Efficient cost management is a crucial aspect of any project, and knowing the cost of resources is a key factor in achieving it. The cost of resources is the amount spent by the company on that resource, which is usually their salary. This cost may be calculated as a fixed cost for the year, such as the annual salary, or it can be an hourly cost. However, since payroll data is confidential, not everyone in an organization has access to it.

Keka PSA's Cost feature helps overcome this challenge by enabling admins to track the cost of each resource incurred by the company. This feature provides insight into margins, empowering admins to make informed choices about resource allocation for different projects. By utilizing this feature, you can strategically oversee resources, optimize resource margins, and ultimately enhance overall project profitability.

Assigning Cost to Resources Individually

To add a Cost to a resource, click on Project (1) from the left navigation menu. In the Project section, click on Resources (2) and navigate to the Cost (3) tab.

In the Cost tab, a list of resources is displayed. To add the cost for a specific resource, click on the "+" icon next to each resource under the Action section.

In the Add Cost Screen, Choose a Currency from the drop-down and indicate the Rate Type as either Hourly or Fixed (Annual) as applicable. Input a Rate and set an Effective Date. Click on Save to keep your settings.

You can also add multiple costs with varying currencies or rates to a single resource. Editing or Deleting existing Costs can also be done through this screen. Once the necessary changes are made, click on Update to save.

You cannot add cost with the same currency and the same effective date.

Assigning Costs to Resources in Bulk

Adding cost to resources using Excel import

To add different costs to different resources in bulk, you can use the option of bulk importing through an Excel sheet.

In the Cost tab of the Resources section, click on the Down Arrow (1) next to the Add Cost option to find the option of Import from Excel (2).

In the Resource Cost Values import screen, click on the download Excel Template(3) hyperlink. Update the details in the document and upload it using the option of Upload Excel File(4).  All the columns indicated in red colour are mandatory, make sure to update them without fail.

After uploading the Excel sheet, you will see two more tabs. One is the Match Column tab, where you make sure each column lines up correctly with the right information. If something doesn't match, you can choose to ignore that column, and it won't show up on the portal. The other tab is Preview Data, where you can check the data before it gets uploaded for real.

Bulk Assigning Same Costs to Different Resources

To add a cost to multiple resources at once, select the employees and click on Add Cost. In the Add Cost screen, provide Currency, Rate Type, Rate and Effective Date. Click on Save to assign a cost to all the selected resources.

In the Add Cost screen, provide Currency, Rate Type, Rate and Effective Date. Click on Save to assign a cost to all the selected resources. 

After adding the necessary costs, click on Update to save your changes.

Downloading Resource Cost and Margin Reports

ResourceAfter adding costs to resources, you can view the margins on each resource using the Resoucre Cost and Margin report. This report tracks resources' finances and margins based on rate cards, billable hours, and cost.

Click on Project (1) from the left navigation menu. Navigate to the Analytics (2) tab, under this, you can find an option for Reports (3). 

In the reports section, scroll down to find the Resource Management section, under which you can find the Resource and Cost Margin(4) report, click on it to download.

In the Resource Cost and Margin download screen, choose criteria using the filters and click on Run (5) to download the report.

This report tracks resources' finances and margins based on rate cards, billable hours, and cost.

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