Project Budget

Find out how the Budget in Forecast works

The Project Budget in Forecast is intelligently connected to make your job easier. Roles, team members, rate cards, and clients are all connected to give you the best possible estimations and budget for your projects.

There are two views available for the budget, Money and Time. Both showing the same thing, but from the perspective of either money or number of hours.

 

Layout

Chart: Track Money or Time

Transition seamlessly across Revenue, Cost, Profit & Time to track your project's budget. From both the Money and Time perspective, get a detailed understanding of where you stand regarding; Actuals, Plan, Remaining, Forecast and Actual/Forecast Variance to Plan.

Money

Chart BudgetChart Budget

Time

ezgif.com-gif-maker (5)

 

Choose to track at a holistic or granular view by alternating between the: Month, Week or Day view. As you alternate, the budget chart will adjust the level of granularity selected from the dropdown menu. 

Depending on the length of your project, the default view will alternate between the 3 views (day, week or month). For instance, if your project is 4 months long, and has been running for a week, the default view will be Days. As you project progresses, the default view will adjust depending on the level of progression. 

Granularity budget

 

Level of Detail 

Display as much or as little financial information as you want by clicking on the Eyecon. Choose to display things like Project Variances or choose to focus in on just Costs. 

Detail budget

Rates & Internal Cost

Conveniently view the Roles, Rates, Internal costs and Team Members associated to your budget. 

Rates

Expanding on Rates & Internal costs is only available for Admins. However, Controllers can now adjust rate cards without affecting any other projects or having to ask Admins to create new rates. 

Fixed Price & Budget Types


A fixed price agreement is a one sum contract where the service provided/project is completed within the agreed upon sum. This budget type is mainly used in cases where specifics, requirements and rates are predictable.

This type of project/budget is ideal for small projects, where the project scope is limited, the requirements and deadlines are clear. 

In Forecast effortlessly add or adjust a fixed price to your budget, after you have planned it out. You can opt to add in a fixed price, as displayed below by either entering a value in the Fixed Price field or alternatively add in a percentage markup. 

Fixed price2

Once you have determined the Fixed Price value of your project you can then choose to adjust your rate card or keep it as it is. Keep in mind that you cannot alter your fixed price if your budget type is Retainer. 

 

Adjusting the Rate Card associated to the project. In choosing to adjust your rate card, the system will provide you with a new set of rates across all of your roles that are derived from the Fixed Price associated to your project. This does not make changes to the actual rate card, it merely makes a copy that only affects the current project you are adjusting it for. You can also just keep the Rate Card as it is. 

adjusted rates

 

If needed, you can always switch back to the Original Rate Card at any time. 

 

ezgif.com-video-to-gif (2)

 

Actual Billability vs. Fixed Price

By adding a Fixed Price to your budget, you are changing the budget type of your project. When you do, you go from from having a Time & Material type budget to a Fixed Price budget type. This is reflected next to your budget chart. 

 

Time & Material 

In a time & material type project the purposes is to bill clients for the actual work scope based on the hourly rates of said work. Charge your clients for the amount of hours spent on a specific project, including the costs of materials. The advantage of a time and material type project/budget is the flexibility it brings in adjusting the requirements, shifts in direction, and feature replacement. 

This type is ideal for long term projects with dynamic requirements, where the scope is not entirely known.  

 

Screenshot 2019-10-14 at 15.44.47-01-1

When starting a project in Forecast, the time and material budget type is the default for all projects. If there are no dates established in the project, when accessing the budget page you will be prompted to add a date 

Screenshot 2019-10-29 at 09.02.52

 

Fixed Price 

v2-01

If you set your project as Non-Billable your budget will not display either one of these tables as you will only be tracking costs and time. 

Cost Rate Changes

From the budget you can opt to change the cost rate calculation of your project between: 

  • Calculating unassigned tasks using the average hourly cost rate of the team assigned to project. 
  • Calculating unassigned tasks using the average hourly cost rate of everyone in the company.
  • Setting a fixed hourly cost rate for unassigned task. 

cost rate changes

 

Project Totals: Money

Just underneath your Budget Chart are your Project Totals, which displays financial information that encompasses time entires, expenses and/or tasks that are only within the boundaries of the project.

