Project Financial Basics
Facts, Tips and Best Practice
What's in it for you?
Gain granular financial control over every project to confidently make informed decisions, ensuring you consistently maximize profitability and boost your bottom line.
01
Project Financial Settings
01.
Enter a budget for the project. You must always use a whole number! Activate Expense Budgets to plan for non-labor expenses. This option is only available when Expense Budgets are activated on the account.
Set the Budget & Expense Budget
Use Financial Presets
Use project-level presets to:
- Set task defaults (T&M, Billable/Non-billable)
- Enforce schedule/budget change approvals.
- Enable or disable time tracking.
03.
Financial Settings Members with Project Lead account permissions (or higher) can activate a project's budget in the Financials section. This allows you to set the project’s budget, currency type, and include expenses in your project’s burn rate.
You can use the following methods to recognize revenue:
- Time & Materials
- % Complete (Hours)
- % Complete (Cost)
02.
Select the Revenue Recognition Method
02
Project Financial Scenario
Elijah's Project
Elijah is managing the Acme Software Implementation, a fixed-fee project with a strict budget of $100,000. The project is exactly halfway through its timeline, and the team has tracked $45,000 in billable hours so far. On the surface, everything looks perfect—he has spent less than 50% of the budget.
At a Glance
Using EAC & ETC
During his Monday morning coffee, Elijah glances at the Project Overview tab. Instead of just looking at what has been spent, he looks at the forecast. Click the buttons below to learn more and explore what is really happening with Elijah's project!
EAC
ETC
Take Action
Elijah's Actions - What Should He Do?
The Result
By reducing the cost of the remaining work (the ETC), Elijah brings the EAC back down to $99,000. He finishes the project under budget, turning a potential overage into a profitable win. Continue through the course to explore where Elijah can find useful financial information for his projects throughout his day-to-day work.
Estimate to Complete
He checks the ETC: Based on the remaining tasks and the resources scheduled to do them, Kantata calculates that it will cost another $60,000 to finish the remaining work. The upcoming "Testing Phase" is heavier on senior developer hours than he realized.
Estimate at Completion
He checks the EAC: Kantata combines the actuals ($45,000) with the future projection ($60,000) to show an EAC of $105,000.
Project Financial Basics
Kantata
Created on January 26, 2026
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Transcript
Project Financial Basics
Facts, Tips and Best Practice
What's in it for you?
Gain granular financial control over every project to confidently make informed decisions, ensuring you consistently maximize profitability and boost your bottom line.
01
Project Financial Settings
01.
Enter a budget for the project. You must always use a whole number! Activate Expense Budgets to plan for non-labor expenses. This option is only available when Expense Budgets are activated on the account.
Set the Budget & Expense Budget
Use Financial Presets
Use project-level presets to:
03.
Financial Settings Members with Project Lead account permissions (or higher) can activate a project's budget in the Financials section. This allows you to set the project’s budget, currency type, and include expenses in your project’s burn rate.
You can use the following methods to recognize revenue:
02.
Select the Revenue Recognition Method
02
Project Financial Scenario
Elijah's Project
Elijah is managing the Acme Software Implementation, a fixed-fee project with a strict budget of $100,000. The project is exactly halfway through its timeline, and the team has tracked $45,000 in billable hours so far. On the surface, everything looks perfect—he has spent less than 50% of the budget.
At a Glance
Using EAC & ETC
During his Monday morning coffee, Elijah glances at the Project Overview tab. Instead of just looking at what has been spent, he looks at the forecast. Click the buttons below to learn more and explore what is really happening with Elijah's project!
EAC
ETC
Take Action
Elijah's Actions - What Should He Do?
The Result
By reducing the cost of the remaining work (the ETC), Elijah brings the EAC back down to $99,000. He finishes the project under budget, turning a potential overage into a profitable win. Continue through the course to explore where Elijah can find useful financial information for his projects throughout his day-to-day work.
Estimate to Complete
He checks the ETC: Based on the remaining tasks and the resources scheduled to do them, Kantata calculates that it will cost another $60,000 to finish the remaining work. The upcoming "Testing Phase" is heavier on senior developer hours than he realized.
Estimate at Completion
He checks the EAC: Kantata combines the actuals ($45,000) with the future projection ($60,000) to show an EAC of $105,000.