Stop Cost Overruns
& Maximize Profit

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Improve profitability
with time and expense tracking

Invoice billable hours

Use Clockify to stay on budget and supercharge your profit. This powerful app makes it easy to track billable hours and expenses — and analyze your earnings.

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Suppose you made poor budget estimates for your projects and ended up undercharging the clients.

That’s the quickest path to cost overruns and losing client trust.

You can avoid this scary scenario with Clockify, a powerful time and expense tracker. The app lets you set your initial budget and monitor how it stacks up against actual billable hours and expenses in real time.

Start monitoring budgets

How to prevent cost
overruns with Clockify

Here’s how to use Clockify to ensure you bill clients

accurately and get paid on time in 5 simple steps.

Step 1: Define project budget Step 2: Track billable hours and expenses Step 3: Monitor costs in real time Step 4: Optimize resources Step 5: Analyze profitability

Define project budget

First, enter your project budget estimate into Clockify. You have 2 options:

  • Manual — to add the estimate for the entire project, and
  • Task-based — to add estimates for each task individually.
Clockify Feature

You can choose whether to include billable expenses in your budget. Enabling this option means that all costs you add will be counted toward your budget.

💡 Time Estimation in Project Management Full Guide 💡 Keep Your Business Afloat With These Budgeting Methods 💡 Project Cost Management: The Basics, Steps, and the Main Goals

Track billable hours and expenses

Use Clockify’s powerful cost-tracking to log billable hours and expenses. Select the time tracking method that suits you (e.g., timer or timesheets) and mark the time as billable.

  • Summary report — shows an overview of tracked time, cost, and profit.
  • Detailed report — shows a detailed timeline of tracked time per team member.
  • Weekly report — shows time entries logged per team member for the entire week.
Clockify Feature

You can also add expenses associated with the project — such as material and business trip costs.

💡 Why Time Tracking Is Essential for Project Management 💡 How Tracking Work Time Saves Money 💡 How to Manage Multiple Projects With Time-Tested Strategies

Monitor costs in real time

After logging time and expenses in Clockify, you can instantly compare actual costs to your estimates. Simply, take a look at the budget forecasting chart that shows you:

  • Money spent on the project thus far,
  • Remaining budget, and
  • Forecasted spending amount.
Clockify Feature

Clockify also lets you set up alerts that notify you when you’re heading over budget.

💡 Set KPIs That Drive Results — Strategy, Examples, and Tips 💡 How to Keep Track of Expenses Accuratelys 💡 Avoid the Dreaded Cost Overrun With This Simple Strategy

Optimize resources

For effective resource allocation, use Clockify’s scheduling. This option allows you to assign tasks to team members for the greatest transparency.

Clockify Feature

Specifying the number of hours per task lets your team know what’s expected of them. Thus, they’re less likely to take more time than needed to finish projects — which means you cut unnecessary costs.

💡 How to Break a Project Down Into Tasks 💡 How to Track Resource Allocation 💡 Get Back on Track with Fast Tracking in Project Management

Analyze profitability

Clockify’s powerful reporting allows you to analyze profitability with ease. All you need to do is set up:

  • Billable rates — how much you charge your clients an hour, and
  • Cost rates — how much you pay your team per hour worked.
Clockify Feature

Then simply head over to the time report to view the project duration, total amount earned, cost, and profit.

💡 Evaluate Employee Performance: Calculate and Rate Effectively 💡 The Ultimate Guide to Project Accounting 💡 Cost of Quality (CoQ) in Project Management
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How an iGaming firm accelerated budget tracking by 80%

Project coordinator at an iGaming company, Weronika Mazur, revealed that using Clockify helped them speed up budget monitoring by 80%. She credits Clockify’s project and task tracking for improving their profitability:

“This functionality has been valuable when evaluating which actions are profitable and worth continuing. It also helps us assess whether our resources are being used efficiently.”

Weronika Mazur

– Project Coordinator, iGaming

With Clockify’s real-time monitoring, Weronika gained the visibility needed to optimize resources and prevent cost overruns:

Accelerated budget monitoring by 80%
Optimized resource allocation efficiency
Identified profitable vs. unprofitable actions
Read more customer success stories

Never lose money to project overruns again

Set budgets, monitor costs in real time, and get instant profit insights with Clockify.
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Start maximizing project profit

Manage budgets and control costs with a reliable tracking app. Don’t let unnecessary expenses overwhelm your business!

Improve profitability with Clockify