A budget is financial part of a project.

It is a place where you define what services you offer to a client and for what price.

People working on a project track their time against services defined in a budget.

You add discounts and track expenses you might have on a project (you hired a contractor, bought licenses or storage space).

Once a budget is closed, you create invoices and send them to a client.

Once you have all this financial data in place, a budget gives you an insight into:

  • how many hours were spent
  • how many hours were estimated
  • how many hours were billable
  • what's the revenue
  • how much cost has occured
  • what does the profit look like

If you take a look at a Financials tab in a project, where you have a list of all the budgets for this project, you can see a financial summary for open (budgets you're still working on) and delivered (the work is done and can be invoiced) budgets.

  • total revenue
  • total profit
  • profit margin
  • total time people tracked on the budget
  • total billable time
  • average rate
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