[From Wrike] Wrike for Professional Services - Budgeting ๐Ÿ’ฐ

Hello everyone! ๐Ÿค—

We have exciting news for you regarding Wrike for Professional Services: our team has just released budgeting functionality that enables you to estimate and track financial data across all projects in Wrike.

Budgeting Functionality - Key Features

Default account currency

The currency appears in all related financial fields (e.g. project budget, hourly rates) for the entire account. Set it up via Settings:

Default hourly rates for Job roles

Add and edit bill and cost rates for the job roles in your account:

  • Bill rate shows how much you charge your clients.
  • Cost rate shows how much resources cost you as a business.



Default hourly rates for Users

Resources sometimes have different hourly rates within the same job role. In that case, you can set a custom hourly rate for a particular user:

  • Bill rate shows how much you charge your clients.
  • Cost rate shows how much resources cost you as a business.

As users track time, budgets update in real-time based on the hourly rates designated for the user.

Custom hourly rates for projects

In some cases, you may need to define different bill and cost rates for a specific project. This is where project hourly rates come in handy. Custom rates for projects allow you to see the resource cost on this project and set up a list of bill and cost rates specific to a project, overriding any user or job role bill and cost rates:

  • Bill rate shows how much you charge your clients.
  • Cost rate shows how much resources cost you as a business.

Budgeting Fields

Wrike for Professional Services provides you with a set of special budgeting system fields that you can use to track your financial data.

Project Budget field

This is a project field that helps you track your projectโ€™s financial progress. Use it to calculate your remaining budget via custom fieldsโ€™ formula calculation, for example, Budget - Actual fees or Budget - Actual cost.

Actual fees and Actual cost fields

These are financial metricsโ€™ fields based on time tracking data and hourly rates for time entries, tasks, and projects.

  • Actual fees = time spent * userโ€™s bill rate
  • Actual cost = time spent * userโ€™s cost rate
  • Projectโ€™s Actual fees = sum of all usersโ€™ actual fees based on their time spent per task, rolled up to the project level.
  • Projectโ€™s Actual cost = sum of all usersโ€™ actual cost based on their time spent per task, rolled up to the project level.

Planned fees and Planned cost fields

These are financial metricsโ€™ fields based on effort and hourly rates for tasks and projects.

  • Planned fees = effort * userโ€™s bill rate
  • Planned cost = effort * userโ€™s cost rate
  • Planned fees = sum of all usersโ€™ fees based on their planned effort per task and their bill rate, rolled up to project level 
  • Planned cost = sum of all usersโ€™ cost based on their planned effort per task and their cost rate, rolled up to the project level.


Access to Financial Data

When it comes to sensitive data such as financials, there are times when you want to give access only to certain people, e.g. the managers. For this, thereโ€™s now an additional layer of user-level permissions called โ€œAccess to financial detailsโ€ that helps you specify who can access the financial features in your account. There are three types of permissions:

  • Contributor - no ability to view or edit financial data.
  • Reviewer -  can view financial details.
  • Manager - can edit financial details.

These permissions can be set up in the Users tab in the Settings:



Check out the detailed instructions on how to set up Budgeting in Wrike on our Help Center.

Please let us know if you have any questions about the new budgeting functionality! We are also looking forward to your feedback - let us know what you think in the comments below! ๐Ÿ‘‡

 

Lisa Community Team at Wrike Become a Wrike expert with Wrike Discover

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Spot On Innovative Approach Stellar Advice
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Awesome. Would be good if we could assign the Bill Rate to Timelog Categories as well as a User can only have Role but might be doing some tasks that are charged out at a lower or greater rate. i.e Configuration charged out lower than Programming. Unless there is another way to do this?

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Spot On Innovative Approach Stellar Advice
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Hey Aaron Davison, we're checking this out for you and we'll be back in touch as soon as we have an update ๐Ÿ‘

Elaine Community Team at Wrike Become a Wrike expert with Wrike Discover

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