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. 'Billing' section
4. 'Apply Cost+Fee'
5. Change Overhead and Profit Rates
6. 'Save and 'Add Budget'

In-Depth Step-by-Step Guide: 

1. Access Proposals & Projects

   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.  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. 
   
   
   
2. Add 'New Project'

   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 and rate details, you will notice that there are some additional details that show the Overhead Rate, fee and new totals that are calculated from the employee's billing rate. 
   
   
   
   
   

3. '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. 
   
   

   
   
   
   

4. Apply Cost+Fee

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

   
   
   
   
   
   

5. Change Overhead and Profit Rates

   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: create a new Staff & Rates modification or edit an 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.
   
   
   
   Once clicked you will see a new dialog that will allow you to edit the rates. These rates will be effective at the beginning of the next invoice period that follows the Effective Date of this rate set.
   
   
   

6. '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.