Setting Up Budget Tracking for a Project in Ontraccr

📊 Setting Up Budget Tracking for a Project in Ontraccr Overview
 

Budget Tracking in Ontraccr lets you plan, monitor, and control your project finances.

You can set labor, material, overhead, and equipment costs — plus forecast profits — all from inside each project.

🎯 Why Set Up Budget Tracking?

• Track your estimated vs. actual costs over time.
• Set clear cost expectations before work starts.
• Monitor profit margins throughout the project.
• Break down budgets by phases if needed (e.g., floors in a building).

🛠️ How to Set Up Budget Tracking

In the Budget Tracking step (Step 5) while creating or editing a project:

1. ✅ Enable Budget Tracking

• Check the Track Budget box to activate the page.

2. 📊 Choose How to Build the Budget

You have two options:

📈 Option 1: Build Estimate (Auto-Calculate)

• Check Build Estimate.
• Enter cost values directly into your Cost Codes.
• Ontraccr automatically calculates:
  • Total Labor Costs
  • Material Costs
  • Overhead
  • Equipment Costs
  • Estimated Profit

✅ Best if you want to build the estimate inside Ontraccr.

✍️ Option 2: Manual Entry (Enter Totals)

• Leave Build Estimate unchecked.
• Directly type in:
  • Estimated Labor Hours
  • Labor Costs
  • Material Costs
  • Overhead Costs
  • Equipment Costs
  • Burden Rate (e.g., 32% extra to cover benefits, insurance, etc.)
  • Contract Value
  • Expected Profit

✅ Best if you already have estimates prepared externally.

3. 🏗️ Optional: Add Project Phases

If you have Phased Cost Codes:

• Scroll down to the Phases Section.
• Add Phases (e.g., "Level 1 Framing," "Level 2 Plumbing").
• Assign relevant phased Cost Codes to each Phase.
• Set budgets for each phase separately.

🧠 Tip: Phases help track detailed progress — great for large, staged projects!

📅 Optional: Add Dates and Timelines

• Click Add Dates and Timelines if you want to track:
  • Project Start Date
  • Project End Date
  • Key Milestones

✅ Helps in reporting and scheduling across projects!

📈 Monitoring Allocated Hours

If you enter Estimated Labor Hours, Ontraccr:

• Tracks how many hours you allocate to Cost Codes.
• Shows you how much you’ve allocated vs. estimated.
• Warns you if you over-allocate beyond your target!

📢 Red Highlight if you exceed allocated labor hours.

🧠 Important Rules & Tips

Cost Codes Must Be Set First:

You can’t build a budget if no Cost Codes are assigned to the project.

Burden Rate Matters:

Accurately setting a burden rate ensures true cost tracking (e.g., benefits, insurance costs).

Add Phases for Detailed Budgets:

Helps track over/under budget issues before it’s too late.

Use Contract Value for Profit Calculation:

Without a contract value entered, profit forecasting won't be possible.

✅ Example Scenario

You're managing a $2M commercial renovation.

• Estimated Labor: 5,000 hours
• Material Costs: $400,000
• Overhead: $150,000
• Equipment: $50,000
• Burden Rate: 30%
• Contract Value: $2.2M

You set this up manually to instantly forecast expected profit and monitor costs.

🚀 Summary

Budget Tracking in Ontraccr gives you a powerful financial control tool — from day one through project closeout.

Set your budgets right early, and you’ll have real-time insights all the way through!