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When you are managing client projects, you want to track actual costs, billable hours, and profit margins so you can spot over budget projects early. The Project Profitability Tracking Template in Teamwork brings those numbers into one clear view, so owners, operations, and finance see how each project is really performing.
Instead of stitching together time reports, expense spreadsheets, and invoices, you log budgets, rates, logged time, and costs against each project inside Teamwork. The template then highlights where profit is healthy, where margins are tight, and which projects are already drifting off plan.
Use it as your project profitability hub so reviews become a simple, repeatable habit. Over time, you move from reacting to overruns after the fact to catching warning signs early and making confident decisions on scope, pricing, and resourcing.
What is the Project Profitability Tracking Template and who is it for?
The Project Profitability Tracking Template is a structured way to monitor how each client project is performing financially, not just whether tasks are complete. It brings together budget, billable time, internal cost, and revenue so you can see true profit at a project level.
It is designed for agency owners, operations managers, and finance roles who need a reliable view of project health. Instead of relying on gut feel or end of month reports, you have an always on snapshot of which projects are on track and which are eroding margin.
How do I use this template in Teamwork?
You start by creating a project from the Project Profitability Tracking Template in Teamwork. The template gives you a ready made structure where you can:
Set the agreed budget or fee for each project
Define billable rates and cost rates for key roles
Link or log time entries and expenses against the project
Capture baseline estimates so you can compare plan versus actual
As work progresses, your team tracks time and expenses as normal. The template surfaces the financial picture so you can see how much of the budget is used, how profitable the work is, and whether you are ahead or behind your estimates. Build a habit of reviewing this weekly and at key milestones.
How does this template help me spot over budget projects early?
The template highlights risk by comparing actuals to your original plan. When logged hours and costs climb faster than expected, or remaining budget gets tight while there is still a lot of scope left, you see that pattern early instead of at the end of the project.
Typical warning signs you will see include:
Actual hours consistently outpacing estimated hours
Margin dropping below your target for similar projects
Frequent scope additions that are not matched by extra budget
When you see these signals, you can adjust scope, rebalance resources to more efficient roles, change how work is delivered, or renegotiate with the client. This helps you protect profitability while there is still time to act.
Can I use this template across multiple projects and service lines?
Yes. You can apply the Project Profitability Tracking Template to each client project, then use Teamwork views and filters to compare profitability across clients, service lines, or teams. This gives you a portfolio level picture of which types of work are most profitable and which tend to overrun.
As your agency grows, you can adapt the template for different engagement models such as fixed fee, retainers, or time and materials, while keeping a consistent way of tracking costs and profit. That makes it easier to refine pricing, choose which projects to prioritise, and keep your overall client portfolio healthy.
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