Fixed-rate projects do not depend on the hours you log, since the project total is pre-negotiated with your client. But you should still log the hours you spend on fixed-rate projects. Why? So you can understand how long projects actually take to complete.
This information lets you charge the optimal flat rate for projects, so you don't undersell yourself or compromise your hourly rate in the future! It's also lets you show clients how you spent time on their project, boosting your own image as an accountable professional.
This workaround will help you bill your clients for fixed-rate projects in Timely.
Fixed Rate Project Set-Up
Step 1: Create a non-billable project to track your logged hours.
Project X - Hours
Step 2: When you're ready to bill your client, create a separate project under your client representing the fixed rate and the month you want to bill. Make sure you include the month in the project title, to be able to distinguish the project from other fixed-rate projects under the same client.
Project X - Fixed Rate - June 2018
Step 3: Assign one person to the project with the total project fixed fee as the hourly rate. In this case, the project fixed rate is $1750.
Billing for fixed rate projects
Step 4: Log one hour to the project, which will allow you to show the flat rate on the report.
Step 5: Generate a monthly report for the client, and remove the logged hours from the breakdown if you'd like.
The fixed rate project will appear on the shared report like this -
If you're interested in having a fixed rate budget option in Timely, send a note to [email protected] so we can document your feature request. Make sure to include details of your use case and why you're like to see this feature!