Rate Seek allows you to seek the optimal Pay Rate or Charge/Bill Rate based on the Target % you are seeking to achieve.
Using the example below, the current Pay Rate is $20 and current Charge/Bill Rate is $28. There is also a Payroll Tax of 13.5% applied which is currently valued at $2.70 based on the current Pay Rate:
If you want to have Tracker seek the Charge/Bill Rate that would apply in order to achieve a target Actual Margin % of say 15%, you can use the Seek buttons located next to each of the 2 rates:
- Clicking the Seek button on Pay Rate will adjust the Pay Rate field until the Target Actual Margin % is acheived.
- Clicking the Seek button on Charge Rate will adjust the Charge Rate field until the Target Actual Margin % is acheived.
On clicking one of the Seek buttons, you will be asked to enter the Target Actual Margin %:
The current margin rate will be displayed allowing you to enter a new target %.
Once selected, click the Calculate button to seek the closest rate that can be applied in order to acheive the target margin %. Please note that due to rounding to the cent/penny, this might not be exactly the same as the target but will be the closest possible.
Clicking the Seek button for Charge Rate and entering a Target Actual Margin of 15% in this example, you can see this has adjusted the Charge Rate to $26.70 in order to acheive a 14.98% margin:
Adversely, if we has instead clicked the Seek button for Pay Rate and entering a Target Actual Margin of 15% in this example, you can see this has adjusted the Pay Rate to $20.98 in order to achieve a 14.96% margin:
