When you’re managing construction projects it’s important to have an understanding of your project costs. To assist with this construction managers often prepare a construction financial forecast on a monthly basis. But what exactly is a Construction Financial Forecast and how can it be of benefit to you?
A construction financial forecast is a document that acts as a budget and cost statement for the project. It first starts with a list of items and their associated budgets. The actual costs to date are tracked against each of those budgets. Each cost center or line item is then assessed by the construction team and provided a forecast or cost to complete the remaining work.
This construction forecast template will assist your project team in understanding what money is left to spend and where the money lies. It includes fields such as:
- Budget quantity and cost
- Actual (to date) costs and quantity
- Forecast to Complete quantity and cost
- Variance (forecast + actuals – budget)
Proper financial forecasting on construction projects is an instrumental and key component of any project. Utilize this spreadsheet to manage your construction costs more effectively.