What are the main challenges of budget planning in professional services?

The main challenges include inaccurate cost estimating, managing varied billing models, controlling scope creep, tracking costs across disconnected systems, managing resource costs, gaining portfolio-level budget oversight, and aligning with client expectations.

How can PSA software improve budget planning accuracy?

PSA software improves budget planning accuracy by integrating estimating tools with project planning, dynamically calculating labor costs based on estimated hours and resource rates, and allowing real-time cost tracking against the planned budget.

What essential components should be included in a project budget for professional services?

A strong project budget should include estimated Labor Costs, Project Expenses, Overhead Costs, a Contingency Reserve, and the desired Profit Margin.

How does real-time cost tracking in PSA software help with budget management?

Real-time cost tracking automatically captures actual labor costs and expenses as they occur. This allows for immediate comparison against the planned budget, enabling proactive identification and management of budget variances before they lead to overruns.

Can PSA software help track budgets for different billing models (e.g., hourly, fixed fee)?

Yes, PSA software is designed to support various billing models. It allows you to structure budgets (e.g., internal cost for fixed fee, estimated billable for hourly) and track actual costs against the plan regardless of the billing structure.

How does PSA software provide financial oversight across project portfolios?

PSA software provides financial oversight across portfolios by aggregating budget and cost data from all projects. It offers portfolio-level dashboards and reports that show rolled-up budget performance, trends, and key financial metrics across the entire firm's project work.

What strategies can improve budget planning when using PSA software?

Strategies include using data from past projects in the PSA, involving the team in estimating, factoring in contingency, planning for scope changes (and their budget impact), monitoring budgets regularly with real-time tools, and reviewing and adjusting budgets as needed.

How does Birdview PSA help track labor costs in the budget?

Birdview PSA tracks labor costs by linking estimated hours and recorded time entries to defined internal cost rates for resources. It automatically calculates labor costs for both the estimated budget and actual spending throughout the project.

What is budget variance and why is it important to monitor?

Budget variance is the difference between the planned budget and actual costs. Monitoring it is important because a negative variance indicates you are over budget, requiring investigation and corrective action to stay within financial limits and protect profitability.

Does Birdview PSA help with forecasting project expenses?

Yes, Birdview PSA helps with forecasting project expenses by allowing you to estimate expected costs for categories like travel, software, or vendor services as part of the initial budget planning. Real-time tracking helps refine these forecasts as the project progresses.

Birdview PSA blog

Blog posts on professional services automation, project management, and resource allocation.

Professional Services

9 min read

Professional Services Resource Management - Ultimate Guide

Explore the intricacies of resource planning and scheduling, equipping you with the knowledge and strategies ...

Guide to project monitoring and control phase of project management

Project Management
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5 common resource allocation problems and how to solve them

Resource Management
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8 biggest challenges facing the Professional Services organizations in 2025

Professional Services
5 min read

Professional Services

8 min read

How to improve budget planning in Professional Services with PSA software

In the world of professional services, your project budget is more than just a forecast–it‘s ...

Professional Services

7 min read

Boosting your bottom line: how PSA software improves project profitability

Boost project profitability with PSA software for services. Learn how Birdview PSA tracks costs, improves ...

Resource Management

5 min read

Strategies for effective resource allocation with PSA software

Master effective resource allocation with the Resource Manager's Playbook. Daily strategies & tips for balancing ...

Professional Services

5 min read

Rate cards: advanced strategies for varied models in Professional Services

Master advanced Rate Card strategies for varied billing models in professional services. Optimize pricing & ...

Resource Management

11 min read

5 best resource management software tools in 2025 (Expert reviews & recommendations)

Discover the 5 best resource management software tools for 2025, reviewed by experts. Learn how ...

Professional Services

8 min read

What is RAID management? A complete guide (with examples & tips)

Learn what RAID management is in project management. Discover how to track risks, assumptions, issues ...

Professional Services

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Project financial oversight for CFOs: how PSA software drives profitability

Discover how to track profitability, cash flow & costs in Birdview PSA.

Project Management

4 min read

The value of Canadian project management software: security, support & local insight

Discover the benefits of Canadian project management software: data security, local support & market understanding. ...

IT Services

6 min read

Managing IT projects in an MSP: streamline delivery, resources & billing with PSA

Empower your MSP with PSA software. Streamline IT project delivery, optimize resource allocation & simplify ...

Latest News

Product News

1 min read

Meet Birdview’s AI assistant chatbot

Discover Birdview’s new AI Chatbot that helps you find tasks, projects, and answers instantly.

Product News

1 min read

Birdview named best for Customer Service in Software Advice’s 2025 PSA report

Discover why Birdview was recognized by Software Advice as Best for Customer Service in the ...

Product News

1 min read

Birdview featured in Capterra’s 2025 Shortlist for Project Planning Software

Birdview has been recognized by Capterra for high user ratings and growing market presence. Learn ...

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Birdview PSA blog

Professional Services Resource Management - Ultimate Guide

Guide to project monitoring and control phase of project management

5 common resource allocation problems and how to solve them

8 biggest challenges facing the Professional Services organizations in 2025

How to improve budget planning in Professional Services with PSA software

Boosting your bottom line: how PSA software improves project profitability

Strategies for effective resource allocation with PSA software

Rate cards: advanced strategies for varied models in Professional Services

5 best resource management software tools in 2025 (Expert reviews & recommendations)

What is RAID management? A complete guide (with examples & tips)

Project financial oversight for CFOs: how PSA software drives profitability

The value of Canadian project management software: security, support & local insight

Managing IT projects in an MSP: streamline delivery, resources & billing with PSA

Latest News

Meet Birdview’s AI assistant chatbot

Birdview named best for Customer Service in Software Advice’s 2025 PSA report

Birdview featured in Capterra’s 2025 Shortlist for Project Planning Software