Project Budgets
Tracking project budgets helps you understand costs, bill clients accurately, and ensure profitability. Launchpad makes it easy to set budgets and monitor spending as work progresses.
Setting up a project budget
When creating a project
Go to Projects
Click New Project
Fill in the basic details
In the Budget section:
- Budget Amount — total budget in dollars - Budget Type — Fixed or Hourly - Billable Rate — default hourly rate
Click Create
For existing projects
Open your project
Go to Settings or click Edit Project
Find the Budget section
Enter or update budget details
Save changes
Budget types
Fixed budget
A set amount for the entire project:
Total cost agreed upfront
Time tracked shows utilisation
Useful for quoted work
Example: $5,000 for a complete website redesign
Hourly budget
Budget based on time:
Set a maximum number of hours
Or a dollar cap based on rates
Track against actual time logged
Example: 80 hours at $75/hour = $6,000 cap
Tracking budget utilisation
Project budget view
See how you're tracking:
Open your project
Check the Budget section
View:
- Total Budget — what was allocated - Spent — costs to date - Remaining — what's left - Percentage Used — visual progress bar
Time-based tracking
When tracking time against the project:
Billable hours × rate = cost
Compare against budget
See burndown over time
Dashboard overview
The Project Hub shows:
Total budget across projects
Overall utilisation
Projects approaching budget
Billable rates
Project-level rates
Set a default rate for the project:
Open project settings
Set the Billable Rate
This applies to all time entries unless overridden
Team member rates
Different rates for different people:
Go to team settings
Set individual billable rates
Time entries use the member's rate
Task-level rates
Override for specific tasks:
Open the task
Set a custom billable rate
Time logged against this task uses the custom rate
Managing expenses
Beyond time, track other costs:
Adding expenses
Open your project
Go to the Expenses or Costs tab
Click Add Expense
Enter:
- Description - Amount - Date - Category (optional) - Receipt (attach if available)
Save
Expense categories
Common expense types:
Materials and supplies
Subcontractor costs
Travel expenses
Software and tools
Printing and production
Expense impact
Expenses add to your total spent:
Included in budget utilisation
Show in project reports
Can be marked as billable
Budget alerts
Stay informed about spending:
Setting alerts
Open project settings
Find Budget Alerts
Set notification thresholds:
- At 50% utilised - At 75% utilised - At 90% utilised - When budget exceeded
Alert notifications
When thresholds are reached:
Project owner receives notification
Dashboard shows warning indicators
Budget displays in alert state
Reporting on budgets
Project budget report
View detailed budget information:
Open your project
Go to the Reports tab
Select Budget Report
See breakdown of:
- Time costs by team member - Expenses by category - Budget vs actual comparison
Cross-project budget view
Compare budgets across projects:
Go to Projects
View budget column in the list
Sort or filter by budget status
Export for analysis
Budget best practices
Setting realistic budgets
Consider:
Historical data from similar projects
Team availability and rates
Buffer for unexpected work (10-20%)
Scope and complexity
Regular monitoring
Check budget status weekly
Review at each milestone
Address issues early
Communicate with stakeholders
Handling overruns
If you're over budget:
Identify why (scope creep, underestimate, inefficiency)
Assess remaining work
Discuss with client or stakeholders
Adjust scope, timeline, or budget as needed
Document decisions made
Tips for budget success
Set budgets upfront — even rough estimates help
Track time diligently — accurate data enables accurate tracking
Include expenses — don't forget non-time costs
Review regularly — catch issues before they escalate
Learn from history — use past projects to inform future budgets
Understanding your project costs helps you run a sustainable business — track budgets to stay profitable.