Create Date: July 10, 2024
Last Modified Date: November 25, 2024
The amount to be paid to someone or a company based on billable hours can be calculated with the following variables:
Your result will indicate the total billable rate for a project or person based on the entries you provided. This number is to be paid or what should have already been paid.
Calculating how much someone should be paid can be done with our billable hours tool. The steps to using it include:
Let's say we hired a freelance worker to help us with our online organization. We agreed to pay them at a rate of $40 per hour and they were to manually track their time. We are told their billable time is a total of 9.5 hours. We can use this tool to find their total billable amount by entering 40 into the billable rate field then 9.5 into the billable time field.
We can now hit calculate and get a billable total of $380 that we will need to pay the freelancer for their work.
Billable hours are the number of hours that are spent working on a project that can be charged for.
Billable hours include the time you spend on the job or doing approved and agreed upon work. On the other hand, non-billable hours include the time it may take to do secretary related work, driving to and from the work site, and other similar non-project related activities.
The amount that you charge per hour is totally dependent on the work you do, the amount you want to charge, and your level of experience.
