A budget is a comprehensive outline of revenue, profit, cost and other key financial metrics of your project. It is where you define which services you offer to a client and at which rate/price - your team can then track their time against those services, and add discounts and log expenses (eg. if you hired a contractor, bought licenses or paid for catering).
The list of all of your budgets can be found in Financials → Budgets.
However, if you are looking for budgets tied to one of your projects, and you don't want to search for it here, there is a dedicated place for these within a project - just go to Project management → Projects → Your project → Budgets tab.
Create multiple budgets
A project can have more than one budget. For example, you could build a website in several phases (design, development, maintenance...) and have a budget dedicated to each of those phases.
This gives you a lot of flexibility when it comes to covering specific use cases and tackling complex, multi-phase projects.
Budget <> Invoice
The budget is also used to generate invoices. The data you see on the invoice is automatically populated based on what is set and spent in the budget. With that being said, the invoice can't be created without the budget.
Also, considering that there is a connection between the budget and the invoice, you'll be informed about how much you've invoiced and what is left to invoice at all times, which will allow you to manage your finances in a more efficient way, without needing to manually enter the budget and check the invoiced amount.
When there is a budget that needs invoicing, you'll be warned!
Once your budget is all set and you've started using it (logging expenses, tracking time, creating bookings, and so on), you can get an insight into:
Time spent working on a budget (Worked time)
Time estimated for work (Estimated time)
Time worked (tracked time) that you'll bill to your client (Billable time)
Total revenue (Revenue)
Total cost (from expenses and time entries) (Cost)
Total profit left after cost of hours and out-of-pocket expenses (Current profit)
Profit margin - Current profit/Revenue * 100 (Margin %)
and so on.