Project header
The agreed fixed fee, the client, and the project dates.
Agency finance · Fixed-fee projects
Cost records that sit beside a fixed project fee
On a fixed-fee project the price is locked, so the only number that moves is your cost — and that number decides whether the project was worth taking. If subcontractor invoices, tool charges, and asset purchases aren't all recorded in one place beside the fee, the team finds out it overspent only after the project is closed. Cash Workspace gives you one record that holds the fixed fee and a running list of every cost with its receipt attached.
The problem
Why fixed-fee projects quietly overspend
The fee is agreed once, but costs trickle in for weeks from subcontractors, software, and stock, and no one keeps them in view against the fee.
- A subcontractor's second invoice arrives late and pushes costs past what anyone expected.
- Tool and stock-asset charges get billed to a card and never tied back to the project.
- The team can't answer 'how much have we spent against the fee so far?' mid-project.
- Costs live in three places — invoices, card statements, a spreadsheet — so no one number is trusted.
- By the time costs are added up, the project is closed and there's nothing to do about it.
The workflow
Hold the fee, then log costs against it
Set the fixed fee once, then record each cost under the project as it lands so the running list stays current.
- 1
Create the project record
Open a record for the project and note the agreed fixed fee and the client at the top.
- 2
Record each cost as it lands
When a subcontractor invoice, tool charge, or asset purchase arrives, record the vendor, amount, and date and attach the receipt.
- 3
Categorize the cost
Tag it as subcontractor, software/tools, stock assets, or other so the spend breaks down cleanly.
- 4
Keep the running list visible
Keep all costs in one list under the project so the team can review them against the fixed fee at any point.
- 5
Review before the next milestone
Scan recorded costs against the fee before committing more spend, so surprises surface early.
Record structure
What to record for each project cost
These fields keep the running cost list complete and easy to review against the fee.
- Project and fixed fee
- The project name and the agreed fee, kept at the top so every cost is reviewed against it.
- Cost category
- Subcontractor, software/tools, stock assets, or other.
- Vendor / contractor
- Who the cost was paid to, kept as a consistent name.
- Amount
- The cost and currency for this line.
- Date
- When the cost was incurred, so it lands in the right project phase.
- Description
- What it covered (e.g. 'motion designer, 2 days') so the line is clear later.
- Receipt / invoice
- The supplier invoice or receipt attached to the cost record.
- Billable note
- Whether the cost is covered inside the fee or a separately billable pass-through.
Example setup
An example fixed-fee project setup
One way to organize a single fixed-fee engagement.
Subcontractor costs
Each freelancer and studio invoice with the receipt attached.
Tools and assets
Software charges and stock/asset purchases tied to the project.
Running cost list
Every recorded cost in one place to review against the fee.
Common mistakes
Mistakes to avoid
- Recording the fee but never logging the costs that eat into it.
- Letting card-paid tool charges escape the project record entirely.
- Waiting until project close to add up costs instead of keeping a running list.
- Leaving cost categories blank, so the spend can't be broken down.
- Filing subcontractor invoices outside the project they belong to.
How it helps
How Cash Workspace helps
Fee and costs together
Hold the fixed fee and a running list of every recorded cost in one project record for review.
Categorized spend
Tag costs as subcontractor, tools, or assets so the project's spend breaks down clearly.
Receipts attached
Attach each invoice or receipt to its cost so the running list is fully backed up.
Related
Related agency finance workflows
Budget vs actual records
Compare what you planned to spend against what you recorded.
Subcontractor payment records
Keep every subcontractor invoice and its status organized.
Project cost records folder
Gather all of a project's cost records in one folder.
Finance workspace for agencies
How agencies organize projects, costs, and clients in one place.
All finance workflows
Browse the full Cash Workspace workflow library.
FAQ
Fixed-fee project records FAQ
- How do I see costs against the fixed fee?
- Keep the fee at the top of the project record and record every cost under it. With both in one place, the team can review the running cost list against the fee whenever they need to.
- Should I record costs paid by card?
- Yes — record every cost regardless of how it was paid, and attach the receipt. Card-paid tool and asset charges are the ones most likely to slip away otherwise.
- Does Cash Workspace calculate the project margin?
- No. It keeps the fee and the costs side by side for you to review; it does not compute margin, profit, or any difference between them.
Organizing help — not tax, accounting, or legal guidance
Cash Workspace is a free workspace for organizing invoices, expenses, receipts, clients, and documents. This page is organizing guidance only — not tax, accounting, legal, or bookkeeping guidance. Cash Workspace does not connect to your bank, does not scan or read your receipts for you, and does not move or collect payments. Whether an expense is deductible depends on your situation, so confirm it with a qualified accountant or tax professional.
See your costs against every fixed fee
Start a free workspace and keep the agreed fee and a running list of recorded costs in one place, so the team spots overspend before a project closes.