Tracking your internal labor costs

Learn how to represent and account for the time you spend making your products.

Craftybase has a number of features designed to help you track the time and costs associated with your own internal labor - i.e. the time it takes you to make your own products. Tracking your internal labor is important as it allows you to factor it into your pricing and thus create decent profit margins on your sales.

To track your time, you'll want to ensure that you record the number of minutes you spend making each component and product you make. This can be done per manufacture.

To factor in the cost of your time, you'll want to set a representative hourly work rate for yourself and then estimate your time to produce each of your products. This will then calculate an estimated internal labor cost and factor it into your pricing guidance.

Note: Craftybase doesn't support tracking external labor costs (i.e. consultants or contractors). Please refer to our article here on how best to account for the costs of these activities: Tracking external labor costs

Setting your hourly work rate

To change your hourly work rate:

1. Navigate to your Account Settings page.

2. Scroll down to the Internal Labor section and enter the new Internal Labor Rate.

Setting extra work rates

At this time we only support one hourly work rate within Craftybase. If this is a feature you would like to see please get in touch and we will add your vote for it to our development list!

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