What is the Difference Between Pay Rate and Bill Rate?

The use case of Pay Rate and Bill Rate is different.

Pay Rate: The pay rate is used to manage your employees' payroll. You can set hourly pay rates for each of your employees.

Bill Rate: The bill rate is used for client invoicing. If any of your employees work on an hourly basis for a client, you can set a bill rate to charge the client for that employee's time.