Product Update: Budget and Cost for Project

Hello, Orangescrum’ers! It’s update time! Now get a clear picture of your project cost within Orangescrum.

With this release, project managers can view project budgets and costs for all your projects. Not only this, but also you can define a role-based hourly rate for your resources.

We are committed to making our product more valuable to customers.

At Orangescrum, we always want to provide the best solution for our customers, so we have created the solution you want to ensure your successful support for the product.

We sincerely thank everyone who contributed by presenting and sharing their views before developing this feature.

Expressing the core values with more clarity and simplicity are the keys to our success.

Recently, we released the Guest user, Custom fields, Timesheet update, Resource Skill Set, and this time we are back with “Budget & Cost”.

What’s New: Budget and Cost

Orangescrum’s Budgeting feature gives a clear picture of whether you’re completing your projects within the budget and how much you’re making profits for your projects.

It includes

  • Setting up the budget for the project
  • Define the approved cost
  • Define hourly rate

Add Budget Cost
The Benefits of Budget and Cost

Budget and Cost give you access to important metrics that are not accessible in traditional project management tools.

This is essential for any company looking to increase the efficiency of their workflow and ensuring they’re getting maximum ROI on their projects.

Budget and Cost also allow you to forecast your project’s profitability, which will make it easier to make the right business decisions.

  • It helps us to specify the cost and keep transparency.
  • It makes the projects’ profitability starting from the planning phase and through the execution.

How to Define Budget and Cost in Orangescrum:

Cost management is a discipline that evaluates the cost of delivering on the product promises made to customers and communicates this information to various stakeholders.

To define the budget & cost the user needs to add the cost value at the time of creating a new project.

  • Click on the create project
  • Scroll down and put the Budget amount
  • Default hourly rate
  • Cost Approve value

User Note

Default hourly rate: When a resource will log to the same project or associated task, the Default hourly rate will be added to the billing.

Cost Approve value: If you’re working on a fixed bid project then you can mention the cost approved, so you can know what is the profit when your project gets over.

Add Role-Based Billing Rate

You can define the role-based billing rate for different resources for any project. To make this setup, go to the “Project Setting” and click on “Cost Setting”.

Cost Setting

You can select the user role and then define the cost to company, the cost to client.

Add Role-Based Billing Rate

User Note:

Cost to Company: How much you’re paying to your resources in hourly rate

Cost to the client: How much you’re billing or charging your customer in the hourly rate

Budget & Cost Report

When the resources start log time or submit the timesheet with billable hours, the cost value will be added to the Project cost report.

You can find two cost reports within Orangescrum. Project Cost Report and Resource Cost Report.

Project Cost Report –  You can find the project cost report on your organizational dashboard page and in-side any individual project overview page. In Dashboard, you can find the Budget & Cost report (that includes Approved Cost, Cost to Client, and Cost to Company) of all projects under your organization.

On the Project Overview page, you can find the Budget & Report for that particular project.

Project Cost Report - Project Overview Page

Resource Cost Report –  As like Project Cost Report, you can find the Resource Cost Report at on your organizational dashboard page and in-side any individual project overview page.

In Dashboard, you can find the Resource Cost Report for your all projects that includes the value of Resource-wise billable hours, Hourly Rate for Company, Cost to Company, Hourly Rate for Clients, and Cost to Client reports for each project.

Resource Cost Report - Dashboard

On Project Overview Page,  you can find the Resource Cost Report for that particular project. The reporting value includes Resource Name, Billable Hours, Hourly Rate for Company, Cost to Company, Hourly Rate for Clients, and Cost to Client.

Resource Cost Report - Project Overview Page

User Note

Users can export this report as well. The report can be export in CSV.

Coming Soon

The “Profitability Report” would be the next release for our users.

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This report will show you how much you have spent vs how much you billed, by this comparison we will show the profitable report for each and every project.

Takeaways:

Budget and Cost provides a way to forecast finances, track project performance, and identify savings opportunities.

You can’t keep a project on track without knowing your costs and the cost of materials. Budget and Cost is the only tool that gives you this information in one place.

Please let us know if we can assist you in your mission to successfully deploy Orangescrum in your company.

To manage your project budget & cost

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