What it is
Hours that overrun are cheapest to catch while the engagement is still open. This workbook takes the time log, matches it to engagements, adds your estimate of hours still to do, and shows the projected variance and the projected realization on the agreed fee.
Thresholds for watch and over-budget flags and the target realization sit on the Rates sheet. The Variance sheet gives each engagement a flag, and the By Level sheet shows where the hours went. The tie-out confirms every hour in the log landed on an engagement.
When to use it
- Mid-engagement checkpoints and weekly partner reviews.
- Deciding whether to talk to a client about a fee change before more hours are spent.
- Post-engagement review to improve next year’s budget.
What’s inside
- Rates: levels, standard rates, watch and over-budget thresholds, target realization
- Engagements: 40 rows with budget hours, agreed fee, billed to date, hours to complete
- Time Entries: 500 rows with date, engagement, person, level and hours, with checks
- Variance and By Level with tie-outs
Standard cited
This template follows Firm practice. It is written in our own words, except for phrases the standard requires the document to contain, with [bracketed placeholders] for client details, amounts in USD and dates as MM/DD/YYYY. Check it against the current standard and your firm’s methodology before use.
Questions
How is estimate at completion worked out?
Actual hours to date plus your estimate of hours still to complete. Variance is that estimate minus the budget, and variance percent is the variance divided by budget hours.
What is projected value at completion?
The estimate at completion times the blended standard rate of the time recorded so far: standard value to date divided by actual hours to date. It assumes the remaining hours cost the same mix as those done.
Why compare billed amount to standard value?
It shows how much of the value of the time has been billed so far. Read it with care, because billing lags work. The projected realization on the agreed fee is the better measure of whether the fee covers the work.
What if time is logged against the wrong ID?
The Check column on Time Entries flags unknown IDs and missing levels, and the tie-out on the Variance sheet shows the hours that did not land on any engagement.
Related templates
- Audit Timeline and Budget Workbook (Excel)
- Staff Utilization and Realization Tracker (Excel)
- Engagement Status Tracker (Excel)
- Engagement Scope Change Letter (Addendum)
Last updated 11/05/2026. All free templates.