An Overview: Project Budgets

Project budgets enable you to rapidly budget a project by adding high-level hour estimates to roles.

Nicole avatar
Written by Nicole
Updated over a week ago

Your project's budget is a reflection of the roles you require to complete the project's scope, and the associated timings and charge out rates. It's an indication of how you are expecting to utilize your people and project funds over the course of the project. 

Runn's project budget feature enables you to rapidly budget a project by adding high-level hour or day estimates to the roles needed to complete the project. 

Runn calculates the revenue per role and the overall project revenue based on the charge-out rates you have set-up in your project’s rate card

Having a project budget will also help you to schedule and track your project and report on your project's progress. Once your project budget is saved, the budgeted hours and rates will show on the budget panel on the Projects Planner and you can use them to plan out and track your project. See Scheduling a project.

Creating a Project Budget

Go to Manage > Projects to manage your project budgets.

  1. Click Budget

  2. Choose your Pricing Model. The default is taken from the Billing Method you selected when you created your project.

  3. Choose your Rate Unit. The default unit is taken from the chosen rate card for the project.

  4. Enter an overall budget for your project.

  5. Select the allocations from the Allocation drop-down. The role's charge out rate will show on the right as a reference. The charge out comes from the rate card you have selected for the project. These are shown in the rate unit selected above.

  6. Change the Project Rate if the charge-out rate for a role differs from what is listed on the rate card.
    ⚠️ Any changes made are project-specific and do not affect the chosen rate card.

  7. Add your budget estimates using either Hour/Day or Financial estimates. Add your hour/day estimate for the role in the Hours or Days field. Add your Financial estimate for the role in the Budget field. You will see the subtotal for the role and the Total allocation update accordingly. 

  8. Click Save

Note: The roles and rates used in your project budget are based on the roles you have set up for your organisation and the rate card you have selected for your project.

Editing a Project Budget

You can edit your project budget at any time. 

  1. Click the Budget & Expenses button.

  2. Update the pricing model, rate unit, roles, rates, and/or budgets.

  3. Click the Save button.

Viewing a Project Budget

Once you have added a budget to a project, you can see how assignments will affect your financials and hours. 

You can view the budget from the project dashboard in either hours, days or financial.

On the Project Planner, the project will have a budget tracker bar. The bar will automatically update as you add assignments. This will indicate how many hours/$ you have available to "fill" from your budget as you plan out your project. 

Further reading 

For more information on how to create a project budget and schedule, read our blog post Building a budget and schedule for your project proposal.

Still have questions? We're happy to help! 

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