What is Costlocker and who is it for
What is Costlocker
Costlocker is a sophisticated tool for time tracking and profitability analysis that helps business owners understand which projects, clients, and services are most profitable.
Unlike tools primarily designed for time tracking, Costlocker is mainly designed as a profitability assessment tool. We don't strive to be the best time tracker on the market, but the best tool for tracking profitability.
Who is Costlocker for
Costlocker is ideal for a various industries, including consultants, creative agencies, design teams, financial advisors and accountants, lawyers and attorneys, software and IT companies, and architects.
The most typical Costlocker customer is a marketing agency owner, where employees and contractors track their time using Costlocker, and the owner has access to detailed profitability reports for their company.
Main Features of Costlocker
Time and Profitability Tracking: Costlocker provides detailed financial insights into the company's operations, allowing you to track time spent on projects, the profitability of individual projects, clients, and employee efficiency.
Financial Analysis and Reports: With Costlocker, you can answer important business questions, such as:
Which client is the most profitable for you?
Which of your employees earned their salary and who didn’t?
How much money costs you to care for individual clients (non-billable time)?
Which types of projects generate the highest revenue or profit?
How much money will you bill in the coming months (cash flow forecast)?
Whether the costs of lost tenders are covered by the profits from won tenders?
Resource Overview and Planning: Enables efficient resource planning and project management, leading to better time utilization and higher profitability.
Why Companies Use Costlocker
Companies often switch to Costlocker for the following reasons:
Complications with Existing Tools:
Excel/Google Sheets: These tools can be cumbersome and prone to errors. Employees can accidentally modify or delete important data, and setting the correct permissions is challenging.
Toggl: Great for time tracking, but insufficient for comprehensive profitability analysis. It lacks the ability to provide deeper financial insights that are essential for agencies.
Missing Integration: The combination of spreadsheets and Toggl leads to a lack of integration, resulting in a lot of manual work and inefficiency.
"Epiphany" with Costlocker: The main reason for the switch is the ability to see detailed profitability reports. This "aha" moment is often what convinces customers.
Growth and Need for Professionalisation: Agencies often start looking for a new solution like Costlocker when they experience growth and need to professionalize their processes and tame the chaos.
Better Decision Making: Costlocker helps companies make informed business decisions by providing a clear overview of project status and client profitability.
These insights are based on a set of customer interviews conducted in 2024.
Pricing and Availability
You can try Costlocker for free for 30 days. After 30 days from registration, the monthly subscription is $12 per user when subscribed annually. The price is higher for a monthly subscription. More information can be found on our pricing page.
Conclusion
Costlocker is a powerful tool for time and profitability tracking that helps agencies effectively manage their projects, optimize financial health, and achieve sustainable growth. Its user-friendly interface and extensive integration options make it an ideal choice for companies that want to have a detailed overview of their finances and streamline their operations.
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