What is a rate card?
Rate cards list all your roles and associated charge-out rates. They allow you to set rates for the services you provide.
Rate cards give you the flexibility to:
define different charge-out rates for different roles, since people with different skills and experience will likely have different rates.
offer different pricing to different groups of clients.
For example, you may have a special set of rates for charitable groups, a specific client, or long-term projects. Also, your senior designer will likely have a higher charge-out rate than your junior designer.
The great thing about rate cards in Runn is that, once set up, you can re-use them for multiple projects.
Every Runn account comes with a standard rate card for your standard rates.
New projects will use a copy of the standard rate card by default, but you can also set-up custom rate cards and assign them to your projects as needed.
You can also use the internal rate card for internal or non-billable projects.
⚠️ Rates will be “0” initially, so make sure you set up your rates to get accurate financial forecasts.
Hourly Rate vs Daily Rate
Your company may have a default rate type overall - charging out your people's time either by the day or by the hour. You can change your company's default rate type in Settings > Account Settings.
You may create rate cards that use the rate type that is not your company's default.
If your rate cards are set to daily rates, Runn calculates the hourly charge-out rate for calculations based on the default full-time hours, which is set in your account settings at Settings > Account Settings.
For example, if your account's default full-time hours is 8 hours, and the daily charge-out rate for your developer is $600, their hourly charge-out rate will be $75.
Blended/Single Rate vs Per Role Rate
Select Blended/Single Rate if your people are all charged out at the same rate. Otherwise, select Per Role Rate and enter the hourly or daily rate for each role.
Creating a rate card
Go to Manage > Rates in Runn’s top-level nav.
Click the New Rate Card button
Enter the name of the rate card
Add a description (optional)
Choose whether the rate card will use hourly or daily rates
Choose from a blended/single rate or a per role rate
Enter the rates
Click the Save button
Updating rate cards
When updating a rate card, the rates will only apply to new projects that are created from this rate card. All existing projects will keep their project rates found under the budget in each project.
Go to Manage > Rates in Runn’s top-level nav.
Choose the rate card you want to edit.
Update the name, description, rate type, card type, and/or role rates.
Click the Save button.
Assigning a rate card to a new project
To track your internal projects and any associated labor costs, e.g. your sales proposals or your office move, set up a non-billable project or use your internal rate card.
When you set up a new project, the standard rate card is selected by default. You can change that by choosing a different rate card from the Rate card drop-down.
When the project is created the rates from the rate card are copied across to the project. After this point, the rates for the project are managed from the project budget. Updating a rate card will not affect the project rates, and updating the project rates will not affect the rate card.
Go to Manage > Projects in Runn’s top-level nav.
Click the Add New Project button
Enter the name of the project in the Project Name field
Select the client for the project in the Client drop-down
Select the pricing model for the project in the Pricing Model drop-down
Select the rate card to be used with the project from the Rate card drop-down
Select the project status in the Status drop-down
Select the Team to assign to the project in the Team drop-down (optional)
Click the Create button
Assigning a rate card to an existing project
The project rates will not be automatically updated when you change the rate card. You will have to edit the project rates manually for them to reflect the rates on the latest rate card.
From the Project Planner, look for the project name
Click on the 3-dot icon and select Edit Budget
Select a rate card from the Reference Rate card dropdown
Click on the arrow to update all the project rates and Save
To change the rates on an existing project without changing the rate card, refer to our project budgets help doc.
Still have questions? We're happy to help!