Does Jira have any budget tracking features?
Main Jira’s features include task management and project management. However, these modules are not accompanied by any financial options. In other words, Jira does not have any features for budget tracking.
What features are unavailable in Jira budget tracking?
In Jira, you cannot:
- monitor the budget both for the project and the entire organization,
- control the spendings for particular tasks, people and departments,
- add overheads to the equation,
- track the company’s financial performance,
- monitor generated profits,
- include wages and hourly wages in the budget-related calculations.
In short: Jira budget tracking is nonexistent in a basic version of the software.
Can I perform budget tracking for the entire company in Jira?
No - Jira budget tracking is incapable of combining the data from all the projects to create a single financial report. Additionally, in the projects themselves budget details are also nonexistent - here’s what they include and lack.
Can I include any budget tracking details in Jira projects?
When creating a project budget in Jira, you’ve probably noticed that the project description and details contain dozens of useful fields you can fill in. However, Jira budget tracking cannot be included there in any way.
What project details can I add to Jira?
In Create a project view in Jira, you can choose from three project templates: Kanban, Scrum and Bug tracking. Then, you can add some more basic details to the Jira projects.
After the project is created, you can go to its settings and modify it even further. Here you can define the access levels, notifications or add additional tools to the projects. Unfortunately, none of them are related to the finances.
What financial project details cannot be added to the project description?
The project details in the system do not support any elements of Jira budget tracking. In other words, there are no fields dedicated to issues such as:
- billing type (i.e. Time and Material, Fixed Price, retainers),
- plans and financial estimates,
- advanced reports, charts and other in-depth analytical pieces,
- profit margins and profitability,
- billable and non-billable projects.
How can I expand Jira budget tracking?
While Jira budget tracking is drastically limited, the tool offers a variety of integrations. Thanks to them, you do not have to abandon Jira altogether - insead, you can use the data it gathers to track budget in some more specialized tools.
But what does the specialization really mean in case of Jira budget tracking?
What features should a tool have to enable Jira budget tracking?
A perfect expense tracking tool for Jira budget tracking should have:
- an option to choose the billing type for a project at the moment of its creation,
- project estimates created before the project starts,
- information on people’s wages and the profits they generate,
- summaries of the work in a single project, as well as the finances from all the projects at once,
- advanced reports for margin rates, profitability and other key financial metrics,
- settlements and project accounting you can use to send the bills to your customers.
In other words, a perfect budgeting tool should allow you to forecast revenues and control the profitability later on.
And that’s just what Primetric does.
How Primetric can enhance Jira budget tracking?
Primetric was designed to provide the service companies with all the features they need to plan and manage all their operations, from resource management and projects to financial details.
Thanks to a native integration with Jira, Primetric can add all of the above features to the system and turn the laconic data into intuitive reports, charts and graphs with no additional delays.
But we will not bore you with other details - let’s see how Primetric can help you with budget tracking in projects and in the company as a whole.
Budget tracking for the projects
Primetric is capable of tracking the project from start to finish; from employee’s wage to the final invoice.
Let’s first take a look at the estimates. Right after creating a project, you can divide it into consecutive stages and forecast their costs based on the average hourly rates in your company - just like in the example below.
An example of project estimates in Primetric
Later on, when the very first specialists assigned to the project start to track their time in the project in Jira, you can monitor the project progress in the Budget tab - the information on tracked hours will be imported to Primetric in the real time.
In the Budget view, you will find information on worked hours, as well as both costs and profits they generated. In the same section, you can add overheads to the project to keep track of all the additional spendings. Based on the information, the system will show you the profitability and profit margin in the project.
Later on, you can use the summary of all this information to create an invoice for your customer. You definitely won’t miss any details in a project budget report like this one!
Budget tracking for the entire company
If you already created a few projects in Primetric, you do not have to add all the results from the different projects by hand - the system will do it for you.
Primetric contains a variety of general reports that cater to the needs of every executive. Just to name a few, the tool can summarize the spendings in a given period, compare scheduled and actual costs and calculate real profit margins
Naturally, Primetric can also help you delve deeper into the data. Apart from general reports, it can also show project managers and executives the details of the work in each project, or even for each employee. That’s the main objective of:
- timesheet reports,
- profitability reports,
- project finances reports,
- utilization reports with benched employees,
- custom reports that can be tailored to your needs.
As a result, Primetric can provide the executives with what they really need: a bird’s eye view of all the financial operations.
What other features are included in Primetric?
Primetric’s package is still much larger than that! The tool also includes:
- resource planning,
- skill management,
- project portfolio management,
- project accounting,
- business intelligence.
All of these features, just like cost management, can be integrated with Jira to provide you with a bigger picture of your operations.
But you do not have to believe in what we say - you can simply book a demo to see our solution in detail or start a trial and test it yourself.
I want to know more about Jira’s features!
Great- we have a lot of additional content for you!
Visit our blog and read about:
- Jira project portfolio management,
- Jira resource planning,
- Jira timesheet reports,
- Jira time tracking FAQ,
- Jira resource allocation,
- Jira time tracking tools,
- Jira cost management,
- Jira resource management,
Or, if you are already wondering how to expand Jira, simply book a demo with Primetric’s advisors or start a trial right now!