[Status: Launched! 🚀] Budget calculation by hourly cost rate
I am missing some calculation functionalities in your software. Would be great to add the hourly cost rate for each person. In our company the rate is different for each type of task. (Photography, graphic design, marketing task etc.). Maybe this rate could be added to ones profile which is then connected to the time spent and a sum is calculated.
An idea for overall calculation is to create a clean calculation custom field, which makes it possible to enter calculation code and make it possible to reference to other fields/custom fields.
We are using another project management software at the moment, but are looking for a new one. We are very much interested in Wrike, as it is more dynamic. However, I am missing the calculation possibilities and more automated workflows where you create your own set of rules.
Our team have been working on a feature to set up rates for users and job roles so that you can track project accounting data to view, track, and forecast projects' cost and revenue. It's now open for Beta signup.
If this sounds interesting to you, please head over to the following thread and leave comments there.
Pernille, thank you for posting this suggestion in the Product Feedback section! I appreciate the details you provided, this is really helpful for our Product Team. I'll make sure to direct other users who support this idea here :)
I would welcome this. To get a real cost comparison against time budgeted for and the actual timings of a project we need to be able to charge time at different rates depending on the level of the staff member and what is considered to be their hourly rate.
We need this as well. In the table view we keep track of "Actual Time" logged using the time tracking feature. If every person could have their billable rate in their profile, then the system could automatically generate a column for "Actual Budget Spent" that is a simple multiplication of their time entry and their billable rate, summed up with everyone who logged time on the task.
Project management has three factors: Time, Budget, and Scope. Wrike is allowing us to easily keep track of two of the three. To be a true project management tool, at a glance budgets are key (planned vs. actual).
YES! Keeley stated it perfectly! I agree 100%, this is a critical feature for us too and we're having to do Excel reports to get the data now, very cumbersome.
Hi everyone, thanks for all of your comments here! Our Product Team is researching ways of improving the budgeting and billing experience in Wrike, and the discussions here really help us learn about the functionality different teams could benefit from. Thank you again for taking the time to share your thoughts about this!
This would be of great value to our team. Thank you for researching this. From our perspective it would be great to have an hourly rate attached to each team member and then be able to compare the allocated hours and actual hours tracked by each individual and then summarize that at a project level to track the actual cost of a project in real-time (tracked hours x hourly rate) to see how we are doing vs what was budgeted. Thank you!
Custom fields in the timertable view together with a seperate status for each timelog entry (seperate from task status) would be ideal
Thank you very much for your product. It is efficient and very helpful to us.
I saw that proposed an idea - to calculate the cost of a project according to the hours recorded.
Does this ability already exist? Is there any possibility to add a project cost?
Tehila, thanks for commenting here! While an automated way to calculate the cost isn't available yet, we're internally discussing this experience. In the meantime, it's possible to create Custom Fields for adding additional info about budgets/costs, and then exporting the view to Excel. I know exporting and performing the calculations in Excel is a manual step, but hopefully it helps at least a little. Thank you again for taking the time to comment here!
About the "exporting to Excel" option: This is a great way to sum up budget and time spent, however, time is exported as hours + minutes. Excel formulas don't know how to sum up 4h 5m and 6h 15m, or how to multiply 6h by $130 hourly rate. It would be much more convenient, while we wait on Wrike to implement automatic summing and calculations in a future update, to allow us to export reports and tables with "time spent" as a decimal.
4h 5m is 4.0833333
6h 19m is 6.25
Now the decimals can actually be multiplied by an hourly rate to determine "actual budget."
Thanks for really listening to us, and making the effort towards positive change!
Hi Keeley! We're actually thinking about how Time Tracking and Reporting could work better together too. Fractional time which you've mentioned here is actually currently available when exporting from the Timelog View, but I definitely understand that exporting and combining two different sets of data from different locations can be time consuming. There are lots of great discussions around Time Reports on the Community (I think I've seen you in some of those), so if you or any other Community members are interested, please feel free to search "Time Report" and jump into any discussions there to share your insight - this is something we're really interested in learning about at the moment!
This is such a crucial missing feature set. For example it would be great if we could have a rate card, where 'regular' users are assigned a rate. Then we could easily calculate a project cost based on time logging.
I would like to join this discussion. I really need this feature to automatically calculate project budgets. I thought I would find it in the marketing pack. But unfortunately I will stay with the business pack waiting for this key feature.
Did you have any date ?
I've just found this thread even though I created a similar suggestion earlier this week.
A calculation or budget option within Wrike would be our ideal. We've recently moved to a budgetted system that is hard to maintain within Wrike currently, so calculation options between fields or a budget based on per user cost would be perfect and resolve many of our issues.
This is a must have feature in Wrike!
mavenlink.com the other project management is doing the financial , budget, cost, rate card ( project and per employees) and margins calculation in real time , no need to create reports or export !
please wrike, create this features asap.
Im struggling to see how this feature doesn't already exist its a basic requirement
especially at premium subscription level. The other features have been so well developed
I would mark this as High Priority might be a deal breaker for me
I love Wrike, but financial report requirements such as hours/budget burnt vs hours/budget estimated are forcing us to evaluate this against another tool which has really bad UX and does nothing like Wrike does, so this has to be resolved asap! It's such an important feature!
we are looking at using Wrike, like a lot of other people are on this thread.
However, the results of this thread leave a lot to be desired from Wrike as a software provider, it seems.
February 15, 2017 07:12 - the OP posted a request for hourly charging rates to tasks, this is essential and fairly basic functionality and everyone here has agreed.
and yet it is now almost Feb 2018 and its been A YEAR and this still hasnt been implemented?
how does this give prospective Wrike users any confidence in your company?
Hi Albinas, currently, our Product Team is discussing this feature internally. It's a big implementation with many complex back-end work so I have no concrete dates to share at the moment. As soon as I do I'll update this thread so make sure to click 'Follow' above.
You can also follow our Release News section which is updated frequently with new and enhanced feature releases 👍
We love wrike but this basic requirement and something my boss doesnt like about the program, with our $3k worth of subscription coming up for renewal in March I hope something is in the works sooner rather then later!
Do you have an add in that will sync the time tracked to jobs that has a chargeout functionality?
I am choosing between Mavenlink and Wrike right now...it is driving me crazy that you haven't implemented this yet Wrike! This will likely be our determining factor at this point. We 100% need to be able to track actuals vs. budget....Mavenlinks has built its core around this.
Yes, we absolutely need this feature. We utilize freelancers and vendors, and we do cost out our projects (and plan them out) using resource cost as well as resource type cost (graphic designer, photographer, etc.). More than one department her requires the ability to input cost per resource, so please let us know when you can provide this plug-in.
This would be a most welcome add on to round this up as not just another planning tool. Thanks
We are evaluating wrike. Most looks good, but without budget development feature it becomes of marginal value
We have just started using Wrike in our Digital Agency. This is also a critical point for us - Wrike developers need to set this as a priority after reading the quantity of people commenting in this thread
Hi all, our team is currently looking into an implementation related to this request. I currently don't have a concrete date but I'll be back here as soon as I do 🙌
Waiting in anticipation for this important feature as we're exploring options
Stephen Orowe, any update on a timeline for this? It's been 18 months since the original request and there's so much interest/need here. Our renewal date is coming up soon and this will influence whether we stay with Wrike or not. At least an estimate when the budgeting feature will be available would be helpful! Thanks!