Financial Planning: Manage Costs, Make Accurate Budget Estimates, and More

Clockify users can now see how much billable income they'll receive from a project vs what it will cost them in terms of labor when creating a schedule.

It’s also possible to now track how much budget you've spent over time and predict when you'll go over it based on the schedule.

Another novelty is that teammates can now plan their own schedules.

Let’s go through these updates in more detail.

See the scheduled amount and costs

You can now plan and see your company's future income and costs in the Schedule.

This new feature helps you better plan your cash flow and anticipate how much revenue your planned activities will bring vs how much they will cost you.

But first, to be able to see billable amounts and labor costs, make sure you’ve enabled “See billable and cost amount” in Workspace Settings under Scheduling.

Once enabled, you'll see a new "Amount / Cost" column when you open the Schedule. This column shows you the total amount and cost for all scheduled assignments, which you can expand to see a more detailed breakdown.

The new column lets you pinpoint which scheduled activity will cost you too much money. What’s more, it can show you if an activity will bring enough money to cover the cost.

You can create and edit assignments indefinitely, and all values will be updated accordingly. Regular users and assignees won't see anything until you actually publish the schedule.

When it comes to permissions and who can see this information, you can check your Workspace Settings. Admins can see everything, while managers and regular users can see if you've explicitly allowed them so.

See individual assignment amount and cost

When you create a new assignment, you'll also see how much billable income that assignment will bring in and how much it will cost you in terms of labor.

If the assignment isn’t billable, the amount will be zero. But, the labor cost will still exist (unless the cost rate is zero).

Each assignment inherits its billable and cost rate based on the existing hierarchy, where a more specific rate overrides a more general one (Project member rate > Task rate > Project rate > Member rate > Workspace rate).

When you're about to publish new assignments, you'll now also see their associated amounts and costs, so you can double-check if everything is OK.

Assignment report

You can keep track of all anticipated expenses in the Assignment report, which now shows you the amount and cost for both scheduled and tracked hours.

You can group and subgroup the Assignment report any way you want, depending on what you wish to examine. For instance, you can:

• Compare planned vs actual income and costs.
• See on which project you will lose money (or where you’ve already lost it).
• See which tasks are the most profitable and the least risky.
• See which teammate or group costs you more than what they bring in.
• See which period was the most profitable.

Project budget forecasting

Clockify's Forecasting feature now supports budget estimates too. This means you can now track how a project's budget was spent over time, as well as see if it will go over budget and when, based on its future assignments.

For example, if you set a $100 budget on a project, when you go to the project's Forecast tab, you will see a line for it.

As you track billable time and expenses, you will get closer and closer to that line. You can also look at the timeline to see how fast you're approaching the budget limit.

A more advanced use case is to pair this feature up with Scheduling. So, for example, if you also have scheduled assignments on a project, you will see another line in the Forecast tab. This forecasted line lets you see if you and your team are working more or less according to the schedule.

If you've worked more than you've scheduled thus far, and more scheduled work awaits you, you will see when in the future you'll be over the budget and by how much.

In that case, you can replan your project and restructure future assignments to stay within the budget.

Allow teammate scheduling

Your teammates can also now plan their time better by scheduling their own sessions and shifts.

Just go to Workspace Settings, and under the Permissions tab, choose "Who can create assignments: Anyone."

Once enabled, each team member can create new assignments for themselves on projects they are part of. Each assignment created by them is unpublished until the Manager or Admin reviews and publishes the schedule.

Once published, teammates will see all their assignments on their Calendar, so they can track time against them.

Regular users won't be able to see other people's assignments, but Project Managers and Admins can see what they have scheduled, and edit and publish the proposed schedule.

Undo the deleted time entry or expense

Finally, if you accidentally delete a time entry or an expense, Clockify now allows you to undo the action.

When you delete an entry or an expense, you will get a temporary toast message at the bottom of the screen, notifying you that the item has been deleted. To restore the item, click Undo, and the deleted item will reappear on the screen.

The Undo option is available only for recently deleted items. If more than 10 seconds pass or you refresh the page, you won’t be able to undo the action.

If you have the Audit log enabled, you can see all deleted entries and expenses (who deleted what and when).