Clockwork for Jira is now even more powerful with the addition of a Cost and Rates Tracking feature (currently in Beta). This transforms Clockwork Pro from a robust time-tracking tool into an affordable, all-in-one solution for teams needing full visibility into both time and costs without complexity.
For project managers in managed services, scrum masters in software development, finance and HR managers, and business owners, managing project costs and tracking profitability can be time-consuming and complex. Clockwork Pro’s Cost and Rates Tracking feature brings together essential time tracking with financial insights, providing everything teams need to manage both time and budgets directly within Jira. There’s no need to juggle multiple tools or incur extra costs—Clockwork Pro combines it all in one straightforward solution.
Let’s explore what makes this feature a valuable addition and why it’s ideal for teams seeking a lightweight, budget-friendly solution for time tracking and financial management.
Why Cost Tracking in Jira?
Imagine seamlessly monitoring project labor costs while tracking logged work in Jira. Clockwork Pro’s Cost and Rates Tracker enables teams to:
- Track Labor Costs: Gain insight into project labor expenses to stay on budget.
- Monitor Revenue Generation: Track billable hours to forecast customer invoices accurately.
These features help teams assess project profitability and identify areas for adjustment, making project financial health easier to monitor and manage.
How Clockwork Pro's Cost and Rates Tracker Works in Jira
The Cost and Rates Tracker lets teams define hourly costs and rates for each team member, tracking these against logged time in Jira. Clockwork Pro then automatically calculates costs based on logged hours, offering a real-time view of project costs and revenue. Here’s how it works:
- Hourly Costs: Define labor costs per user, typically based on internal rates or salary.
- Hourly Rates: Set charge-out rates per user, useful for time-and-materials projects to predict customer invoicing.
This flexibility allows teams to monitor internal costs while tracking revenue from billable work, providing a complete picture of project finances and profitability.
Understanding Project Costs vs. Project Rates
In project management, it’s crucial to differentiate between costs and rates:
- Costs reflect internal expenses, such as salaries and labor. Tracking these helps teams manage budgets and avoid overruns.
- Rates indicate what you charge clients, offering visibility into billable work. Knowing team rates also aids in estimating margins and profitability, even for fixed-price projects.
Clockwork Pro’s Cost and Rates Tracker consolidates costs and rates management in one place, providing accurate data that supports pricing and budgeting decisions.
Setting Up Costs and Rates
Getting started is simple. To set hourly costs or rates for each team member:
- Go to Apps > Clockwork in the Jira navigation bar and select Users.
- From this page, add or edit hourly costs and rates for each user.
Once configured, these values apply to all future worklogs for that user, ensuring consistent tracking. Currently, costs and rates are universal per user and don’t vary by project or time period, although future updates may offer added flexibility.
Reviewing Project Costs and Revenue in Timesheets
After configuring costs and rates, you can view them in your timesheet reports:
- Open your timesheet report in Clockwork Pro.
- Click on the Format selector (top right) to view costs and rates
To view billable revenue, use filters to display only relevant data based on how you’ve configured billable work in Jira (e.g., with custom fields or worklog attributes). This customization ensures Clockwork Pro adapts to your specific financial reporting needs.
Why Choose Clockwork Pro for Jira Time Tracking and Financial Management?
In a market filled with complex, costly tools, Clockwork Pro stands out as a lightweight, affordable solution ideal for small to mid-sized teams needing efficient time and financial tracking. It balances simplicity with essential functionality, making it user-friendly for all team members.
Clockwork Pro delivers a well-rounded set of tools for tracking time and managing costs, all within Jira. It’s perfect for teams looking to:
- Control project budgets and stay on top of expenses.
- Streamline time tracking with a tool that’s easy to adopt across the team.
- Organize financial data within the Jira ecosystem.
Whether you’re a project manager, finance lead, or business owner, Clockwork Pro’s Cost and Rates Tracker meets your team’s needs for time and financial management.
What’s Next?
As we continue refining the Cost and Rates Tracking feature, your feedback is essential in shaping future functionality. We’re particularly interested in how this feature impacts project management workflows, financial insights, and invoicing processes. Upcoming improvements include support for variable rates by project and time period.
The Cost and Rates Tracker in Beta is just the start. Your input will help ensure that Clockwork Pro remains a trusted, all-in-one solution for time and financial tracking. We look forward to seeing how this feature improves your workflow, enhances budget management, and keeps projects profitable.
