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Construction Budgeting In The Digital Age

by | Mar 5, 2018

A Construction Budgeting Process Gone Obsolete

The key principles in construction budgeting never really change. Evaluate the project. Establish goals. Define the requirements. Identify limitations. Determine specifics. Evaluate current conditions. Lay out a sensible plan. Design, develop and finalize the timeline and the budget requirements. Establish, craft and organize pre-construction documentation and tracking procedures. Initiate the project.

Sound simple? Not in this lifetime. As with every plan, the Catch-22 is in the details. And the steps defined above merely tap the edges of the overall construction budgeting process.

According to "The Growing Problems With Spreadsheet Budgeting," a finance and budgeting content released by the Eric Institute of Educational Sciences, the use of spreadsheet driven budgets have become almost impossible – even in the U.S. public school system. The article, released in September of 2010 for the benefit of educational school business managers and administrators defines the magnitude of failure associated with pen-to-paper and spreadsheet-focused budget design. Think about that. If you are running your construction business and your construction budgeting process via old-hat technology, you are using tools that went obsolete nearly eight years ago.

Digitizing Your Construction Budgeting Process

Modern contractors need not be limited to rudimentary financial planning processing resources. Digitized budgeting solutions are already on the market and proven to be efficient and effective. The good news: Construction operations software does not change the core principles of balanced budgeting. Rather it provides contractors with new tools, better accuracy and more efficient monitoring of the process.

The advantages of digital construction budgeting are not mere general enhancements to pen-to-paper solutions. To be more precise the benefits of digitizing your construction budgeting process enables low-level, task-specific analysis, comparisons and monitoring.  But tools such as the Assignar software for construction contractors handles much more than digital budgeting. Our package is designed to help your construction firm:

  • Monitor the build
  • Improve the scheduling process
  • Advance better jobsite productivity
  • Maintain real-time communications
  • Ensure document accuracy, timely updates and effective progress toward the established budget goal
  • Overcome unexpected hurdles without losing the bank in the process
  • Identify problem situations before the situations become money pits
  • AND so much more.

This single article cannot detail all the benefits contractors reap when applying Assignar construction operations solutions. Nor can we, in this text, feature every aspect of construction budgeting via Assignar technology.

But you can read more. Start by picking up on "Job Costing In Construction – Automate The Job Costing Process." After reading the article, take advantage of the FREE Assignar trial. It’s the blue button just to the right top of your screen.

 

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Rick is a Growth Marketing Manager at Assignar.

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