The budgeting feature will help you to monitor your team’s performance and properly analyze the task’s profitability on an ongoing basis. Task progress can be easily compared by generating the proper report or in the task’s single report view.
Budget is available only in Premium and Ultimate plans.
How to set a budget?
You can set different budgets for each project or task. There are 2 types of budget:
- Estimated hours
- Estimated fee
You can select the type of budget and define its value in the edit panel of each task.
Only users with a Project Manager role can assign a budget to the tasks they manage.
To assign a budget click on the task to open its edit panel. Next, find the Budget section. Enter a preferred value for “estimated hours” or “estimated fee“ and save changes.
Keep in mind that if you have subtasks added, time spent on them will count as estimated time. If subtasks have their own estimated time, those values will add to the parent task.
It is not possible to set a periodical (daily/weekly/monthly) or recurring budget to a task. If you'd like to assign a new budget periodically you can increase the current budget each time or simply clone the task and archive the previous one.
You can quickly compare tracked time with the budget by generating an Estimates report in the Reports section.
The other way to see a clear progress bar and the remaining time is by going to the task’s time report. To open it hover your mouse over a specific task and click on the Time report icon.
TimeCamp provides an option to notify users via email when the budget for their tasks is either exceeded or nearing exceeding (80% of the time is tracked).
To enable this notification click on your avatar n the upper-right corner and select the Profile Settings option. Scroll down and mark the checkbox next to the Alert when 80% and 100% of the budget is exceeded option, and save changes.
The Administartor of the account can enable this notification for users they manage. Navigate to the Users tab and click on the user from your team to open their profile settings.