Types of projects in Paymo

When creating or editing a project, you get to decide between Time & Materials Projects, Flat Rate Projects, or Non Billable Projects. 

Time & Materials Projects 

They are useful when you wish to see how much time you spend on a specific project and want to invoice based on that worked time. When creating a time and materials project you get to decide the billing priority and select between user hourly rate, task rate, project rate, or company rate.

Time and materials projects can have time-based, flat rate, or non-billable tasks.

NOTE: Free accounts don't have the option to select user hourly rates.

Flat Rate Projects  

Choose this option when you and the client agree from the start on a project price that won't be influenced by how much time you work on the project or tasks. You can still track time for the project to see how much it took you to complete it, but that won’t affect the billing.

Flat rate projects can only have non-billable tasks.

NOTE: If you switch from a flat-rate project to a time and materials project, the tasks will default to non-billable, unless you change them manually in the Tasks section.

Retainer projects

Retainer projects are usually used for work done over a longer period of time, a couple of months and even years. And it has a monthly price associated with it that will reserve your services for a period at that rate. They're used by agencies, law firms and other companies that would benefit from this billing method.

You can learn more about them here.

Non Billable Projects  

Non-billable projects are usually designed for internal use or for work that you don’t want to charge for, but still want to keep track of how much time it took you to get it done.

Non-billable projects can only have non-billable tasks.