Managing and Viewing Project Budget Tracking (Including Subcontract Budgets)

📊 Managing and Viewing Project Budget Tracking (Including Subcontract Budgets) in Ontraccr Overview
 

Tracking your project’s budget doesn’t stop at setup — Ontraccr gives you tools to monitor, update, and analyze budgets as the project progresses.

You can even manage subcontractor budgets tied directly to your main budget!

🎯 Why Use Budget Tracking Throughout the Project?

• Monitor financial health in real-time.
• Spot overruns early before they spiral.
• Track subcontractor commitments alongside internal costs.
• Make smarter decisions on adjustments, reallocations, and forecasting.

🧩 Viewing the Budget Tracking Tab

Inside the Budget Tracking tab of any project:

📄 What You See

• High-level budget summary:
  • Estimated Labor Hours
  • Estimated Labor Costs
  • Estimated Material Costs
  • Estimated Overhead Costs
  • Estimated Equipment Costs
  • Burden Rate
  • Contract Value
  • Average Labor Rate
  • Expected Profit
  • Estimated Burden Cost
• Detailed Cost Code breakdown:
  • Allocated hours
  • Forecasted costs

✅ All values can be automatically updated based on form submissions using Update Cost workflow steps!

🛠️ Managing Subcontract Budgets

You can also track subcontract costs inside your main project budget:

➕ How to Add a Subcontract Budget

1. In the Budget Tracking tab, click Add Sub-contract.
2. Select the correct Sub-contract Form (created separately).
3. Fill in subcontractor details:
   • Vendor
   • Approved Contract Amount
   • Contract Start and End Dates
   • Upload Contract Files
4. Submit.

✅ A new Subcontract Line Item will appear in your budget summary!

📋 What Happens Next?

• Subcontracts contribute to overall committed costs.
• They are separated clearly from internal labor/materials for easier tracking.
• You can see:
  • Amount Approved
  • Amount Invoiced (if linked to Payables)
  • Remaining Balance

📈 Exporting Budget Data

Inside the Budget Tracking tab:

• Click the three vertical dots (top right).
• Choose to:
  • Export Budget to Excel
  • Export Budget to PDF

✅ Perfect for budget meetings, client updates, or financial audits!

🧠 Tips & Edge Cases

Burden Rate Affects Labor Costs:

Adjust your burden rate to include benefits, insurance, taxes for accurate labor forecasting.

Over-Allocation Warnings:

If you allocate more labor hours to cost codes than estimated, Ontraccr will warn you in red!

Track Unphased vs. Phased Budgets:

Use phases (if set) to break down budgets even further (e.g., per floor, per stage).

Subcontract Budgets are Critical for Large Jobs:

Especially when you’re managing dozens of vendors — having them inside your main project budget keeps everything aligned.

✅ Example Scenario

For a $5M commercial project:

• You track internal labor and material budgets.
• You add subcontract budgets for electrical, mechanical, and roofing trades.
• You export monthly snapshots to review with executives.
• You monitor remaining committed costs to avoid overruns — all from one tab!

🚀 Summary

Ontraccr’s Budget Tracking ensures that every dollar — internal or subcontracted — is monitored, controlled, and clearly reported at every stage of your projects.