you the overview you need. Feel free to explore timeghost.
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Originally published at https://timeghost.io on December 14, 2021.