Freelancer Cost Management
Prepared By: [Your Name]
1. Project Overview
2. Freelancer Roles and Responsibilities:
Web Developer (Hourly): Responsible for coding, testing, and implementing website functionality.
Graphic Designer (Fixed Price): Responsible for creating website layout, icons, and graphic assets.
Content Writer (Fixed Price): Responsible for writing website copy and blog posts.
3. Freelancer Cost Breakdown:
Freelancer Role | Payment Structure | Rate/Cost | Estimated Time | Total Cost |
|---|
Web Developer | Hourly | $50/hour | 120 hours | $6,000 |
Graphic Designer | Fixed Price | $2,000 | N/A | $2,000 |
Content Writer | Fixed Price | $1,000 | N/A | $1,000 |
Total Estimated Cost | | | | $9,000 |
4. Cost Management Plan:
Budget Allocation:
Web Developer: 60% of the total budget
Graphic Designer: 20% of the total budget
Content Writer: 10% of the total budget
Miscellaneous & Contingencies: 10% of the total budget
Milestone Payments:
Web Developer:
1st Payment: 30% upon completion of initial setup ($1,800)
2nd Payment: 30% upon beta testing ($1,800)
3rd Payment: 40% upon project completion ($2,400)
Graphic Designer:
Content Writer:
5. Cost Tracking and Monitoring:
Use a project management tool (e.g., Asana, Trello, or Monday.com) to track the work progress and payments to freelancers.
Track freelancer hours using time-tracking software (e.g., Toggl or Harvest) for the web developer.
Regularly compare the actual expenses to the budget and adjust as necessary.
6. Adjusting for Unexpected Costs:
Keep a contingency fund of 10% ($1,000) in case of scope changes or additional work.
For any new work requests or additional revisions, discuss and agree on costs before proceeding.
7. Freelancer Communication:
8. Invoices and Payments:
Ensure that freelancers submit detailed invoices outlining hours worked (for hourly freelancers) and work completed (for fixed-price freelancers).
Review the invoices for accuracy before processing payments to ensure alignment with the agreed budget.
9. Final Review and Closeout:
After the project is completed, perform a final review to ensure all deliverables meet the project specifications.
Assess the overall project costs and compare them to the original budget to evaluate performance.
Make the final payments and close out any open invoices.
Tools for Freelancer Cost Management:
Budgeting Software: Excel, Google Sheets, or specialized software like QuickBooks
Time Tracking: Toggl, Harvest, Clockify
Project Management: Trello, Asana, Monday.com
Invoice Management: FreshBooks, Zoho Invoice
Budget Templates @ Template.net
