Hourly rates
This article will give an in-depth overview of the settings and functionality in this module in Moment and how this can help your company keep the hourly-rate prices for your co-workers up-to-date.
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This article will give an in-depth overview of the settings and functionality in this module in Moment and how this can help your company keep the hourly-rate prices for your co-workers up-to-date.
Last updated
Was this helpful?
You can find this module under co-workers > settings >hourly rates.
Explanation of the hourly rates:
Hourly wage represents the hourly rage for the co-worker. In this case we have set an hourly wage of 600 NOK as an example.
In the example above, the hourly rates have been defined in the co-worker's personal page. Then we can make an hourly rate price model. In this price model, by adding the co-worker to the project, you can see how the hourly rates are picked up by the price module and can be actively used for invoicing. These hourly rates are also used by moment to calculate price estimates.
This section will show the way in which moment represents these hourly wages in the reports. The example below shows the "Hours Overview" report. For this example we have marked both "Salary" and "True Cost" to be shown in the columns for he "Hour Overview" report.
The acronym ETCR means "Estimated True Cost Rate". This represents the true cost per hour for each employee. True cost in Moment is calculated by adding up the values defined under the employee's hourly rate page in co-workers > settings > hourly rates.
In this case, the total salary cost in picture 2 is set to 800. The average shared cost (rent costs, IT-equipment etc) is set to 200. In picture 1 we can see how this appears in a report. Moment sums these numbers and gives us a true cost of 300. Salary rate is 800 and Hourly rate (sales rate) are also present in the report.
In general, total salary costs is: Salary + costs directly related to each co-worker, such as national employer contributions and payroll tax. Eg. Salary (600) + direct costs (200) = Total salary cost (800) .
It is possible to change hourly rates for several co-workers at the time in Moment. It is also possible to define these hourly rates for several periods, both for the future and for the past. This could be useful in case you wish to plan hourly rates for inflation indexed contracts. In this section I will show how to change these hours in Moment.
By going going to co-workers > overview, click on the gear icon on the right top corner. Then click on "update several hourly rates at once". Then click to download a pre-filled excel template with all the hourly rates that are valid up to a certain date.
You will then download a pre-filled excel template. Please see the gif below below for an example:
Once you have downloaded the Excel sheet, do the changes you need to do. Once this has been done, go to the co-worker tab and choose to upload the file. One you have done this, select the period you wish this hourly rates to update. Example of this in the gif below:
These changes can be done for several workers at the time, but the different types of hourly rates you wish to update must be updated individually. That is, one Excel sheet update for every type of hourly rate : Salary, Average shared cost and so forth. It is also worth mentioning that updating the files in this manner will also update reports back in time. This can be useful if you have used other ERP or project-management systems earlier and you wish to maintain a proper overview of earlier hourly rates. This will change key economic information, but is a great tool to plan for future indexed wage changes and other similar situations.
