Introduction
When you start a new project in Timmi Projects, you have to chose a billing mode. You will find below all the possible modes.
The projects billing modes
Timmi Projects manages three kinds of projects:
- non-billable projects
- fixed price projects
- time & materials projects
Fixed price
In a fixed price project, the provider undertakes to deliver a deliverable at a fixed price. If the project takes less or more time than initially expected, it will still be charged the same price.
Time & materials
In this kind of project, the bill is calculated on time spent. Whether the real period is shorter or longer than initially planned, the provider will always charge the real time spent.
Hybrids
It is possible to set up a project in "time & materials" billing mode, with the option "not to exceed time & materials" :
In case of overrun, the revenue will not exceed the revenue initially planned (price x initial time).
Financial details itemization
When you create a new project in Timmi Projects, you choose the billing mode and the itemization level. It is the level that bears the financial information:
- project
- task
- team member
Let us take the example of a fixed price project. If the price estimation is based on the tasks, we choose an itemization by task. It enables to define for each task:
- the initial time budget
- the selling price
Let us take another example. Usually, the average bill rate is specific to the team member in a Time & materials project. We choose an itemization by team member. It enables to define for each team member:
- the start date and end date, and therefore the planned duration
- the bill rate
