Scoro Budgets

Master Project Finances: A Guide to Using Scoro Budgets

Maintaining financial control is paramount for any successful business – from Project level to department or top-level company wide. With set budget for required income and allowed expense, Scoro’s powerful Budgets module equips you with the tools to effectively plan and track finances, ensuring you stay on budget and deliver profitable outcomes.

Project Budgets vs Top-level Budgets

Project Budgets are available since Scoro Pro version, as they are not included in Essential or Standard versions. Use Project Budget for tracking income and expenses of a project. 

As for Top-level budgets, these are available as a separate addon purchased from Scoro. As of moment of this writing, Budget addon costs 99 Euro per month or equivalent.

Why Embrace Scoro Budgets?

  • Enhanced Project Cost Visibility: 
    Gain real-time insights into current and upcoming project expenses and overall budget health. Scoro consolidates financial data in a centralized location, eliminating the need for separate spreadsheeting and fragmented information.
  • Improved Budgeting Accuracy: 
    Estimate project costs with greater precision. Scoro allows you to factor in labor costs, material expenses, supplier costs, and other relevant factors, leading to realistic budgets that guide informed decision-making.
  • Streamlined Revenue Management: 
    Track invoices, scheduled invoices, and margins associated with projects, allowing you to forecast revenue accurately and visualize project progress from a finance standpoint.
  • Boost Collaboration and Transparency:
    Foster transparency within your team by providing a clear picture of project finances. Team members can actively monitor expenses and adjust their workflows to maintain financial efficiency.

Power of Scoro Budgets: Use Cases

Scoro’s Budgets module caters to a wide range of project management scenarios, offering valuable functionalities for diverse teams:

  • Project Managers: 
    Allocate resources effectively and track project expenses with real-time data. Identify potential cost overruns and course-correct strategies before issues escalate.
  • Sales Teams: 
    Create accurate project proposals with realistic budgets to secure client buy-in. Track margins throughout the project lifecycle to ensure profitability.
  • Finance Teams: 
    Gain a consolidated view of project finances, simplifying accounting processes and budget reconciliations.
  • Executive Teams: 
    Monitor overall project profitability and make data-driven decisions regarding resource allocation and project prioritization.

Scoro Budgets: Getting Started

  • Define Budget Types: 
    Tailor your budget structure to your needs. Scoro allows for budget categorization by user, client, project, finance account, accounting object group, and more, offering a high degree of flexibility.
  • Set Budget Parameters: 
    Establish clear budget allocations for each project, factoring in estimated costs for labor, materials, and other expenses.
  • Link Relevant Data: 
    Connect your budget with invoices, bills, quotes, and other financial data within Scoro for automatic updates and real-time insights.
  • Track and Analyze Performance: 
    Monitor budget health throughout the project lifecycle. Scoro provides clear visualizations of projected vs. actual and quick access using budget reports and built-in bookmarking. 

Beyond the Basics

By leveraging the capabilities of Scoro Budgets, you can transform your project financial management practices. Gain control over project costs, make informed decisions based on real-time data, and deliver projects on budget and within scope.

  • Scenario Planning: 
    Utilize Scoro’s budgeting tools to create “what-if” scenarios, allowing you to explore the financial implications of different project approaches before committing resources.
  • Automated Reporting: 
    Generate comprehensive budget reports at the click of a button. Share these reports with stakeholders to foster communication and transparency

Scoro Setup and budget training support

No matter if you are just considering Scoro for your project management or sales team, or are already using Scoro for some time,
if you are ready to take your project budgeting to the next level, we’d be happy to assist you.

Contact Itero today and let our expert guide you in implementing a project budgeting procedures.
Contact Itero today and let our expert guide you in implementing a project budgeting procedures.
We provide:
Scoro onboarding and Scoro training services and develop custom Scoro modules for extra tailored needs.