Cost value reconciliation (CVR) template

Cost-value reconciliation (CVR) is carried out to monitor and measure expenditures against budgets on construction projects.

They provide insight into the status and profitability of the projects while they are in progress. This allows construction companies to make critical financial decisions and reduce risk.

An alternative would be to make this analysis at the end of the project. However, it can be very risky for cash flow reasons if left to the end of the project.

Read more about CVRs here

CVR jobs broken down into smaller deliverables

Work can be structured, with the project cost codes format helping to break it down into smaller deliverables (e.g., foundations and installations, support structures, facades, etc.).

Planyard recommends following the chronological order of the jobs. This can be described as structuring the costs based on activities on the site, as seen in the example below. Such a breakdown enables management to follow project profitability in phases, so that when you are already in the middle of the project, you’ll know whether or not you managed to create profit in the first phases of work, such as creating a foundation, etc.

The example works breakdown structure for buildings such as office buildings, blocks, warehouses, etc.

Budget managed from an estimate, from job costing to project income

Additionally, it’s smart to list the budget with the cost paid by the customer to enable job profitability tracking on an article level.

Cost codes and budget

Where to get the Cost Value Reconciliation template?

Get the CVR Template for free.

Customers about Planyard

“I would say that Planyard is a great way to easily and conveniently track your job costs in one place. It keeps track of all of the documents and the numbers in one place. If there’s some problem with the budget, it just tells you what you need to fix and you’ll be fine. It really just kind of thinks a step ahead for you.”

“Planyard is a live overview of your project. How they are performing financially and it is basically a CVR that is live all the time. I have saved a lot of time! It’s so much easier now that I am less reliant on Excel. When we’ve been awarded a project and we’ve uploaded the project on Planyard, I don’t need to look at spreadsheets anymore.”