TeamWork Live allows you to track the time you spend on a project against a budget. It will automatically
notify you when your budget for a particular project is reached. You can configure the notification so that
only the project administrator is notified or that all team members are notified when the budget is reached. Notifying all
team members is useful because everyone on the project will know to stop working until the project administrator
can determine the next steps.
The retainers page allows you to specify client retainers for your projects. Retainers are
fees paid in advance to secure a service. Retainers can be one-time or repeat at a regular interval
(i.e., a monthly retainer).
Fixed Hour Budget
A fixed hour budget option allows you to specify the maximum number of hours for the project. The hours budget
is compared with the logged time entries and the appropriate people will be notified when the
fixed hour budget is reached. You can see how your actual amount is tracking against the budgeted amount
from the project status report
. You can
specify that team members be notified when the fixed hour budget is exceeded.
Fixed Fee Budget
The fixed fee budgeting option allows you to enter a fixed money amount for your projects. The accrued amount
will be calculated by multiplying the tracked time with the hourly rate specified for the time entry. A default
hourly rate must be specified for fixed fee projects but you can override the default when adding time
entries. You can see how your actual amount is tracking against the budgeted amount from the
project status report
. Like the other
budgeting options, you can specify that team members be notified when the fixed fee budget is exceeded.
The retainer budget option allows you to specify a retainer for your projects. Retainers are
fees paid in advance to secure a service. This is useful if your
clients agrees to pay you a retainer for a specified amount of service which is often the case for virtual assistants
. Retainers can be weekly, monthly,
quarterly, or yearly and you can specify a start and end date for the retainer. We automatically track how
your time is tracking against the retainer and notify you and your team members if the retainer is exceeded.
You can override a retainer for any month from the "Retainers" page (accessible from the "Admin" menu).
The retainers report
allows team members to
view the retainer hours that have been budgeted and accrued for their projects. The report supplements the "Retainers" admin page, which allows
administrators to view and override the default retainer hours for a project. The retainers report link is only
visible if you have projects with retainers-type budgeting.