9 tips to manage construction budget and control costs with a smile

Here are 9 ways, how bauwise.com helps construction teams to manage projects budgets and control costs with a smile, wonder how? These are the main points: 

1. It's understandable for all
2. Project forecast and initial budget vs fact comparison "on hands"
3. Easy budget import from Microsoft Excel, Google Spreadsheet

4. Clear financial project budget indicators
5. Simple tracking of subcontractors contracts
6. No “unknown” extra works
7. Useful cost allocation tool
8. Simplified main project documents management
9. Work from anywhere

1. Simplicity, understandable for allbauwise.com online cost control software for construction business is build with a brilliant idea – no unnecessary functions! That’s why it contains only those features, which your team will actually use. It will usually take up to one day for your team to learn the software basics, just because of it so simple! The system interface is clean and clear, no unnecessary buttons and options, not too many indicators, just what is needed most. All that is important to notice – would that be extra works or costs higher than the planned budget – it will be clearly highlighted, everything visible and clear, enough just to take a look!

2. Project financial result forecast and comparison of 3 types of budgets, just to make sure your team is on the right track – finding out project end result only when the project is finished? Not able to compare & track the initial budget, adjusted budget by the project manager and budget that agreed and assigned for subcontractor or internal team? Not anymore! bauwise.com in a simple way allows teams to track ongoing costs and in a professional way forecast project end result! It is possible at any moment to see what profit or loss is forecasted and take necessary actions to improve the bottom line. It is also possible to compare three types of budgets, so your team always can track in which area they need to improve – does sales team or management setting, not realistic budgets? Does project managers do not hit the right costs forecast? Or maybe subcontractors are too expensive? Your team will be able to keep and track projects history, learn from it, and make the next project budget much better!

3. Easy budget import from Microsoft Excel, Google Spreadsheet or any other spreadsheet, no need to change everything again – construction industry still use a lot of spreadsheets for estimates and budgets, and bauwise.com helps teams to use what they already have and know in a best possible way. Construction project budget can be made in any spreadsheet and simply copy – paste into the bauwise.com! What can be easier? No complicated imports – simple copy & paste! bauwise.come project budget template is simple and easy to adapt, your team will like it.

4. Project budget indicators, only which are really needed and integration with accounting software, why to bother accountant again?  bauwise.com set of indicators consist only of a must have indicators, including final cost forecast, completion in Euros, also some other indicators that give a project team calculated values, e.g. difference between initial budget and final costs forecast. And what is the most beautiful - it is possible to integrate bauwise.com with accounting software, which allows receiving information about costs from accounting system straight to the project budget lines! This is a superior function which ensures project managers to control and see costs information from accounting without bothering accountants or log in to the accounting system, does this will not make your team happier?

5. Tracking subcontractors or internal team budget performance, nobody wants to overpay – with a simple built-in functionality it is easy to see which work your subcontractor or internal team is doing, what is assigned budget for the works, what is agreed price with subcontractor, what is actuals from accounting system and what is the completion percentage of works. Simple functionality allows allocating project budget contract with the subcontractor. This functionality is especially useful for construction companies that have a lot of subcontractors or doing purely general contracting. It is possible to track an unlimited amount of contracts with subcontractors and always be aware does subcontractors correctly invoicing for their works, to compare agreed budget and actuals from accounting.

6. No “unknown” extra works, no surprises at the bottom line – Most probably there are no construction projects without extra works. Maybe project manager forget to add the budget for work or maybe unexpected situation have arisen – doesn’t matter what happens – bauwise.com will help to manage this task without stress and lose of a smile. It is very simple to add any extra work and always be aware of extra works, as they will be highlighted in the project budget. Also, it is possible to track who, when and why have added extra works. So no more questions – where does this work comes from? Even more - bauwise.com gives you a clue how does this will influence the project bottom line and helps to take necessary actions to keep project profitable.

7. Cost allocation on budget lines, that has never been easier, a way to make accountant and project manager become friends – does your project managers spend a lot of time writing on paper invoices to which project accountant should assign purchase invoice costs? Does your accountants and project managers communicate a lot and this communication not always brings a smile for all? Not anymore! bauwise.com have simple built-in workflow which allows with a simple drag & drop functionality to add scanned or digital invoices to the system (this can be done by a project manager, assistant or anyone else), assign who should allocate the costs, allocate amounts on budget lines and send invoice allocation data straight to the accounting system for accountant review and confirmation! You can easily allocate any type of cost - such as purchase invoices, payroll, sales costs, and others. Dual level approval workflow allows you to set who can allocate costs and who gives them the final approval.

8. No lost project documents and ability always answer a question “why”, saved a bit more time for team coffee time – do you remember when the last time your project manager was running around the office trying to find the invoice, works performance act, or agreement with subcontractor? Have you seen the situation that somebody has changed the budget line amount and later nobody can remember why? This will not happen again! bauwise.com allows easily attach files and post comments to every single budget line – attach contracts, invoices, offers, warranty documents and etc., it is also easy to add comments for every budget change or to the budget lines that necessary to keep eye on.

9. Work from anywhere makes project team smiling, happy team, happy manager – the world is changing. It is not possible to work in the same way as yesterday, actually, it could be that there already is no way of yesterday. Does your project manager is more happy to work from the construction site next to the forest or lake, does he likes work from home or he is better performing working on the roof of your office, does this makes him smile? With bouwise.com it is possible! The solution is cloud-based, so the project team can work from anywhere. Also, there is no need to care about servers, software, and IT stuff – your team will log in online and start working.

“Like all magnificent things, it's very simple” said Natalie Babbitt, American writer. Most people like simple things, that’s why you can be sure, that bauwise.com solution for project budget management and cost control will make your team smile.

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Sawailal Jangid
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Great content. Construction budget management is a way to bring the project in a range to make maximum profit. The tips revealed here are great and are very important. One should have to bring into practice to make maximum profit and to bring project into a direction.

Penelope Smith
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This is some really good information about construction budgeting. It is good to know that you should find an accountant who can help you with that. That does seem like a good thing to do if the construction process is going to long and complex.