What is a Project Budget?
A project budget is a way to track and estimate spending from the project level. Spend by all accounts associated with the project will be tracked against the project's budget.
Kion’s budgets provide options for multiple budgets based on your OUs, projects, and accounts; annual, quarterly, and monthly planning; and on-the-fly edits. Funding sources, top-down allocations, and even budgets themselves are optional.
In comparison with spend plans, budgets enable you to set a value for each month, making budgets more accurate and giving you more control. You can distribute a total budget evenly across your selected time frame or set custom amounts per month based on your organization's seasonal spend.
- Granularity. With budgets you can set funding values on a yearly, quarterly, monthly, or custom basis. You can also create fixed or cumulative budgets, based on how you want to plan your spending.
- Flexibility. Budgets provide the option to turn off allocations. When allocations are off, you can choose to continue using funding sources in a less restrictive way or not use them at all.
- Transparency. Budgets offer the ability to create multiple budgets and a robust reporting system. By creating budgets based on spending, project, or funding time frames, you can create detailed reports on your spend history. You can also easily report on actual spend versus budgeted amount, making it easier to plan future budgets.