Historical Rate Tracking
When hourly rates change, every past report automatically uses the rate that was active at the time. No manual corrections. No retroactive errors.
How historical rate tracking works
Period-bound rates
Each rate is valid for a specific time period. Sandtime.io always uses the rate that was active when the hours were worked.
Rate change history
The full history of rate changes per member and per project is stored and accessible at any time.
Accurate past reports
Re-run any historical report and get correct cost and revenue figures - not today’s rates applied to past work.
Raise-safe rate updates
Update a team member’s rate when they get a raise without affecting any previous reports or invoices.
Mid-project renegotiations
Update a project’s billing rate mid-engagement. Both periods - before and after the change - are reported correctly.
Finance audit trail
Every rate and its effective date is stored for compliance, finance review, and audit purposes.
Who uses historical rate tracking
- Agencies with annual rate reviews who re-run reports from prior years
- Consultants who renegotiated a client rate partway through a project
- HR teams managing employee cost basis changes as compensation changes over time
- Finance audits that require accurate period-by-period labor cost data
Historical rate questions
What is a historical rate?
A rate with the period it applied to. A rate that changed in March does not rewrite what February’s work was worth, because each entry is valued at the rate in force when it happened.
Why does this matter for invoicing?
Because a restated past period changes numbers a client has already been invoiced for. Keeping the rate with its dates means an old report still reconciles with the invoice it produced.
Can I schedule a rate change in advance?
Rates carry a start and an end, so a change can be recorded with the date it takes effect rather than applied by hand on the day.
What stops two rates covering the same day?
Overlapping periods are rejected when rates are saved, so a single day cannot resolve to two different rates.
Keep your historical reports accurate
Free for unlimited users. No credit card required.