Glossary
Key terms for service business finance.
Clear definitions of the financial and operational concepts that matter most when running client projects: billing rates, project budgets, billable hours, and profitability.
Glossary entries
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Glossary
Hourly Rate
An hourly rate is the amount charged to a client per hour of work performed. For service businesses, it is the primary m…
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Project Budget
A project budget is the financial plan for a client engagement, defining how much revenue is expected, what the work is …
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Billable Hours
Billable hours are hours of work performed for a client that can be charged to them under the terms of the engagement. N…
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Project Profitability
Project profitability is the measure of how much a specific client engagement earns after all direct costs are accounted…
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