What is a budget in Everhour
Our budgets are an amount of time or a sum of money you want to spend on your projects or clients.
There are many reasons why this is convenient to budget your work.
You can track the progress of your team much easier. If you agree internally on time to dedicate to a project, you know for sure how to measure the work done and when to deliver the result. In other cases, a team has an agreement with a client, and budgets help to understand how much you should work, what is the cost, when the work should be completed.
You can see how things are going, whether you should speed up or slow down, report to a client about a milestone completion or ask to give more time, etc. In a word, it helps to plan your project work.
We have two ways to represent your budget: in a form of time and in a form of money. When a team starts tracking time, we update budget progress. If you reached your budget, the progress line becomes red.
It's simple with time, but you need to set up hourly project/member rates first when your budget is money. We show progress as time multiplied by hourly rates.
Fixed fee billing
If your team works with a client retainer or a flat deposit you were paid upfront, it becomes extremely important to keep on tracking your progress not only in terms of hours but in terms of money against your fixed retainer/deposit as well. In this case, you only need to set up your retainer as a Billing fixed fee and then Budget by any of project/member rates or member hourly costs.
You can have an overall budget with an option to start it from a specific date. The progress shows the whole period when the time was reported into a project.
Budget can be also reset daily, weekly and monthly. This is useful in a situation when you agreed with a client to spend a certain amount of time on a project for one of these periods. We set the progress to zero when a new period starts.
We can notify team admins when a team reaches a certain threshold working on a budget. The size of a threshold is set up the same for everybody and we send an email when it is reached. When you don't want to receive these notifications, turn them off here.
You can also set a limit to track time over the budget. It sends a browser notification for a user who tries to track time above the budget.
Another options are: to exclude time of non-billable tasks from a budget (applies by default to a money budget), exclude expenses (available only if a budget is in money), show budget to non-admins, start an overall budget from a specific date.
Where budgets are used
You can add a budget for any project that you see on your Project page, both from integration and created internally.
You can create a budget for the client that you have, it will be applied to all projects where a team tracks time. This is important to know that we do not connect a client and a project budget. I.e. you can set a client budget as 50 hours and create a budget of 100 hours for one of the client projects.
You can also see budgets in reports, specifically the budget, period, spent and remained time as a number and percentage.
Who can see budgets
Only users with an owner and admin role can create, see budgets and receive notifications about reached thresholds or limit tracking over the budget. Members and supervisors can't do it. You can check your role by going to your profile. Admins can share a budget with other team members by checking a special option.
Non-billable time and expenses in budgets
If you have a billable project with non-billable tasks, you can exclude this time from influencing your budget progress. We do it by default when a budget is set up as money, and if this is time, you can check this option.
If you have expenses linked to a billable project, we count them in the money budget progress too. Admins can exclude them.
The dashboard with budgets
Admins can analyze all budgets at a glance by opening the Projects page and going to the Dashboard tab. The budget view displays what your team spent from a project budget and what remained from it.
It has two views: Budget and Balance. Budget shows you how many hours or money is spent and what remains. Balance shows the billable amount and cost of the project time for the selected period, together with the total spent time. We also calculate the profit under the balance column.
What you can't do with a budget
There are some things that you can't do with our budgets:
- We can't have a budget of both time and money;
- We don't save the historical budget. If you have 100h this month and change it to 200h next month, we don't save the previous value anywhere;
- We don't have a project budget for a member, it applies to a total reported time.