Rate Cards are a powerful way to standardize project pricing and improve the efficiency of your team’s billable projects. Since we first launched this feature last year, we’ve been listening to feedback from Rate Card power users. Today, we are excited to share with you some new enhancements that make Rate Cards even more versatile.
Why Rate Cards?
Many consulting firms, agencies, and contractors like to set standard rates for their services. These rates vary by role, since resources with different skills, experience, location, and availability are billed at different rates.
Knowing this, we designed Rate Cards to let you define those roles and rates in your Mavenlink account. Since you can apply them on multiple projects, you don’t have to manually enter rates for each resource on each project. And you're not just creating a set of rates by roles — these rates get intelligently applied to your resource schedule and time tracked by those resources.
Rate standardization isn’t the only benefit. For teams that invite their clients into Mavenlink, Rate Cards also help set pricing expectations for services before they’re delivered. As account managers know well, setting clear billing expectations from the get-go leads to a faster billing cycle at the end of the project, since both parties understand and agree to the costs upfront.
Rate Cards also help increase project performance by making it easier to replicate profitable projects and to automate project pricing for new projects. You can even set effective dates for your Rate Cards (e.g. your 2015 bill rates versus your 2016 bill rates) and those rates will be applied to your projects accordingly.
What’s New for Rate Cards
This new release allows you to create multiple rate cards for different clients and contexts, instead of just one standard set of rates. These rate cards can be applied to a variety of project situations that might call for different rates:
- By client
- By region
- By currency
- By a specific type of work (such as a more specialized project that may not be in your normal service offering)
The Rate Cards feature is available to Mavenlink Premier accounts. Administrators can get started creating rate cards by going to Settings → People → Rate Cards. For more details on how to use this feature read our Knowledge Base article on the topic.