Mavenlink Announces Multiple Rate Cards for Improved Billing

mavenlink new logoMavenlink integrated business and project management software aims to bring together all the core elements of one’s business in one platform. That means having all the tools and features to manage projects and collaboration, financials and profits, insights and analytics, as well as resourcing and planning. Users of the application, especially Premier customers, are now capable to securely forecast budgets, resourcing and schedules to successfully plan and execute project-related work. The latest release includes a more versatile Rate Card for defining roles and rates in one’s account.

New Multiple Rate Cards

Mavenlink launched Rate Cards last year to help users standardize project pricing and improve project billing. Based on the feedback of users, the latest release allows users to create multiple Rate Cards for different clients and work contexts, as against one standard set of rates for all types of customers and work situations. Now, Rate Cards can be defined and have values depending on a particular client, region, currency or specific type of work such as a specialized project not in the normal service offering of a company.

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Benefits of Rate Cards

Rate Cards are particularly useful for consulting firms, agencies and contractors. For a billable project to be completed, it is worked on by resources with different skills, experience, location and availability. As such, resources with different roles are billed at different rates, and having multiple Rate Cards provides the flexibility to more accurately define roles and rates in the Mavenlink account.

Another benefit of having multiple Rate Cards aside from a more realistic rate standardization is it helps set expectations for the prices of services even before they are delivered. Setting clear billing expectations leads to a faster billing cycle, since both customer and contracting company are in agreement of the costs upfront. Still another benefit is the easy replicating of profitable projects and the automating of pricing for new projects.

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How to enable Rate Cards

Mavenlink project management software is available in Teams, Professionals and Premier paid plans. The latest release to include multiple Rate Cards is available to Premier customers. Rate Cards can be enabled via Account Settings by a Premier Account Admin. To get started, users need to create an Account Default Rate Card. However, before this Card can be published, users need to have a Default Rate set for each currency used by their projects. A Default Rate is the rate that gets applied if a resource or service provider does not have a set role.

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The next step is to set rates by role, but Roles have to be created first in the Roles Administration menu. Users do not need to have a rate for all roles. When no rate is defined, the Default Rate applies. Once rates and roles have been set up for account members, Rate Cards can now be activated, which will apply to all projects, replacing any previous bill rate that have been set up for account members.

To create a Mavenlink Custom Rate Card by project, client, region, or project type, the Account Rate Card must have already been created. A useful tip in creating a custom Rate Card is that its name should be very clear. To apply a specific Rate Card to a project, a user should be at least a Project Lead on the account and must have administrative access on the project.

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For more of Mavenlink’s new features and updates, please visit their Facebook, Twitter, LinkedIn or Google+ page.

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Recommended Project Management Software

If you’re interested in learning more about top rated project management software, the editors at Project-Management.com actively recommend the following:

1 monday.com

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monday.com Work OS is the project management software that helps you and your team plan, execute, and track projects and workflows in one collaborative space. Manage everything from simple to complex projects more efficiently with the help of visual boards, 200+ ready-made templates, clever no-code automations, and easy integrations. In addition, custom dashboards simplify reporting, so you can evaluate your progress and make data-driven decisions.

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2 ClickUp

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ClickUp is one of the highest-rated project management tools today. Use Docs, Reminders, Goals, Calendars, Chat, scheduling, assigned comments, custom views, & more with this all-in-one project management tool.

Used by 800,000+ teams in companies like Airbnb, Google, and Uber, it brings all of your projects into a single app! Built for teams of all sizes and industries, Our fully customizable & proprietary features make it a must-have for anyone wanting to keep project management in one place.

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3 Wrike

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Tackle complex projects with Wrike’s award-winning project management software. Break projects into simple steps, assign tasks to team members, and visualize progress with Gantt charts, Kanban boards, and calendars. Manage resource allocation and forecasting with software that’s easy to launch. Automation and AI features strip away time-consuming admin tasks so you can do the best work of your life. Streamline your practices, align your team, and ensure you hit deadlines and stay on budget.

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