There are many different components to business visibility, but at its heart is a reporting system that can synthesize large amounts of your data into useful project summaries, field reports, and financial statements. According to William Kerns, president of Construction Turnaround Consultants, solid reporting is critical for identifying and solving problems – whether they be at the project or enterprise level. “Heightened transparency will give you the ability to identify potential cost impacts while there is time to take corrective action.”
To assure you have the reporting basics covered, here are a just a few questions your reporting system should help you answer:
- How do my budgeted costs compare to actual costs?
- What are costs related to a particular job phase and/or cost code?
- What is my labor productivity, including labor’s effect on job costs?
- What are my overbillings versus underbillings?
- What are my committed costs?
- How are change orders impacting my project costs?
For more project-related reporting requirements, download the reporting edition of The Construction Executive’s Interactive Guide to Business Visibility. This e-book also provides information on effective field reporting and financial statements.
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About the Author
Deb Carpenter-Beck is a writer and marketer with more than 25 years of experience in the construction and real estate industries. She often writes about technology and best practices and is passionate about helping contractors and real estate professionals achieve their business goals. You can follow her on Twitter @DebCBConstruct.