Get a handle on cost management so you can go home on time

10 April 2024Build, Construction, Digital TransformationAutodesk Build, automate, Budget, Common Data Environment, construction technology, cost management, document management, financial, insights, payment application, progress tracking, Project Management, subcontractors

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Gerry ends up working a lot of overtime on the company’s cost management. Maybe you can relate: it sure would be nice to go home on time.

Sometimes Gerry wishes for a system that could be customized to meet specific needs and preferences. It would also be nice to have a real-time summary view of all the company’s budget items and contracts for its projects. And don’t even mention change orders.

cost management Build

Gerry could really use a payment application workflow that would help manage incremental pay apps effectively. Imagine being able to automate tasks and have a real time view of each project’s financial situation – over budget, under budget (as if) or right on target.

One day Gerry was doing some research and discovered the workflow illustrated below. It outlines the suggested pay application workflow you can achieve when using the Cost Management tool in Autodesk Build.

Cost management Build

Graphic: Autodesk


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The payment application workflow made a lot of sense to Gerry. The company – and Gerry – could benefit in some important ways from following this simple, common sense workflow.

First, it adds a level of automation.

Second, it seems pretty easy for management and tracking.

Third, it provides a real-time summary view of all payments – budget payments controlled by the owner, as well as cost payments initiated by the general contractor and paid to subcontractors.

Scanning the workflow, Gerry sees promise in five major capabilities provided by the Cost Management tool:

  • Budget management
  • Contract management
  • Budget payment applications
  • Cost payment applications
  • Document generation
person at desk in light blue blouse wearing headphones taking notes and watching a laptop screen, cost management Build

These would make Gerry’s job so much easier and efficient. Maybe, just maybe, there would be less overtime work required for cost management.

A bonus benefit would be the ability to avoid risks and errors resulting from the use of disconnected cost management tools . . . no more spreadsheets and sticky notes on the computer monitor!

Being a “numbers person,” Gerry is cautiously optimistic about the possibility of real-time visibility into the way payments affect the project budget. It seems like a dream-come-true to maintain an up-to-date view of the financial health of each project the company is working on.

Following are the payment application steps Gerry decides can streamline the job of cost management and get tasks done faster:

1.     Create main/prime contracts.

2.     Create the schedule of values either manually or automatically.

3.     Create billing periods/master schedule.

4.     Manage cost payment applications.

5.     Manage budget payment applications.

6.     Export reports on associated costs.

7.     Generate documentation.

cost management Build

Built on a unified platform with a common data environment, Autodesk Construction Cloud is a powerful and complete portfolio of construction management products. These tools empower general contractors, specialty trades, designers, and owners to drive better business outcomes.

Autodesk Construction Cloud combines advanced technology, predictive insights and a unique network for builders to connect teams, workflows and data across an entire building lifecycle.

Join Gerry and scores of others who are on a journey toward empowerment in their jobs. Take advantage of the five major capabilities for payment applications provided by the Cost Management tool in Autodesk Build.

Then go home on time!


You can find useful tips and insights in the free resource “Software Collaboration for Modern Projects.”  


 

 

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