Creating an accurate construction project budget is an essential part of the planning phase. This budget dictates exactly how much can be spent on materials, supplies, equipment and which contractors to hire. The final phase of a construction project is project closeout, where the team completes any outstanding contractual obligations.

When Should You Use This Construction Budget Template?

A survey found that 75% of construction projects are delivered late, over budget, or both. As any project manager knows, there’s a lot of work involved in a construction project. Apart from dealing with numerous stakeholders, you need to keep track of a ton of documentation and hundreds of details. Plugging that data into construction templates in construction bookkeeping Excel makes it easily searchable and easy to track as the project unfolds. Try both the free downloadable construction budget template for Excel and our free construction template in ProjectManager and you’ll see the difference immediately. The Excel template is a static document; you have to input all the data and, if there are changes, you have to add them, too.

• But first, it helps to get an understanding of what a chart of accounts is, what it does, and what it looks like.
• The construction phase comes after the planning process and kickoff meeting are complete.
• Although many don’t think of Excel as accounting software, the program can be valuable for small business bookkeeping.
• Use a general contractor checklist to stay in control of every deliverable, file, permit, and RFI you need.
• Our bill of quantities template for Excel is a great tool to list labor and materials items so you can accurately estimate construction costs and create a realistic project budget.

Construction Income Statement Template

Ensure that every account is separated based on whether it’s income, expense, or COGS. A chart of accounts (COA) is a listing of all the financial accounts in a company’s general ledger (GL). They are grouped into categories that correspond to the structure of construction company’s financial statements.

Excel Construction Management Templates

When these details are in one document that anyone can understand, it’s time to move on to planning the construction project. From there, apply a markup to your costs that will yield profits after any expenses. This will ensure that the project is profitable and comes in under budget. Make sure to track your estimates to ensure that your construction project is hitting under or on budget during every phase of the project. One of the key functionalities of the Income Statement Excel Template is its ability to provide a clear snapshot of a project’s profitability. Users can easily track revenue from different sources, including client payments and project milestones, while also accounting for various expenses such as labor, materials, and operational costs.

• This construction quote template helps you list down all the estimated costs related to your project resources such as purchasing materials, labor and any other types of costs.
• From there, a construction project manager only needs to answer questions about each expense.
• Use this template to track subcontractor information, scope of work and contract details.
• CFOs benefit from the template’s ability to offer real-time insights into cash positions, facilitating strategic decision-making.
• Material suppliers and contractors require two different COA structures.
• One of the key functionalities of the Balance Sheet Excel Template is its ability to provide a clear overview of a project’s financial stability.

Our WIP Schedule Excel Template integrates financial data seamlessly, providing real-time insights into project expenditures. This allows for proactive budget management, preventing overspending and fostering financial transparency throughout the project lifecycle. There are four main parts of a construction budget when you’re breaking down income and expenses for any project, whether residential or commercial. https://www.inkl.com/news/the-significance-of-construction-bookkeeping-for-streamlining-projects Our RFQ template is essentially a “fill in the blank” form where the project owner asks questions about what vendors charge for certain things.

How a chart of accounts works in construction

The template often includes pre-set formulas to automate calculations, ensuring accurate representation of the project’s financial health. One of the most difficult parts of managing a construction project is communication and collaboration. From suppliers and contractors to electricians and architects, there are so many people who need to know what’s going on. This template is based on splitting up the budgets for materials, construction labor, and administrative labor into separate categories.

• Each company develops its own COA, based on its requirements, so no two companies are exactly alike.
• Because each day looks so different, we often fall into the trap of letting every daily report come out differently.
• Generally, construction projects involve the owner of an organization hiring a contractor to build something they can’t create themselves.
• This template enables you to create a comprehensive construction project budget and ensure that you account for all important items on the list.
• The Balance Sheet Excel Template is a fundamental tool for construction finance professionals, providing a comprehensive and structured snapshot of a project’s financial position at a specific point in time.
• Managers can then balance their team’s workload right from that chart to keep them working at capacity and staying productive.