What is Rate Configuration?
Rate Configuration in NextCrew refers to the setup and management of different rates used for paying Crew Members and billing Clients. It ensures that the correct amounts are applied to payroll and invoices based on predefined rules and agreements.
Key Components of Rate Configuration:
Pay Rate:
- The amount paid to the Crew Member for their work.
- Example: A Crew Member earns $20 per hour.
Bill Rate:
- The amount charged to the Client for the Crew Member's services.
- Includes the pay rate plus additional costs and profit margin.
- Example: The Client is billed $30 per hour for the Crew Member's work.
Markup:
- The percentage added to the pay rate to cover the staffing agency’s costs and profit.
- Example: A 50% markup on a $20 pay rate results in a $30 bill rate.
To add and Edit Rate configuration click here.