Use project budgets to forecast and keep track of the financial outlook of your projects. Scoro compares budgeted data with real-time results, so you'll always have a clear overview of how well you're staying within the budget.
Note! The project budget feature is included starting from the Pro pan. To change your plan, go to Settings > Administration > Plan, add-ons and billing.
When creating a new project, you can choose if and what kind of budget to use. Fill in all project-related data and just tick the Compare budget estimates with actual results checkbox.
You have three options when creating a project budget:
- Compare actual results with quoted amounts. This means all actual income and cost is compared to the quoted amounts and cost.
- Use a simple budget. Fill in the estimated amounts for invoices, bills, and labor cost that are then compared to the actual income and cost. Use round numbers without decimal points.
- Create a detailed budget or several under the Budgets module and link them to the relevant project in the project modify view.
There are two autosuggest fields that you can use to link the relevant budgets to this project. The Income field shows only the budgets based on sales documents, the Cost field shows the budgets based on purchase documents.
When adding a new budget, fill in all relevant data like a title, input (what the actual results are compared to, e.g. invoices), period, etc. Pick Projects as the budget type (click Break down by) and select the relevant project from the autosuggest field. Or link the budget to the relevant project from the Actual results project filter. Read more about creating a budget.
The project budget table gives a quick overview of the project's financial outlook. Here, both estimated income and cost are taken into account when comparing the project-related budgets to actual results.
If you are using labor cost, the table will show both labor cost and bills under cost, otherwise, the cost is calculated based on bills.
With detailed budgets, you can get to the relevant budgets by clicking on either Invoices (to the income budget) or Bills (to the cost budget).
The Difference numbers are displayed in green if they are positive – you are earning more than spending. If you are losing money, the numbers are displayed in red.