Visual Budget Tracking
It’s now possible to set three different types of budgets for customers, projects, or tasks in actiTIME:
- The cost budget is the amount of money you expect to spend on work, and it’s calculated based on your employees’ hourly rates.
- The billing budget indicates the amount of money your client has agreed to pay for the project – exceeding this budget entails disputes over the price of your work.
- The time budget is about allocating a specific number of hours for work, which encourages efficiency and helps to stick to deadlines without burnout.
You can set as many budgets as you need for the same or different periods of time. Then, you can easily track your costs, time usage, and revenues via visual progress bars associated with each of the created budgets.
You have the option to view your progress for the entire budget period as a summary or break it down by days:
In case your plans change, you can delete or edit the created budgets, altering their periods or the set spending limits/revenue goals.
You can manage cost budgets only if the User Rates & Cost of Work Report is enabled in your actiTIME account. To manage billing budgets, make sure to activate the Hourly Billing Rates, Invoices & P/L Report.
Besides, to manage time budgets, you need the Manage Scope of Work permission, and to manage all three types of budgets, make sure you have the Manage Billing Data permission.
For more information on how to track budgets in actiTIME, feel free to check out this post.