Moving from hourly rate to day rate

[OrlandoTheMarmaladeCat]

What do I need to consider when moving from an hourly rate to a daily rate? Is it simply a case of hourly rate x 7? Any other implications? I get that I will be absorbing any 'overtime' but equally there will be quieter days. Do you charge half days? I want to move to monthly invoicing as well as doing it weekly is almost a job in itself so I reckoned this might simplify my life!

Any advice gladly received :)

[BritInUS1]

How many hours do they expect you to work a day? 7/8?

Why can't you claim overtime - if it goes over you just go onto an hourly rate

[OrlandoTheMarmaladeCat]

I normally work anywhere between 5-10 hours pd and usually 4 or 5 days a week. I wouldn't expect to charge overtime as a contractor?

[GrumpyOldBag]

Yup - hourly rate x 7.

No overtime.

I sometimes have days where I need to travel where I may be out from 8 am to 10 pm, but still charge for one day - after all if I was an employee I would not be paid 'overtime' in those circumstances (professional job).

I also charge for half days, and invoice monthly with 30 day terms as I find it simpler.

[OrlandoTheMarmaladeCat]

Thanks very much GOB (love the username by the way, think it describes me to a T!) I'm slightly confused as to how you distinguish between a half day and a full one? Is it literally anything under 3.5 is a half day and above is full?

[GrumpyOldBag]

No, I count hours as well. Depends if I'm working for a retainer or not. But let's say i'm not and I do 1.5 hours on Monday, 1 hour on Tuesday and 1.5 hours on Thursday I'd charge 1/2 a day for that week. Round up or down depending what makes the most sense.

I use Toggl to track time, but there are other apps out there.

[OrlandoTheMarmaladeCat]

Got you, thanks v much. I track my hours manually and have done for years but maybe with a change to daily rates I need to think about using an app. Will investigate shortly.

[crazywriter]

I can't help with the daily rate as I charge per project. BUT just wanted to say I second Toggl for tracking your hours. I use it personally to make sure I work more than I procrastinate :)