What is a Construction Cost Tracker?
A Construction Cost Tracker is a tool designed to help project managers, contractors, and stakeholders monitor and manage the costs associated with a construction project. It tracks all project expenses, from initial estimates to actual costs, and provides insights into budget utilization, cost overruns, and financial forecasting.
By using a Construction Cost Tracker, teams can ensure that project budgets are adhered to, expenses are documented, and potential cost issues are flagged early for corrective action.
How to Use this Construction Cost Tracking Spreadsheet
This Construction Cost Tracker simplifies the process of tracking and managing construction expenses, ensuring proactive project cost management.
Here's how to use it effectively:
- Download and Customize: Start by downloading the project cost tracking spreadsheet and tailoring it to your project’s specific needs. Add your company branding or modify the format to include additional cost categories or project phases.
- Input Initial Budget Amounts Against Budget Breakdown Structure: Enter the total project budget and break it down into categories like materials, labor, equipment, and contingency, following your project's Budget Work Breakdown Structure (WBS).
- Track Budget Adjustments: Record any changes made to the original budget, including transfers between categories, to ensure all adjustments are captured in your project cost tracking template.
- Monitor Committed Contract Amounts: Input values for all contracts committed to date, ensuring the amounts align with the original or adjusted budget figures.
- Track Contract Variations or Change Orders: As the project progresses, update the project cost tracker with any contract variations or change orders, ensuring these are reflected in the committed contract amounts and overall project budget.
- Adjust Forecasts: Based on actual costs and committed values, update the forecast for each budget category. This will help you anticipate the final cost of the project.
- Calculate Final Forecast Cost or Estimate at Completion (EAC): Use data from budget adjustments, committed contracts, and change orders to calculate the final forecast cost or EAC, giving stakeholders a clear view of the anticipated total project cost.
- Monitor Budget vs. Actual Costs: Continuously compare budgeted amounts with actual costs to assess how the project is performing financially. Ensure the data is up to date in your construction cost tracking spreadsheet for accurate financial insights.
- Flag Potential Cost Overruns: Use the project cost tracking template to highlight potential budget risks, such as deviations between budgeted and actual costs, and flag these early to enable corrective action.
- Review and Share: Regularly review the updated project cost tracker and share it with stakeholders to keep everyone informed of the project’s financial status. This tool promotes transparency and accountability for regular project reporting.
Free Construction Cost Tracker
If you are looking to keep track of your project's budget, monitor expenses, and ensure financial transparency, included in this download is:
- 1 x Construction Cost Tracker in Excel format.
This project cost tracking spreadsheet is available for download by filling out the form at the top of this page. It's ready for you to customize and use for more efficient project cost management.
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