Managing project finances effectively is crucial for project success. Invoice Crowd's Project Budget Management feature helps you track and control project costs, revenue, and billable hours all in one place.
With this feature, you can:
- Track project costs and revenue.
- Monitor billable and non-billable hours.
- Generate financial reports.
- Set budget alerts to prevent overruns.
Steps to Set Up Project Budgets
1. Access Budget Settings
- Navigate to Worklog → Projects.
- Select the project you want to manage.
- Click on the Budget tab.
2. Configure Cost Settings
Choose your preferred billing method and configure cost settings:
a. Fixed Cost Projects
- Set a single fixed price for the entire project.
- Define profit margins.
- Track payments automatically.
b. Project Hours Based
- Set an hourly rate for the entire project.
- The system tracks time automatically and provides real-time cost calculations.
c. Task Hours Based
- Assign different rates for individual tasks.
- Track task-specific costs and monitor task completion costs.
d. Staff Hours Based
- Set individual rates for each team member.
- Track costs specific to each staff member and monitor team cost distribution.
3. Set Hours Budget
Choose a method to track and allocate time for the project:
a. Total Project Hours
- Set an overall time budget for the project.
- Monitor total hours used and track remaining hours.
b. Hours Per Task
- Allocate time to specific tasks.
- Track task completion time and monitor task efficiency.
c. Hours Per Team Member
- Assign time budgets to individual team members.
- Track member utilization and monitor team capacity.
4. Monitor Budget Usage
Invoice Crowd provides tools to track your project’s finances in real time:
- Real-Time Budget Updates: View the current budget utilization status.
- Cost vs. Budget Comparisons: Compare actual costs with budgeted amounts.
- Revenue Tracking: Monitor income against project costs.
- Time Utilization Reports: Analyze how time is being allocated and spent across the project.