Background and before 2022 Construction costs have been on an upwards climb for more than the last two decades. You can see that the construction prices in the EU have grown by 45% in the last 16 years. In general, there is a clear upwards trend with some steeper growths during some periods. Reduction in …
Will construction costs go down in 2022? August 2022 Read More »
What are Cost Value Reconciliations (CVRs) in construction? According to the DesignBuildings wiki, cost value reconciliation is used to monitor and measure expenditures against the budget on a construction budget. All of the expenses for the previous period are gathered and added up to see all of the current costs. The current cost value is …
Construction Cost Value Reconciliation (CVRs) explained Read More »
What is construction subcontractor management? According to the Design Buildings wiki, contracting is the activity of constructing a building in accordance with a pre-agreed set of requirements. We can extend this description to construction subcontractor management as well. So that the main contractor is the one who is contracted by the client and also subcontracts …
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What are construction cost codes? Construction cost codes are the defined list of codes that are used for tracking, managing, reporting on the amounts, quantities, budgets, profit, and other account information associated with the job. What is AIA? The American Institute of Architects (AIA) is a professional association with approximately 90,000 members who are licensed …
Intro to Construction Accounting Construction accounting is a different form of accounting than for many regular companies. Construction accounting is usually rather project-based instead of doing bookkeeping on the whole company level. This becomes even more crucial when you are a contractor company and have multiple clients. You probably want to know the P/L (profit/loss) …
The construction industry involves a lot of data, from pre- to post-construction. This involves construction data revolving around the planning stages, construction site information, accounting, workflow, job cost management, project management and much more. “Data really powers everything that we do.” – Jeff Weiner However, while a lot of information exists that contractors could use …
Should construction companies learn from their in-house data? Read More »
