A basic goal of any construction company, or indeed any business, is to be profitable. To ensure a profitable operation, watching every expense on every job is critical. However, controlling cost is not an easy feat due to a myriad of parties spending money on the contractor’s behalf, i.e. from the project manager procuring big purchases and subcontracts to the foreman buying additional materials on a purchase card.
To minimise the strain of tracking construction project costs, a construction company should utilise construction management software with estimating and job costing feature. These tools achieve the dual purpose of recording transactions that appear in every project, as well as indicating the progress and problems that affect the project.