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Accurate price estimates for your clients
Product Updates
Last modified date

Mar 30, 2021

Improved project billing, planning, and price estimates

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Laurențiu Bancu

Blog average read time

2 min

Last modified date

March 30, 2021


Starting today, there will be three types of projects in Paymo (by billing type):

  1. Time & Materials – these are generally used for service contracts or any other type of work in which the client agrees to pay the contractor based upon the time spent to perform the work, and for materials/expenses incurred during the project.
  2. Flat rate – used when the client agrees to pay the contractor a lump sum for the fulfillment of the project (no matter how much time is spent in order to deliver the project).
  3. Non-billable – for projects that you’re not going to bill (eg. internal projects)

Types of projects in Paymo

When creating/editing a time & materials project, you can choose the rate that has priority. If the hourly rate for the selected option is not set, the system will use the next rate that has been set in this specific order: user rate, task rate, project rate, company rate.

A time & materials project can have three types of tasks (by billing type): time-based tasks, flat rate tasks, and non-billable tasks. The time-based tasks are based on time spent to perform the work, the flat rate tasks have a fixed price associated with them and non-billable tasks for activities that won’t be invoiced.

Accurate price estimates for your clients

You can set up task hourly rates, estimated hours and flat task rates by switching to the table view (click on the “Table view” icon in the top right corner of the tasks section for the project). Once they are set Paymo will calculate price estimates for each task and a total for the project (shown at the bottom of the screen).

Paymo project advanced view

In future updates for project billing, we’ll be adding a feature that will allow you to convert the price estimate calculation into a shareable Paymo Estimate.

You can find out more about these features in our knowledge base.

Laurențiu Bancu

Author

Laurențiu started his marketing journey over 18 years ago and now leads a marketing team. He has extensive experience in work and project management, and content strategy. When not working, he’s probably playing board games or binge-watching mini-series.

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