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 add a budget to a project by going to Projects if you have an admin role in your Everhour team.
Additionally, you can add budgets directly in some of the project management tools we integrate with. Please read an article about your tool to find out if this is possible. When a team starts tracking time, we update budget progress. If you reached your budget, the progress line becomes red.
We have two ways to represent your budget: in a form of time and in a form of money. It's simple with time, but you need to make a project billable first when your budget is money. We show progress as time multiplied by hourly rates.
Budget period: hourly and fixed fee
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.
The 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. This is possible to choose a custom date for your retainer.
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.
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 off them 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.
The dashboard with budgets
Admins can analyze all project budgets at a glance by going to the Reports page. First goes the Projects budget dashboard: it shows you how many hours or money is spent and what remains. We round it to an hour on this page.
The second dashboard is called Projects costing: it shows the billable amount and labor cost of the project time for the selected period, together with the total spent time. We also calculate the profit as a difference between 2 two columns.
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.