Tip of the Week: Rate Changes
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Tip of the Week: Rate Changes

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Are you looking to optimize your pricing and boost your success? Many firms find it necessary to adjust their rates periodically. Here at TimeSolv, we understand the importance of this process, and this week’s Tip of the Week will guide you through it seamlessly.

To start with, you’ll first want to change your Global and Timekeeper rates, then you’ll want to make sure you apply the new rates to any existing un-billed Time Entries. 

Edit Rates 

To change Timekeeper Rates, click under Account>Professionals>[Professional name]>General>Profile tab and edit the ‘Default Rate’ field. 

The Global Rates button right next to it will allow you to change a Global Rate for this Timekeeper, but an easier and quicker method of changing these rates in bulk is to head under Time>Settings>Global Rates. Click on the Edit Rates link against the Global Rate to make your changes. 

You’ll see the default current rates and a column to enter in the new rates. 

 

Edit Rates on Existing Time Entries 

Now you’ll want to update rates on any existing un-billed Time Entries. Old Time Entry rates can be updated with new rates in batches to save time and prevent missed entries. 

Click on Time>Settings>Rate Changes. Select all the relevant Matters and define the date range. After hitting search, select the entries you need to update the rates for, and click on the Update Rates in Selected Time Entries and Matter Assignments button. 

And there we go! You’re all set with your updated rates.

If you’d like TimeSolv support for more help in understanding rate changes or updating rates on existing entries in TimeSolv, please call 1.800.715.1284 or Contact support! 

Contact support

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