Cost + Fixed Fee Projects

Setting up a project with a Cost+Fixed Fee structure (or C+FF) is very similar to a T&M or Lump Sum project.  There is an additional step when initially setting one up, and some of the screens will show additional information for this type of project structure.  This article will show you the process for setting up a Cost+Fixed Fee project.  Check out the steps below! 

Quick Summary of Step-by-Step Guide:

1. Access Proposals & Projects
2. Add 'New Project'
3. Setting up Staff & Rates
4. Budget 'Billing' section
5. 'Apply Cost+Fee'
6. Overhead Rate and Profit/Fee %
7. Modifying an Overhead Rate & Fee
8. 'Save and 'Add Budget'

In-Depth Step-by-Step Guide: 

1. Access Proposals & Projects

   To get started go to Clients & Projects, followed by Proposals & Projects.  When your project list page has loaded, click on the green +New Project, located in the top right-hand corner.
   
   
   
   
   

2. Add New Project

   As we mentioned earlier in this article, setting up a project with a Cost+Fixed Fee structure is very similar to a T&M or Lump Sum project.  Let's begin by setting up a new project.  Fill in your project details, then scroll down to the 'Billing' section and check the 'Apply Cost + Fee' box.  Click Save or Add Budget when you're finished filling in the remaining required fields for this project.  
   
   
   
   NOTE:  If the Overhead Rate and Profit/Fee % fields were blank, you can go ahead and type in the rate and profit/fee information.  If you would like your Overhead Rate and Profit/Fee information to auto-populate for future projects, check out our Help Article: Entering Company Information, and refer to steps 5-7. 
   
   

3. Setting up Staff & Rates

   Step 1 is really the only thing that's different when setting up a Cost+Fixed Fee project.  These next steps will show you how Cost+Fixed Fee projects will appear differently in SQUAVA on certain screens. 

   When you set up your Staff & Rates details, you will notice that some additional details show the Overhead Rate, Fee, and new totals that are calculated from the employee's billing rate. 
   
   
   
   

4. Budget 'Billing' section

   When you fill in your project budget details, there will be a section where you can see the Overhead Rate and Fixed Fee information calculated based on the task totals.
    

   
   
   
   

5. Apply Cost+Fee

   You will also be able to see a budget summary breakdown on the Budget Summary page and the Project Management page.
   
   

   
   
   
   
   
   

6. Overhead Rate & Profit/Fee %

   When you are ready to finalize an invoice and review the draft invoice, there will also be a breakdown of the Overhead Rate and Fixed Fee totals in the 'Summary' section of your draft invoice, which will also reflect on your finalized invoice.  
   
   
   
   

7. Modifying an Overhead Rate & Fee

   The Overhead Rate & Profit/Fee can be adjusted throughout the life of the project. To do this you will need to access the Budget page, followed by the Staff & Rates tab. There are two ways to adjust your rates: creating a new Staff & Rates modification or editing the existing one.  To create new Staff & Rates modifications click on the +Add New Staff & Rates icon, located at the top of the table on the left side. 
   
   
   
   
   To edit an existing Rates mod, simply click on the small pen and paper icon located to the right of the modification date. 
   
   
   NOTE: You will only be able to edit an existing Rates Modification if there have not been any invoices finalized after the effective date.  If there are finalized invoices and you are wanting to modify the current Rate modification, you will need to rescind invoices.  For more information on Invoicing, be sure to check out our Invoicing section in our support portal.
    

8. Save and Add Budget

   Now you are ready to create the budget.To continue, click Save and Add Budget.

SUCCESS!!! 

• You have now learned about Cost+Fixed Fee Project structures! 
• If you have other questions related to projects, check out the other articles in this section. 
• Can't find what you're looking for?  Give us a call, submit a request ticket, or send us a chat message.