Never guess how much money your project is going to cost again.
Maintaining a cost to complete will benefit everyone from the estimator to accounting and everyone in between. If done correctly, your projects will be run more efficiently thus increasing your margins on the plus side. As an estimator, you'll have real data to base your pricing and solidify your confidence as you communicate with owners as well as negotiating with sub-trades and vendors.
Accurate cash flow projections and other accounting reports are heavily dependent upon accurate information from the project management team. Guessing is not knowing and if its not right - it's wrong. This is not simply "knowing where you are" in your project, a Cost To Complete system will show you where you are heading.
Using this Excel template will help you determine your costs to complete the project from the beginning. Want a snapshot of where you are financially in the project without going through Accounting? This is the way to go.
You can use Microsoft Project and build resources assigned to each task item, but I like this template because it's easy and affordable! My foreman can easily review and edit the cost to complete based on real world situations instead of inside my office.
This template also works as a Three Week Look-ahead. Superintendents, Foremen, Project Managers, and accounting can all see the same projections and manage their projects more effectively. Talk about cash flow projections! This is the best way I've found to do that on the fly.
While we've made this template for construction, it can really be used for any type of project management where tasks are associated with costs.
With this template, simply enter the task name and assign the appropriate people per task on specific days. You can also assign Material and equipment costs to each task to completely understand your cost to complete the project.
This template is an Excel format template. You will need one of the following software applications to use this template: