Achieve Full Financial Control by Tracking Both Cost Budget and Budgeted Hours

Achieve Full Financial Control by Tracking Both Cost Budget and Budgeted Hours

Zoho Projects now supports tracking budget with both Cost Budget and Budgeted Hours simultaneously across all modules (Based on Project, Phase, Task, or User).

Why Track Both?

Tracking both cost budget and budgeted hours provides a more holistic view of the project's financial health. While the cost budget focuses on the total expenditure, budgeted hours offer insights into the time required to complete the project. This approach allows users to:
  • identify potential cost overruns early when budgeted hours or budget costs are exceeded.
  • optimize resource allocation by comparing actual hours spent to budgeted hours.
  • improve project forecasting by accurate tracking of both cost and time.
 
For example, Zylker Constructions is managing a construction project with multiple phases including Foundation phase and would want to track the budget Based on Phase to ensure successful project completion.

To do so,
  • Set the Budget Type as Based on Phase when creating or editing a project.
  • Set the Cost Budget to $10,000 and Budgeted Hours to 500 hours for the Foundation phase when creating or editing a phase.
 

If the Foundation phase takes 550 hours instead of the planned 500 hours during the phase, the project manager can view this overrun from the project details page or the phase details page. This indicates that the phase is exceeding the Budgeted Hours.

The project manager can then decide whether to adjust the pace or allocate additional resources, potentially impacting overall costs.
 The Budgeted Hours and Cost Budget fields are optional. Leave them blank if you choose not to track the budget in either way.

Learn more about setting a budget for the project.

If you have any questions, do leave a comment below or mail to us at support@zohoprojects.com.
    • Sticky Posts

    • Rename Task Module To Suit Your Project

      Task Module in Zoho Projects gives a comprehensive view of all the action items, known as Tasks, across all projects. However, different industries may use alternative terminology for similar processes, which might not always be recognised when labelled
    • Project Billing with the Staff Hours Method in Zoho Projects

      The Staff Hours Billing Method in Zoho Projects allows you to bill your clients based on the actual time spent by each team member on a project, at the rate set for each user. This is useful for projects where different skill sets are needed and service
    • Achieve Full Financial Control by Tracking Both Cost Budget and Budgeted Hours

      Zoho Projects now supports tracking budget with both Cost Budget and Budgeted Hours simultaneously across all modules (Based on Project, Phase, Task, or User). Why Track Both? Tracking both cost budget and budgeted hours provides a more holistic view
    • 🎉 Celebrate Zoho Projects’ 18th Birthday with Us! 🎉

      Hello Zoho Projects Community, We’re thrilled to announce that Zoho Projects is turning 18 today! To mark this milestone, we’re hosting a special AMA (Ask Me Anything) event starting at 3 PM IST today and running until 3 PM IST tomorrow. This is your
    • Zoho Projects Roadshow, USA - 2024

      Dear Users, We are happy to announce the Zoho Projects Roadshows 2024 in USA. This is an excellent opportunity to learn more about Zoho Projects and gain in-depth knowledge of the advanced features. Our team will also discuss industry specific solutions