Note: Currency and terminology may differ depending on your region.
Your hourly rate is a great way of knowing what it is costing to run your business.
Not only that; you can easily keep on top of your expenses as they increase each year
FramR FREE intially sets you up with a default Hourly rate. We recommend that you calculate your own hourly rate using the hourly rate calculator which you access from the labour page.
The hourly rate calculator provides you with a list of standard expenses which you can edit, delete or add to as you require. You can state the number of times per year the expense occurs and whether you want to allocate all that expense to framing. For example; You may have a gallery and some of an expense may need to be distributed between the two operations.
Your total annual expense is displayed at the bottom of the list.
Enter the number of hours your business spends making frames, and also enter the number of weeks per year your business is open. Your annual framing hours and hourly rate will be calculated and displayed.
The labour used report will show you the number of hours billed out over a selected period and can be used to help enter more accurate billing hours to calculate your hourly rate. The Labour used report can be found under staff in the reports page.
You can enter the calculated hourly rate or a different one if you prefer.
Be careful about the number of framing hours you enter. Hours should reflect the amount of time you actually spend framing in a standard operating week, not the number of hours your shop is open.More about calculating your hourly rate