Project budgets

Monitoring the budget of a project is very important and should be front of mind for Project Managers. Projectworks helps with that with a page dedicated to the budget of your project. In fact, this screen is so important, it's the default screen for a project.

This first version of the screen focuses on the total budget for your project - a rollup of all project modules (or budget items). As well as letting you know the current state of your budget it also shows your predicted "at completion" position by using a combination of actuals (timesheet and invoices) and projections (resourcing and forecasting).

Total Budget

The left hand side of the screen is all about the total budget. As well as making it clear what the total budget of your project is, it also shows you the remaining budget, as the unworked or uninvoiced amounts

Total Budget
  • The sum of the budget of all modules (active and inactive)
  • Includes services and non services budgets
Unworked Budget
  • The Total Budget less the Total Worked (timesheet entries)
  • If the work effort exceeds the budget, the unworked budget will be $0
  • Note: Only services budgets are used in the calculation of unworked budget
Uninvoiced Budget
  • The Total Budget less the Total Invoiced (services and non services)
  • If the total invoiced exceeds the budget, the uninvoiced budget will be $0

"At completion" projections

Sometimes you focus so much on what is happening "right now" that you can lose track of where your project may end up financially. That's where the "at completion" projections come in. Using a combination of actuals (timesheet data and invoices) and predictions (resourcing and forecasts) it is easy to see where you project is going to end up.

Projected effort at completion
  • Actual worked to date (timesheet entries) plus the value of all remaining resourcing
Projected revenue at completion
  • Actual revenue invoiced plus future forecasts (services and non services)
Revenue vs Budget
  • Using a combination of invoices and future revenue forecasts you can compare your projected revenue against the budget: 
    • over budget (revenue exceeds budget) 
    • under budget (revenue is less than budget) or on budget.
    • matches budget (revenue equals budget)
Work effort vs Revenue
  • This one doesn't take into account the budget, but focuses on comparing the value of effort (worked + resourced) against the revenue (invoiced + forecasts): 
    • invoicing more than worked (you're revenue is predicted to be more than the value you are working) 
    • invoicing less than worked (you're not getting paid for all your effort - an over run situation) 
    • invoicing
  • Note: Only services budgets is included in this calculation 

The Current month

Generally speaking the majority of projects operate on a monthly billing cycle. Just like on the resourcing and forecasting screen of a project, the budget screen also keeps track of where the current month is going to land.

Projected effort this month
  • Actual worked to date for the month (timesheet entries) plus the value of remaining resourcing for the month
  • Note: If a week spans a month the value of resourcing for that week is pro-rated

Forecast to invoice this month
  • The total forecast to be invoiced for the current month (all modules, services and non services revenue)