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!

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