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Different types of budgets
Different types of budgets

Budget types and their use cases

Updated over a week ago

There are three different types of budgets you can use in Synergy. The pros and cons are detailed below. As you will see, we recommend you set up a template budget and use this for your future projects.

Table of Contents

Different Budget Types and their Use Cases

How to use Different Budget Methods

Different Budget Types and their Use Cases

Top-down - generate a budget from the fee

Use case: Simple jobs where the accuracy of the budget is not important. Future opportunities where you don’t want to spend a lot of time setting it up.

Pros: Very fast, and reasonably accurate.

Cons: It is not as accurate as using a template.

This method automatically generates a sample budget from the fee. For example, you might estimate your fees at 20K and the automatic budget feature will resource this for you with roles and hours that add up to the fee.

“Design a new house? Sure, we'll do this for 20k”

In this method, the budget will split the fee between all your available rates. You can then fine-tune this to meet the exact needs of this project.

Use a budget template to do this more accurately and quickly – more on this below.

Note: If you are in planning mode and a rate is deleted or hours changed, the fee will also update to reflect the change - the fee, budget, and resource plan are linked. To keep the original fee amount, you can either switch it to delivery mode to stop automatically synchronising the budget and fee, or add an extra item into your budget to adjust it to a specific fee value.

Bottom-up – start from scratch with a budget to calculate the fee

Use case: When you need an accurate fee proposal.

Pros: Accurate

Cons: Time consuming

You might know the brief and will build up your fee is based on the work that is required to deliver the project.

“Can you prepare a budget to include in the tender for the city oval grandstand redevelopment?”

Rather than guessing a fee, you might prefer to do a more detailed budget, estimating the work that needs to be done, and see what that all adds up to.

Then you can be confident that the fee will cover the work, and hopefully, a bit left over for profit.

Using a template

Use case: All jobs

Pros: Accurate, customizable and scalable

Cons: Initial setup of the templates takes time

This is the fastest and most accurate way to price a job. You should already have templates set up for your different types of jobs. The template will show a typical budget for each project type, set up to a certain value. The magic starts when you drop the template into the budget.

You can set the expected target fee, and all the items in the budget will automatically, proportionally adjust to scale to the fee.

How to use different budget methods

Budget according to fee

When in planning mode:

  1. Go to the Project work breakdown page.

  2. Enter your fee.

  3. Click Save.

  4. When you go into the budget, you will see all your rates assigned hours to equal the fee.

  5. At this point, you can fine-tune the hours to the roles required for the stage and assign the tasks to staff.

Note: Unless you are in delivery mode, your fee will automatically update when roles are deleted and any hours changed – because now you are doing bottom-up budgeting.

Budget from scratch

From the work breakdown:

  1. Add stages or tasks below the default stage by clicking on the add icon.

  2. Choose your fee type but you don’t need to enter a fee (it will be calculated for you)

  3. Save changes.

  4. Go to budget view

  5. Add the rates for a task

  6. Optionally, choose staff working at the rate you selected

  7. Enter the estimate for the number of hours.

  8. When you click save, the budget's total is your new fee in the work breakdown.

Budget from template

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