Project Budgets: Track and Manage Your Projects By Fee or Hour

Please note: Adding Budgets is only available on the Blackbelt or Master plan. Grasshopper subscribers can easily upgrade by following this walkthrough.

Managing project budgets is essential to ensure you're staying on track financially. With Project Budgets, you can easily set, track, and manage your project budgets directly within Resource Guru, eliminating the need for spreadsheets, multiple tools, or inefficient workarounds.

• Set and track project budgets by fee or by hours.

• Monitor progress in real time with data from scheduling and timesheets.

• Plan confidently alongside resource management with budget visibility guiding decisions and preventing overruns.

1. Head to the Projects & Clients section

2. Select the project for which you'd like to set a budget or create a new project.

3. Click on Budget in the top menu. 

4. Enter your desired project budget. You’ll have two options: 

   1. Budget by Fee: Set a total monetary amount (e.g., a flat project fee).

   2. Budget by Hours: Set a budget based on the estimated number of hours that are needed to complete the project.

You’ll see the option to track the value of time of your team using billable rates, whether you’ve set a budget or not. In the Rates & budgets settings you can also change the currency your budget uses.

After setting budgets based on hours or fees, they will appear in the Projects & Clients section. The Remaining column shows how much budget you have left, based on actual hours (if  Timesheets are in use) or scheduled hours (if not), up until today. 

Once your budget is set, you can easily track it in the Reports section.

1. Navigate to Reports > Projects.

2. Locate the Budget column to see the total budgeted hours and remaining hours over the entire project.

3. Select the individual project for more detailed tracking, including time spent by each resource and remaining time you can allocate.

Once your budget is set, you can easily track it in the Reports section. 

1. Navigate to Reports > Projects.

2. Locate the Budget column to see the total budgeted amount and remaining amount over the entire project.

3. Select the individual project for more detailed tracking, including budget spent by each resource and what budget is remaining.

To get the most out of Project Budgets, we recommend the following:

• Set realistic budgets: Use historical project data and input from your team to set achievable budgets.

• Collaborate with your team: Ensure everyone is aligned on the budget and communicate any changes as needed.

• Monitor regularly: Check your budget's progress in Reports throughout the project to avoid surprises at the end.

Check out the video here!

Adding Teams to Projects
Creating Projects and Clients
Adding Rates to People and Resources