When you first purchase Profit Rhino, you'll go through what's called "Success Training". During this initial meeting, your Customer Support Specialist will go through and update all of your business information for you. They'll set your bill out rates, your retail rates, and etc for each business type you have. But, lets say it's been a few months or years since that initial meeting, you've forgotten how they did it, and now you need to update your business information because you've hired 15 new technicians. No need to fret, you'll have everything you need to know right here.
First, we'll be going over changing your business types in the [Business Information] tab, and why that matters. The following image will demonstrate.
CHANGING BUSINESS TYPES
As the image above shows, there's a drop down menu at the very top of the screen called [Business Type]. In this image, mine is set to plumbing. Every value that I enter right now in any of the fields on this page, will only apply to my plumbing business type. By clicking on the drop down menu though, I can select a different business type such as electrical.
If you want to change the rate for every business type, you'll need to go through and change the value in every single business type individually. Unless, you'd like all business types to have the same business information. Then, you can click the Copy Biz Info button.
Now that you're in the proper business type, we'll move onto the next step. As demonstrated by the following image.
UNDERSTANDING BREAK EVEN AND BILL OUT RATES
There's quite a bit to unpack here. The section that we're looking at right now, Hourly Rate, determines the values used in the time/labor calculates for your tasks. When you set a task time of 60 minutes, and then it spits out a price for how much you'll be charging for that task, this is how it's doing it.
[Labor], [Asst. Labor] and [Misc/Tos] are all of varying importance. For now, we'll ignore misc and just talk about the first two.
[Labor] refers to the rate you'll charge for your regular plumbers, electricians, or etc.
[Asst. Labor] refers to the rate you'll charge for your assistant laborers, journeyman, or anyone who isn't working on their own. If you don't charge a different price for them, change that value to 0 all the way through.
[Breakeven Cost] and [Retail/Bill Out Cost] are the values used to determine how much you'll need to charge to not lose any money, and how much you'll need to charge to actually make a profit. For instance, if I need to make 100 dollars cover all the costs involved with doing the job (not including cost of parts), then I might charge 150 dollars so I can actually make a profit.
Her's the rub though, the values you're going to be entering at the top of the screen are not for your standard customers. The value you'll be entering there are for your discounted customers, AKA people who have a monthly/yearly service agreement you guys. So if I normally charge 150 dollars and I have a 10% off service agreement, I'll need to put 135 (150 - 15) there instead. The same principal applies your [Asst. Labor] values as well.
Ok, but how do I make sure I'm charging my standard customers the right price? and what about my prices for people who call after hours or need emergency fixes? No problems there either. The next image will demonstrate what you'll need to do.
STANDARD AND PREMIUM RATE MARKUPS
Here we have fields to enter your standard rate markup for labor and materials, and your premium rate markup for labor and materials. So the 135 is what I charge my value customers, and I need to increase it to 150 for my standard rate customers. Here's how you'll be figuring out how to do that.
If you usually take 10% off, and you did it right at the top, you can't just put 10% in the standard rate mark up. You'll need to increase that 10% by 10%, which turns it into 11% because you're already subtracted 10% from the initial value. (10% of 150 is 15, but 10% of 135 is 13.5. So if I add 10% to 135, I'll get 148.5 which isn't what I want) The same principal will apply for any %discount associated with value customers.
In case that was super confusing, which it probably was, here's an awesome little cheat sheet: (If the image is too small, right click it and open it in a new tab)
SETTING DISCOUNTS CHEAT SHEET
Premium rates will follow the same rules, so just do the proper calculations there as well. As a quick aside, Service Titan users cannot use the premium rate function here.
So enter in your proper markups and we'll move onto the last step and breakdown the last few options you have. The following image demonstrates.
ROUNDING UP RATES
Additionally, if you would like your prices to end at the dollar instead of having change on them, you can choose to round up your rates in several different fashions, as denoted by the image above.
Lastly, and this is probably the most important, any time you make any kind of change in the [Business Information] tab, you'll need to hit [Calculate Biz Info] in order to implement the changes in the book. This button will also save all the changes you've made.