This table aggregates your projects: Revenue, Cost and Profit each in their respective rows. Each total can be grouped into Actuals, Plan, Remaining, Forecast, Actual Variance to Plan and Forecast Variance. Each one of these can be added or removed depending on the level of granularity you wish to get. 

ezgif.com-gif-maker (1) 

Actual and Plan Calculations

Hovering your cursor over the information symbol displays the calculations.

calculations 1-01

 

Remaining and Forecast Calculations

Hovering your cursor over the information symbol displays the calculations.

remainng and forecast-01

 

Actual and Forecast Variance to Plan Calculations

Hovering your cursor over the information symbol displays the calculations.

VARIANCE2-01

Project Tables

Total Price of Work & Expenses 

ezgif.com-gif-maker (2)

Scrolling past project totals are the Project Tables, which display the financial information across your: Actuals, Plan, Remaining, Forecast, Actual Variance to Plan and the Forecast Variance to Plan - Each of which are grouped by Revenue, Cost and Profit.

All tables are expandable and when expanded break down the financial information by each: 

  • Milestone
  • Role 

The flexibility on the budgets granularity allows for project managers to display as much and as little financial data as needed, allowing to track your budget at a holistic or granular level. 

 

Just like in the chart section of the budget, you can choose to group the financial information either by months, weeks or days - depending on the current duration of your project. 

ezgif.com-gif-maker (3)

Work Details, Expense Details & Invoice Plan

You can also opt to view budgetary information separately and focus in on just: 

  • Work Details: which just displays the work and does not factor in billable expenses. 
  • Expense Details: which just displays the expense items. 
  • Invoice Plan: which just displays invoiced items 

ezgif.com-video-to-gif (3)-1

 

When selecting between one of these will also change the chart display as well. 

ezgif.com-gif-maker (4)

 

Project Totals: Time

You can easily switch from tracking Financials (Money) to tracking Time. Form the Time perspective in the budget, you can track all of your Forecast time against Actuals, Remaining, Planned, and Actual/Forecast variance to the plan. 

ezgif.com-gif-maker (6)

Project Tables: Time

Scrolling past project totals are the Project Tables, which display time across your: Actuals, Plan, Remaining, Forecast, Actual Variance to Plan and the Forecast Variance to Plan - Each of which are grouped by Revenue, Cost and Profit.

All tables are expandable and when expanded breakdown the financial information by each: 

  • Milestone
  • Role 

Tracking time is as easy and as detailed as tracking Money, the main difference here being that the calculations taken into account are represented as follows:

Actuals: all time entries 

Plan: all Forecast hours

Remaining: all remaining time

Forecast: Actuals + remaining time

Actual Variance to Plan: Actuals - Plan

ezgif.com-gif-maker (7)

Just like in the chart section of the budget, you can choose to group the financial information either by months, weeks or days - depending on the current duration of your project. 

 

Budget Warnings

If for any reason you were to have a mistake in your project or something was be missing, the budget will display the following warning, singling that your attention is required. 

Screenshot 2019-10-14 at 12.33.37

Click on the warning will detail what the issue is and will enable you make the the necessary adjustments without having to leave the budget page. 

ezgif.com-video-to-gif (5)

Budget Chart Display: Outside of Scope & Time Registrations

Scoping a task outside of the start and/or end date of a project would result in the chart displaying this as follows: 

Screenshot 2019-10-14 at 15.01.31

The same would apply if a team member would register time on the project/task before the start date or after the end date of the project. Or if an expense item has been logged outside the scope of the project as well. 

 

Changing the Budget Type

Even after a project budget type is determined you can change it by simply visiting the settings section of a project and scrolling down to Project Budget Type and click Change Budget Type and choose to change between:

  • Fixed Price
  • Time & Materials
  • Retainer 
  • Non-Billable 

ezgif.com-video-to-gif (4)