[See all features](/timely-features/) # Cost rates Take control of your project costs with Timely. Stay on top of internal expenses, allocate resources wisely, and ensure maximum return on every project. ## Maximize profitability and optimize resources With Timely, you gain total visibility over project costs, ensuring that your resources are allocated efficiently and profitably. By setting individualized cost rates for team members, you can measure actual labor costs against billable rates, delivering a clear picture of project performance. Real-time insights into planned versus logged costs help you refine budgets, improve resource allocation, and avoid financial surprises. Whether you’re managing internal teams or external contractors, Timely empowers you to make informed decisions that enhance project profitability and streamline operations. Increase profit margins - identify and address unprofitable work early by tracking actual costs vs. revenue. Make smarter resourcing decisions - allocate resources effectively with clear cost visibility for every team member. Save time and avoid errors - automate cost tracking and reporting, eliminating manual calculations. [Start your free trial](https://app.timelyapp.com/join)[Book a demo ![Icon of calendar](/cdn/678e8b2f757ed42b5c05c7f2_calendar_light-grad_1_.svg)](/book-a-demo/) ## Key use cases Timely’s cost rate features are designed to handle the complexities of modern project management. From setting accurate labor costs to exporting detailed financial reports, you can take control of your profitability with ease. Here’s how it works in practice. ### Easily update rates ### Easily Update Cost Rates as Your Business Grows Set each person's cost rate when you add them to Timely, alongside their billable rate. Compare the internal cost of each person's time with the rate you charge clients. Keep cost rates visible to Admins only with access level settings. [Start your free trial](https://app.timelyapp.com/join)[Book a demo ![Icon of calendar](/cdn/678e8b2f757ed42b5c05c7f2_calendar_light-grad_1_.svg)](/book-a-demo/) ### Quickly adjust costs ### Adjust Cost Rates for Existing Team Members Edit a team member's cost rate from their Permissions page in a few clicks. Choose whether the new rate applies to new entries going forward or to all entries. Set an "Apply from" date so earlier entries keep their existing cost rate. [Start your free trial](https://app.timelyapp.com/join)[Book a demo ![Icon of calendar](/cdn/678e8b2f757ed42b5c05c7f2_calendar_light-grad_1_.svg)](/book-a-demo/) ### Generate informed reports ### Generate Reports to Drive Informed Decisions Add Logged Cost, Profit and Profitability columns to People, Project or Tags widgets. See profit as logged money minus logged cost, and profitability as a percentage. Export Logged Cost and Planned Cost to Excel or CSV for deeper analysis. [Start your free trial](https://app.timelyapp.com/join)[Book a demo ![Icon of calendar](/cdn/678e8b2f757ed42b5c05c7f2_calendar_light-grad_1_.svg)](/book-a-demo/) ### Effectively compare costs ### Compare Planned Time with Actual Costs Improve budgeting accuracy by comparing planned time and costs against actuals. Measure accuracy and refine future budgets by logging hours against planned time. Monitor project profitability at every stage to ensure a healthy bottom line. [Start your free trial](https://app.timelyapp.com/join)[Book a demo ![Icon of calendar](/cdn/678e8b2f757ed42b5c05c7f2_calendar_light-grad_1_.svg)](/book-a-demo/) More Timely features ## Explore what else Timely has to offer - [Tasks · Timely empowers your team to manage workloads, track progress, and make informed decisions with accurate capacity data. · Discover more](/feature/tasks/) - [Invoices · Focus on doing what you do best while ensuring every hour is accounted for and billed accurately. · Discover more](/feature/invoices/) - [User access levels · Empower your team with tailored access levels that ensure secure collaboration, transparency, and control. · Discover more](/features/user-access-levels/) [See all features](/timely-features/) 4.8 out of 5 We're consistently ranked top on G2 Scores above 95% in Quality of Performance, Support, Ease of Use, and Setup. [Start your free trial](https://app.timelyapp.com/join)[Book a demo ![Icon of calendar](/cdn/678e8b2f757ed42b5c05c7f2_calendar_light-grad_1_.svg)](/book-a-demo/) "Ingenious, efficient and effective time tracking system" David K. "Effective tool to help you keep track of time and stay productive" Jane S. Digital marketer and strategist "User-friendly and effective" Cory (CJ) P. Co-Founder "Timely record my time automagically" Giovanni D. IT Consultant "Timely is hands down the best time tracking app available" **Law S.** "A great experience which has made my invoicing life much easier!" **Christina D.** Graphic Designer "So many valuable uses for Timely & Memory" Dan K. Business Coach/ Consultant "Black box for all your daily efforts" Anton K. Senior SAP ECM Consultant "Best time tracking app" Fišerová K. Autor článků "Unbeatable time-tracking for many clients and projects" **Laura C.** Project Manager "It's super easy tracking task details on timely without much hassle" Amrit S. Software Development Consultant "Timely - our time management tool" Cecilia A. Project Leader "Best time tracking software on the market" Jens K. UX Designer