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𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐒𝐭𝐚𝐧𝐝𝐚𝐫𝐝𝐬 𝐟𝐨𝐫 𝐀𝐭𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐧𝐠 𝐑𝐚𝐰 𝐌𝐚𝐭𝐞𝐫𝐢𝐚𝐥𝐬 𝐭𝐨 𝐒𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐂𝐨𝐧𝐬𝐭𝐫𝐮𝐜𝐭𝐢𝐨𝐧 𝐏𝐫𝐨𝐣𝐞𝐜𝐭𝐬 Accurately assigning material costs to projects is essential for budget control and precise job costing. Material costs make up a large part of construction budgets, and misallocations can lead to budget variances. Here are industry standards to ensure accuracy: 1. 𝑷𝒖𝒓𝒄𝒉𝒂𝒔𝒆 𝑶𝒓𝒅𝒆𝒓 (𝑷𝑶) 𝑻𝒓𝒂𝒄𝒌𝒊𝒏𝒈 𝒃𝒚 𝑷𝒓𝒐𝒋𝒆𝒄𝒕 Create POs specific to each project with project ID, material descriptions, quantities, and costs to avoid reallocations. 2. 𝑫𝒊𝒓𝒆𝒄𝒕 𝑱𝒐𝒃 𝑪𝒐𝒔𝒕𝒊𝒏𝒈 𝒘𝒊𝒕𝒉 𝑴𝒂𝒕𝒆𝒓𝒊𝒂𝒍 𝑹𝒆𝒒𝒖𝒊𝒔𝒊𝒕𝒊𝒐𝒏𝒔 Document and track material usage by project code regularly to streamline accounting and enhance accuracy. 3. 𝑩𝒂𝒓𝒄𝒐𝒅𝒆 𝑺𝒄𝒂𝒏𝒏𝒊𝒏𝒈 & 𝑰𝒏𝒗𝒆𝒏𝒕𝒐𝒓𝒚 𝑺𝒐𝒇𝒕𝒘𝒂𝒓𝒆 Use barcode scanning and inventory software to assign materials to projects as consumed, minimizing manual errors. 4. 𝑷𝒓𝒐𝒋𝒆𝒄𝒕-𝑩𝒂𝒔𝒆𝒅 𝑨𝒄𝒄𝒐𝒖𝒏𝒕𝒊𝒏𝒈 𝑺𝒐𝒇𝒕𝒘𝒂𝒓𝒆 Tools like Knowify or Procore centralize cost tracking, enable detailed reports, and simplify profitability analysis. 5. 𝑹𝒆𝒈𝒖𝒍𝒂𝒓 𝑹𝒆𝒄𝒐𝒏𝒄𝒊𝒍𝒊𝒂𝒕𝒊𝒐𝒏 Conduct monthly or milestone-based reconciliations to catch misallocations and keep project financials accurate. Takeaway: Implementing these practices helps construction firms control material costs, improve profitability, and provide stakeholders with clear project financials. #ConstructionManagement #JobCosting #ProjectAccounting #BudgetControl #MaterialTracking #ConstructionTechnology #ProjectProfitability #CostEfficiency #ZagzAccountingSolutions

Learn how connecting your construction procurement and payment can help your team stay in the black and increase productivity and profits:

This week in our Project Cost Solutions Series we solve the problem on 'Why you shouldn’t use PO Books on construction sites' PO books on construction sites are a bad idea. Why? Because they don't have a connection point between where the costs are being committed to on the project, linked up to where the costs are being tracked. Learn how by using a smart scanning technology, you can keep control over your construction project costs. Watch now https://hubs.li/Q02wljyP0 #constructioncosts #construction #costtracking #procurement #purchaseorders

This week in our Project Cost Solutions Series we solve the problem on 'Why you shouldn’t use PO Books on construction sites' PO books on construction sites are a bad idea. Why? Because they don't have a connection point between where the costs are being committed to on the project, linked up to where the costs are being tracked. Learn how by using a smart scanning technology, you can keep control over your construction project costs. Watch now https://hubs.li/Q02KbTf30 #constructioncosts #construction #costtracking #procurement #purchaseorders

Learn how connecting your construction procurement and payment can help your team stay in the black and increase productivity and profits:

📣Its back - Our Project Cost Solutions Series This week we solve the problem around 'Reporting Profitability per Construction Project'. We explore some simple steps on how #construction businesses 'can achieve profitability per project or how to get a real-time view of profitability per project'. It all comes down to having simple access to the data that you need when you need it. Check out our Project Cost Solutions Video Series here - https://lnkd.in/eR9fY3sy #constructioncosts #construction #costtracking #procurement #purchaseorders

I've talked with hundreds (maybe thousands) of Construction PMs... 🔥 this is the simplest procurement/submittal log I've seen (in Excel). And I've asked 100+ companies. Material delays account for over 50% of all construction delays. In my experience, there are few things more important to project success than getting this done early and done right. If anyone wants me to send them the template, just comment or shoot me a DM. --> Over the next bit we'll be releasing some 'best of' Excel templates. Let me know what you'd like to see!

Today, the cost of the materials in cost budgeting is more crucial than ever! Materials-wise, the 'science' (or Art) of Estimation needs to take into consideration several critical factors to ensure financial viability and project success: 1/ Material Waste: Inefficiencies and surplus can inflate project costs. 2/ Inflation: Anticipating inflation changes is vital for realistic budgeting. 3/ Materials Availability: Tide with scheduling the Time of Delivery is crucial. 4/ Materials Cost DB: Use historical data to evaluate given quotations. 5/ Waste Management Integration: Estimate material waste to optimize cost. 6/ Hybrid Cost Comparisons: Compare Vendors vs. Subcontractors Cost. The all-in-one ProjectVIEW ERP Platform enhances all the above features—and more—allowing Contractors to estimate accurately, control the cost, and optimize the time of materials/products delivery onsite based on the concept of Just-in-Time Procurement. Investing in the right technology is not just about staying competitive—it's about building smarter and more sustainably for the future. 👉 For more info, book a demo: www.danaos-projects.com #Construction #Budgeting #constructiontechnology #constructionerp

Digitalization isn't new, but its adaption in the construction space is. However, things are starting to change rapidly on that front. Want to stay ahead of the curve without the need to circumvent the technical maze? We can help: https://bit.ly/43cMiPD #DynamicsSmartz #microsoftconstruction #construction365 #constructionaccounting #MicrosoftDynamics365 #Dynamicsbusinesscentral #contractor #constructiontechnology #construction

The Power of Knowing Actual vs. Budgeted Costs. In the volatile #construction world, staying on top of costs is crucial. Whether building skyscrapers and roads or renovating homes, understanding the difference between actual and budgeted costs can make or break your project. #CostControl is a Continuous monitoring of expenses that helps identify cost overruns and savings opportunities. By understanding the variances, you can implement cost-saving measures and improve profitability. Are you leveraging the power of actual vs. budgeted cost analysis in your construction projects? If not, it’s time to start. Let’s connect 👉 www.danaos-porjects.com and discuss how you can implement this game-changing approach to enhance your project outcomes and boost your bottom line using DANAOS ProjectVIEW ERP. #constructiontechnology #constructionerp