Managing budgets shouldn't be a hassle, and with Wethos' Budget Tool, you can leave those spreadsheets behind and take full control of your financial planning. In this guide, we'll walk you through the ins and outs of the Budget Tool, ensuring you have all the knowledge you need to confidently manage your project's finances.

Once you’ve created your proposal, it's time to dive into the Budget tab. Here, you'll find a comprehensive overview of your project's financial landscape.

Even before you enter any financial details, Wethos will display the total amount agreed upon by your client in the initial Proposal. This amount represents your project revenue, setting the foundation for your budget management.

From here, you can add in target margins for your business, your own pay for the work you’ll do, and any pay going to contractors and teammates if you’re leading a team project.

There are 2 key calculations on this page that you should be aware of:

We’ve created this tool to automatically calculate these values for you as you fill in the relevant details. The numbers update dynamically, giving you real-time insights into your budget's health.

We also understand that things don’t always go as planned and due dates, pay, and budget can change throughout the project. If you go over your available budget, we won’t stop you from tracking your finances, however, you will notice that your available budget section will be highlighted in red.

Your margin can be thought of as the net revenue you want to plan for on any particular project. With Wethos, you have the flexibility to set it either as a percentage of the total budget or a specific dollar amount.

Percentage Margin: If you prefer a percentage-based approach to calculating your margin, toggle over to the % and input your desired percentage. Instantly, Wethos will compute your margin and display the remaining available budget for other payouts.

Fixed Dollar Margin: Alternatively, if you have a specific dollar amount in mind that you want to set aside for your margin, switch over to $ and set your margin accordingly.

Your work deserves compensation, and Wethos makes it easy to track your earnings. Utilize the "Add your own pay" feature to note down the payment you anticipate for yourself. This amount will be reflected in the Allocated funds section and the donut chart, providing you with a clear understanding of your personal earnings within the project.

For team projects, collaboration is key. The Budget tab not only lets you invite team members to join the project but also helps you manage their compensation.

When you send out invitations, you'll notice an optional field for adding teammate pay. Here’s where you’ll want to enter the amount you want to pay for the work that they’ll do.

Any pay you enter in the "pay" section of an invitation will be automatically factored into the Team Pay section of the Allocated list as well as the Donut chart. We’ll automatically calculate all teammate pay across every invite you send out so you can have a holistic view of your budget while also seeing the individual teammate pay breakdown underneath the Team section.

If at any point you want to change the pay you’ve set for any teammate, you can easily do so from this tab! Scroll down to the team section and click on the edit icon next to the pay you want to adjust.

Enter in your updated amount and click on the check mark to save your updates. You’ll see the new pay reflected in your Allocated funds list as well as the donut chart.

Once it comes time to pay out your teammates, simply click the Payout button to get the payout process started. You can either pay out a teammate instantly and fee-free if you both have a Wethos Payments Account, or you can mark the payout as paid off platform/externally. To get an in-depth walkthrough of how payouts work, you can check out our help center article on teammate payouts.

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