With this exciting new product update, we have now combined three key elements of Hive:
Billable rates per person...
Hours tracked by project...
And now: Total budget per project
What does this allow you to do? You can now answer questions like:
How much of my total project budget has the team spent, based on the hours they have worked?
How much of my total project budget is remaining?
Compared to the % of work I have completed, what % of my project budget is used?
At a glance, this information now appears on the Project Homepage, in the new widget in the bottom right corner:
It's easy to get started, but there are a couple important prerequisites.
Turn on Resourcing and Timesheets in Hive Apps.
Enter a Bill Rate for each individual who will be entering time against the project. You can do this from the Resourcing tab, by clicking on each person's name to open their profile. Bill rate is at the bottom as shown here:
P.S: Note that you can also retroactively update user bill rates if you need to edit or correct any past resourcing bill rates. You can add a date range to override the bill rate for, as well as override custom project bill rates. You can also click on the "Show history" section to see the full history of all changes made that user's bill rate.
Now, you're ready to enter your project budget!
Go to the Project Homepage
Enter the total project budget in the widget in the bottom right
Now, as individuals enter timesheet data each week, their bill rate x hours entered will begin to draw down on the Billable hours budget.
Click 'View in timesheets' to view the overall timesheet reporting dashboard:
More on Timesheet Reporting over here!