Excel timesheet template billable hours
Excel timesheet template billable hours
This article provides details of Excel template bank reconciliation that you can download now.
To track billable time, simply select a job or project as "billable." in the Company tab. From there you can select your billing rate model: by person, by project, or by task. Or, for more custom rates, you can create exceptions for projects, people, or clients, so that different employees are billing at different rates, dynamically based on what activities they are performing.
Microsoft Excel software under a Windows environment is required to use this template
These Excel timesheet templates for billable hours work on all versions of Excel since 2007.
Examples of a ready-to-use spreadsheet: Download this table in Excel (.xls) format, and complete it with your specific information.
To be able to use these models correctly, you must first activate the macros at startup.
The file to download presents tow Excel timesheet templates for billable hours
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DETERMINE YOUR BILLABLE HOURS
(52 wks x 40 hrs) – (# Vacation wks x 40 hrs ) = # Billable hours
The first step is to figure out how many billable hours you have. To do this:
1) Multiply the number of weeks in a year (52) by the number of hours in a workweek (40). This will give you the number of possible work hours in a year.
2) Multiply the number of vacation weeks you have by a forty-hour workweek. This will give you the number of hours in a work-year that qualify as your vacation time.
3) Subtract the second product (vacation time) from the first product (work hours) to get your number of billable hours.
For Example: (52 wks x 40 hrs) – (2 vacation wks x 40 hrs) = 2,000 hrs
(2080 hrs) – (80 hrs) = 2,000 billable hours
DETERMINE YOUR NORMAL HOURLY RATE
Yearly Salary / Number of Billable Hours = Hourly Rate ($)
The second step is to determine your hourly rate. To do this, take your yearly salary and divide it by the number of billable hours from Step
- This number is your hourly rate.
For Example: $100,000/2,000 hours = $50 hour
DETERMINE YOUR CONTRACTED CONSULTANT HOURLY RATE
Normal Hourly Rate x % Markup = Contracted Consultant Hourly Rate ($)
Up to this point, the calculation has been a no-brainer. You’ve only calculated your hourly rate. Due to markups, it’s about to get interesting though.
Markups: A markup is the amount added to your usual rate once you are done calculating overhead and profit. As a technical contract consultant, your rate is marked up from your full-time employment rate.
- • As a base, it is marked up about 150%
- • If you’re working an inconvenient job, say an eight week contract or part-time, you can increase your rate another 20%.
- • If you’re working a “hot job,” something that is currently in demand, you can increase it another 10%.
- • If you’re telecommuting, however, you decrease your rate by 20%.