Getting Started with Your Template

Are you a contractor who works on a time and material basis? Do you find yourself spending too much time trying to summarize your costs for client billing? We get it! Keeping track of every hour worked and every material used can be a real headache. That's why we've created a free, easy-to-use Excel and Google Sheets Time & Material Billing Template to help you streamline your billing process and get paid faster.

This template is designed to simplify how you summarize and present your project costs to clients. No more messy spreadsheets or forgotten expenses! With our template, you can clearly outline all your labor, materials, equipment and any additional costs, ensuring transparency and accuracy for both you and your client.

How to Use Your T&M Billing Template

Our T&M Billing Template is super straightforward to use, even if you're not an Excel wizard. Here's a quick guide to get you started:

Step-by-Step Guide to Filling Out the Template

Our Billing Template is designed for efficiency, leveraging data tables and dropdown menus to make your cost summarization a breeze. Here's how to use it:

1. Set Up Your Databases: Before you start summarizing, populate the dedicated data tables for Labor, Materials, Equipment, and Subcontractors. In these tables, you'll enter all your relevant items, unit rates, and any other necessary details. Think of these as your personal cost libraries.
2. Project Details: On the main summary sheet, begin by filling in the basic project information, such as the project name, client name, date and the T&M ticket you are sumarizing the cost for.
3. Populate Your Summary Sheet with Dropdowns: This is where the magic happens! For each cost category (Labor, Materials, Equipment, Subcontractors), you'll find dropdown menus on the summary sheet. Simply select the item you need from the dropdown, and the template will automatically pull in the corresponding unit rates and other pre-defined information from your databases. All you need to do is enter the quantity (e.g., hours worked, number of units).
4. Review and Adjust: As you select items and enter quantities, the template will automatically calculate the total costs for each category. Review these figures to ensure accuracy. You can even add markup's and profit based of the various categories.
5. Final Summary: The template will then generate a comprehensive overview of all your costs, including total labor, total materials, total equipment, total subcontractor costs, and any other expenses, providing a clear financial breakdown for your client.

Tips for Effective T&M Billing

• Be Detailed: The more information you provide, the clearer it will be for your client. Include specific tasks for labor and exact items for materials. You can use our free excel time and material template to keep your field team organized.
• Keep it Updated: As you work on the project, regularly update the template. This prevents last-minute scrambling and ensures accuracy.
• Communicate: If there are any significant changes or unexpected costs, communicate them with your client as soon as possible.

Why BenchMarx is a Better Solution Than Just a Template

While our free Excel Time & Material Billing Template is a fantastic starting point, it's just that – a starting point. For growing businesses and busy contractors, managing multiple projects, tracking expenses, and generating invoices can quickly become overwhelming. That's where BenchMarx comes in!

BenchMarx is a comprehensive field tracking and cost system designed to take the hassle out of your time and material work. Imagine:

• Automated T&M Tracking: No more manual entry! Track all your T&M tickets in a simple and easy-to-use app for your projects.

• Covert T&M Tickets into COR's: With the click of a button, you can batch-select multiple T&M Tickets and instantly price them into a Change Order Request.
• Professional Invoicing: Generate polished, detailed invoices with a few clicks, ready to send to your clients for approval.
• Real-time Project Overviews: See the financial health of all your projects at a glance on our custom project dashboards.
• Seamless Client Communication: Share updates and reports directly from the platform.

BenchMarx goes beyond a simple time and material cost summary by offering a robust solution that saves you time, reduces errors, and helps you focus on what you do best – your work! While our template is great for a single project, BenchMarx is built to scale with your business, providing you with the tools you need to manage all your time and material contracts efficiently.

Ready to upgrade from templates to a complete solution? Learn more about how BenchMarx can transform your business at https://www.benchmarx.io/time-and-material