Time tracking · 5 min read

# Managing cost rates with Timely

Updated on: May 8, 2024 Created on: January 18, 2024 · Written by: Timely Team

![Managing cost rates with Timely](/cdn/65aa6931ba3eabfc7de04461_Manage_cost_rates2.webp)

Keeping track of costs on a project can be challenging, and ensuring you’re allocating the right resources to maintain your profitability, even more so.

Like in so many things, seniority commands a premium and a seasoned senior analyst will not only cost the client more, but they’ll equally cost you more than a junior associate. You need to be sure your cost rates are accurate so you can maximise the return from your live projects.

## Accurate Time Capture with Timely's Automatic Tracking

First up, let’s talk about the method of time capture: Start/stop timers are fine, but they in themselves take time and are inaccurate as a measure of work. Timely’s automatic time tracking allows for robust and accurate time capture - without pressing a single button or starting a single timer.

## Tailoring Rates to Individuals

Next, let’s talk about the individual. When a user is added to Timely, it’s super easy to add in an internal cost rate, as well add a unique billable rate for them. This means you’re reporting will be super accurate and based on real information - not guestimates.

And if the costs go up, simply change them in our easy-to-use interface.

[Effectively Managing Cost Rates](https://www.youtube.com/embed/ZPJXa4FqUhs)

## Effective Planning and Monitoring with Planned Time

Third, Timely allows you to input the time you think you'll need to complete a scheduled piece of work and then log hours against your planned time. From this, you can see how your estimates stack up against reality. Also, you can plan for other people in your team so they know what’s coming down the pipeline. As you use Planned Time in Timely, you’ll have better estimates, budgets and understanding of your work.

That means from the get-go, you have clear visibility on cost rates which helps you track profitability.

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