Commercial real estate projects are complicated in scope and require the proper disbursement of payments to different vendors across many months, or even years. This requires aggregating and compiling data from a variety of sources into one central repository, including all contracts, change orders and invoices.
There could be dozens, if not hundreds, of these items for one job. Keeping all of them updated in real time in one place can be a challenge for project managers, but it’s critically important that those payments are managed closely or unforeseen costs can easily arise and push jobs over budget.
With a consistent, replicable cost tracking procedure in place, project managers are much better equipped to prevent overspend plus provide accurate status updates and make informed decisions as the project progresses.
Recommendations on how to organize your cost tracker, including how much detail to add
The make-up of a valuable cost tracker
Best practices on tracking anticipated costs
Guidance on how to roll out a standardized cost tracking process to your team
Examples of cost tracking in progress