Hit peak profitability with project budgets

Keeping a close eye on project budgets is key. Without a solid handle on how things are progressing, issues can spiral fast and profits can take a hit. You can now set and track project budgets in Resource Guru, helping you monitor spend, spot issues early, and keep projects—and profitability—on course. 

Why project budgets matter

Monitor spend

You can approach these project budgets in two ways. 

You can either budget by fee, or by hours. Either way you always get a clear picture of how things are progressing. 

Tracking budgets by hours gives project managers—and others who allocate work to staff—clarity. It tells them whether they’re burning through too many or too few hours and when to adjust their approach

Tracking budgets by fee is crucial for anyone responsible for financial performance. This helps them make sure teams aren’t overspending and putting profit margins in jeopardy. It also lets them see which projects are most profitable, and pursue similar projects for a healthy impact on their bottom line. 

Spot issues early

Tracking budget also helps signal when you’re overservicing clients, or in danger of missing deadlines. Keeping a close eye on budget performance means you can act on issues before they become critical. 

That way, you can make the necessary adjustments before it ends up costing the business. And, you won’t waste time on end-game firefighting.

Keep projects on course

The beauty of having this kind of financial tracking under the same roof as your resource management is that you can action any issues you spot in an instant. Plus, you get to ditch error-prone financial spreadsheets and excess tools that overcomplicate the process. 

Whether you need to tackle availability, schedules, or find someone with a certain skillset, it’s all at your fingertips. That way, you can pivot faster than ever to keep things on-track and on-budget. 

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How project budgets work

You can get started with project budgets in a few simple steps: 

1. Create your project, add your team, and any applicable rates
2. Choose your budget type—by fee or by hours—and set the amount
3. Start scheduling people and resources as usual, and enjoy easier, more informative tracking

Once you’re set up, you’ll see the budget remaining for each project in the Projects and Clients section. This gives you a clear breakdown of performance across the board. 

And, you’ll see how reports have evolved off the back of project budgets. Now, as well as reporting on scheduled and actual hours, you can also compare total project budget and remaining budget across different time frames. Plus, you can export these reports to slice the data in any direction and find the exact insights you need. 

Check out our Help Center for full details on how you can make the most of project budgets.

What’s next on the agenda?

Head to our product portal to see what else is on our roadmap, vote for the features you’ll find most helpful, and submit new ideas.