Allocate budget based on construction stages or buildings. Track cost to complete based on actuals and forecast at completion based on commitments. Control budgets through versions and approval locks. Forecast profitability, manage accruals, and sync financial data with integrated ERP systems.
Bauwise helps construction teams improve cost control, streamline workflows, and deliver on budget.
increase in construction project profitability
Construction
Projects
of construction
budgets
Create or import construction budgets by phase, task, or division. Easily copy and paste data from any spreadsheet directly into Bauwise — no upload required. The system automatically generates WBS, which can optionally be mapped to a predefined template.
Track, review, and approve budget changes by capturing snapshot-based versions of the project’s financial statuses in monthly or weekly intervals. Compare version forecasts, monitor changes, and maintain a clear audit trail. Ensure that both project managers and executives are aligned before confirming budget revisions.
Monitor project spending against budgeted amounts and catch deviations. Bauwise enables smart automatic connection of actual costs to budget lines, commitments, and cost codes — ensuring financial clarity across every phase of the project.
Get real-time visibility into the profitability of each project by continuously tracking margins, change orders, committed costs, and actuals. See how each new invoice, purchase order (PO), or change order affects each project’s bottom line.
Track and project future costs based on real-time commitments, trends, and performance data. Generate forecasts manually or automatically, apply buffers and corrections, to ensure transparency at both project and portfolio levels. Integrated approval workflows guarantee that only validated data is reflected in the financial reports.
Split complex construction projects into sub-projects by phase, location, or structure. Track budgets, costs, and progress for each sub-project independently, while maintaining a unified view through consolidated reporting.
Access standardized and adjustable reports at any point in the project lifecycle — from budget planning to final billing. Monitor revisions, commitments, and changes in real time to support internal decisions and provide clients with clear, up-to-date insights.
Log unbilled costs and reflect expected expenses in reports before invoices arrive. Track accrued labor, material, and equipment costs to maintain accurate cost reporting and align budgets with real-world spending.
Connect Bauwise to your Enterprise Resource Planning (ERP) or accounting systems to eliminate double entry and ensure data consistency. Automatically sync invoices, budgets, purchase orders (PO), subcontractor contracts, and costs between Bauwise and ERP/accounting systems to align financial and project reporting.
Structure and manage construction project teams with clearly assigned roles, responsibilities, and access levels. Control who can view, edit, or approve budgets, change orders, and financial data based on their role. Keep internal teams and external stakeholders aligned without compromising control.
Managing €10B+ in Construction Budgets with Bauwise.
Managing a construction budget requires careful planning, monitoring, and adapting. Here are some steps and best practices to effectively manage a construction budget:
Initial Budgeting: Break down the scope of work, estimating all costs. Include a contingency fund for unforeseen expenses (typically 5-10%).
Documentation: Maintain detailed records of all expenses. Consider using construction management software for tracking and forecasting.
Regular Monitoring: Conduct regular budget reviews and adjust based on actual expenses.
Change Orders: Have a straightforward, written process for any changes in the scope or materials, ensuring their budget impact is understood.
Risk Management: Identify and plan for potential risks.
Value Engineering: Seek alternatives that achieve the same objectives at a lower cost if over budget.
Cash Flow Management: Set precise payment schedules with subcontractors and clients. Plan for retainage, if applicable.
Communication: Ensure all stakeholders know the budget status and any changes.
Competent Personnel: Employ experienced individuals to manage finances and construction.
Review Past Projects: Use past projects to refine future budgeting practices.
Managing a construction budget involves careful planning, continuous monitoring, and adapting when necessary. It’s a dynamic process that requires attention to detail and a proactive approach to future projects.
Bauwise is widely regarded as the best construction budget management software. It provides comprehensive tools tailored for the construction industry, ensuring meticulous tracking, forecasting, and reporting of expenses. With its user-friendly interface and specialized features and tools, Bauwise makes managing construction budgets streamlined and efficient, helping project managers stay on top of their finances.
The terms “construction budget” and “project budget” are sometimes used interchangeably. Still, they can refer to different aspects of a project’s financial planning, especially in extensive and multifaceted projects. Here’s a breakdown of the differences:
1. Construction Budget:
Scope: Focuses primarily on the costs directly related to the physical construction of a project.
Components: Typically includes expenses like materials, labor, equipment rentals, subcontractor fees, and other costs directly tied to the building process.
Purpose: To guide the construction phase, ensuring the project remains within financial constraints during building.
2. Project Budget:
Scope: Encompasses all costs associated with a project, from inception to completion. This means it covers both construction-related costs and other peripheral costs.
Components: In addition to construction costs, a project budget will include expenses such as land acquisition, design, and engineering fees, administrative costs, legal fees, permits, inspection fees, project management fees, contingency reserves, post-construction outfitting, and any other expenses tied to the project lifecycle.
Purpose: Provides a holistic financial overview of the entire project, ensuring all aspects are accounted for and the project remains financially viable from start to finish.
In summary, while the construction budget zeroes in on the costs of physically building the project, the project budget paints a broader financial picture, encapsulating all costs from the project’s inception to its completion.
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