What happens if I've entered the wrong pay rates?
When setting up your Buildwise account and entering in team member information, Buildwise asks for the "Pay Rate" of the team member.
Recall that the pay rate is not simply the amount they earn per hour, but the total cost (aka "Fully Burdened Cost") to the company to employee an individual for each hour worked.
The reason why this is important is that Buildwise uses both pay and charge rates in the gross profit calculations depending on the conditions.
Some examples would be:
- If you project is Cost Plus or Fixed Cost
- If you have Unbillables in a Cost Plus project
In order to calculate this:
Once you've completed this chart, you can email to us: hello@buildwiseapp.com and we'll review this and provide any feedback adjustments we recommend.
Changing Pay Rates after set up:
If you have inputted the incorrect rates when initializing your Buildwise account, we got you. Simply send us an email to: hello@buildwiseapp.com with a list of the team members, and the corresponding Pay Rates.
Please note: When we change the pay rates within the system, it will change all past labor expense records in the system. We are unable to change records individually, for a set period or time, or by project.
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