The Challenge of Construction Cost Control
Managing construction costs is one of the biggest challenges for contractors, project managers, and financial teams. Traditional cost control methods like spreadsheets and manual data entry often lead to errors, delays, and cost overruns.
You’re not alone if you find yourself wasting hours on duplicate data entry, struggling to track expenses, or constantly dealing with budget surprises. The good news? Construction cost control doesn’t have to be this hard.
In this guide, we’ll explore:
- What construction cost control is and why it’s important
- Common cost control challenges
- How to eliminate inefficiencies and streamline cost management
- Why modern software like Planyard is a game-changer
What Is Cost Control in Construction?
Construction cost control involves monitoring and managing a project’s budget to ensure expenses don’t exceed planned costs. It includes:
- Budget tracking – Keeping a real-time record of estimated vs. actual costs
- Expense management – Ensuring that invoices, purchase orders, and contracts align with the budget
- Forecasting – Predicting future costs based on current spending trends
- Risk mitigation – Identifying potential cost overruns before they happen
Without a strong cost control system, projects can take longer, cost more, and cause financial strain.
Why Is Cost Control So Difficult in Construction?
Traditional cost control methods often fail due to:
Spreadsheets Are Prone to Errors
- Manual data entry leads to mistakes
- Difficult to track real-time project changes
- Multiple versions create confusion
Duplicate Data Entry Wastes Project Managers and Quantity Surveyors Time
- Information needs to be entered multiple times
- Increases administrative workload
- Causes discrepancies in financial records
Delayed Cost Reporting Leads to Surprises
- Budgets often don’t reflect real-time spending
- Issues are only discovered when it’s too late
- Invoices and purchase orders aren’t tracked efficiently
Lack of Forecasting Accuracy Increases Risk of Cost Overruns
- No clear insight into future expenses
- Change orders and unexpected costs disrupt budgets
- Limited ability to prevent financial risks
How to Control Cost Overruns in Construction Projects
To make construction cost control easy, follow these best practices:
Centralize Budget and Cost Tracking
Instead of using scattered spreadsheets, use a single platform where all financial data is connected.
- Real-time budget tracking ensures no cost overruns go unnoticed
- Integrated financial workflows eliminate the need for manual updates
- Automatic alerts notify you of potential budget issues before they escalate
Automate Data Entry and Reduce Errors
Construction teams waste time on manual invoice matching, purchase order tracking, and cost updates.
With Planyard, you can:
- Single source of data entry when processing invoices with automatic budget and commitment updating
- Track all your portfolio projects’ costs and profitability on one central dashboard
- Reduce human error with accounting integration
Improve Collaboration with Cloud-Based Cost Management
Traditional cost control processes are siloed—project managers, quantity surveyors, and accountants all work separately.
Planyard’s cloud-based system:
- Ensures all teams have access to the same real-time financial data
- Enables role-based permissions, so the right people see the right information
- Allows direct integration with accounting software like QuickBooks and Xero
Enhance Forecasting and Prevent Cost Overruns
Predicting future costs helps prevent budget shocks and enables smarter financial planning.
With modern construction budgeting software, you can:
- Generate live profitability forecasts based on current spending
- Use AI-powered analytics to identify potential cost overruns early
- Monitor financial performance per cost heading in real-time
How Planyard Makes Construction Cost Control Easy
Unlike spreadsheets and generic accounting software, Planyard is designed specifically for construction cost control.
- Real-Time Budgeting – Automatic updates keep your budget 100% accurate at all times
- Integrated Cost Management – Link purchase orders, invoices, and contracts without manual work
- Live Cost Value Reconciliation (CVR) – Ensure every cost is accounted for as it happens
- Automated Cost Approvals – Reduce delays by streamlining invoice and expense approvals
CASE STUDY: How Keane Group Eliminated Duplicate Data Entry
Keane Group, an Australian contractor, reduced data entry workload by 80% by switching to Planyard.
They now manage cost tracking, invoices, and forecasts in one centralized platform, preventing cost overruns and saving hours of admin work.
Why Contractors Are Switching to Planyard
- Eliminates spreadsheets and manual cost-tracking
- Prevents cost overruns before they happen
- Saves hours of duplicate data entry
- Increases project profitability with better forecasting
Planyard integrates seamlessly with QuickBooks, Xero, and other accounting software, ensuring your cost data is always up to date.
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Conclusion: Make Construction Cost Control Easy Today
Construction cost control doesn’t have to be a headache. By moving away from spreadsheets and adopting automated cost tracking, contractors can prevent overruns, save time, and increase profitability.
Planyard makes it simple. No spreadsheets. No duplicate data entry. Just real-time cost control.