Financial Management

Maximize your budget.

Managing the financial aspects of a project is crucial for avoiding costly delays and budget overruns. With rising inflation and ongoing supply chain disruptions, even a minor material shortage can significantly impact timelines and costs.

By outsourcing financial management, your project managers can concentrate on safety, operations, and strategic priorities, while our financial experts handle budgeting, cost tracking, and resource allocation. We anticipate how costs may evolve throughout the project, develop contingency plans, and ensure that every dollar is used wisely, helping you stay on budget and on track for success.

Services

Budget Planning and Allocation

We create detailed, realistic budgets tailored to your project's scope, factoring in inflation, material costs, and supply chain trends. This ensures that funds are allocated effectively to avoid overspending.

Cost Tracking and Reporting

Our team monitors costs throughout the project lifecycle, providing real-time reporting to help you stay informed about where your money is going. This enables you to make proactive adjustments before costs spiral out of control.

Contingency Planning

We anticipate potential financial risks and create contingency plans that help safeguard your project from delays and unexpected expenses. This ensures your project can continue smoothly, even when unexpected challenges arise.

Risk Mitigation

Our financial managers identify and mitigate risks that could impact your project’s budget, such as material shortages, cost fluctuations, or supplier issues, ensuring long-term stability.

Vendor and Contractor Payments

We handle the payment schedules for vendors and contractors, ensuring timely payments while maintaining your cash flow. This prevents financial bottlenecks and ensures ongoing project progress.

Resource Optimization

We manage and optimize resource allocation, ensuring that every dollar and material is used efficiently to keep your project within budget.

Our top priority is staying within your budget.

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We ensure your project runs smoothly by proactively managing costs, anticipating financial challenges, and allocating resources wisely. By forecasting potential issues and crafting detailed contingency plans, we help keep your project on track and aligned with your business objectives.

Every commercial real estate or construction project comes to us with a set budget. As your partner in bringing that project to fruition, our top priority is staying within that budget. Our construction financial management experts oversee your project to ensure we keep costs on target.

To stay on budget, we consider the scope of your project and how different factors may impact costs over time, such as the location of your project or the time of year construction takes place. For instance, less work is likely to get done when snow is on the ground, so cold winter months may be slower and less costly overall. We take all of this into consideration as we allocate the budget throughout the course of your project.

Commercial real estate projects are subject to countless risks. Just one fluctuation in costs can jeopardize the success of a project, and in this volatile economic climate, projects are subject to more curveballs than ever before. With a financial manager on your team, you will be prepared for any challenge that comes your way.

At the end of each month, our experts in construction financial management review invoices to ensure the budget spent aligns with what was allocated. During this process, our experts verify that work has been completed. If we discover that costs deviate from the allocated budget, we dig in to understand the reason why and devise solutions to ensure costs remain on target.

Why is construction financial management important?

In a commercial real estate project, a single invoice can be anywhere between $10,000 to $1 million. Additionally, each project has many vendors who must be managed and paid. Just a few of the parties involved include:

Architects
Engineers
General contractors
Electrical companies
HVAC companies

Our experts in construction financial management verify these vendors have completed their work within the allocated budget. We also ensure trust is at the forefront of vendor relationships through processing and paying invoices promptly. Prompt service in this area is crucial to maintaining strong vendor relationships, so vendors remain satisfied with our working relationship.

In addition to managing vendor relationships, we predict how costs may change over time and identify solutions to potential challenges as they arise. There are countless factors which can impact the cost of a project, including:

The project scope
The location of your project
The time of year construction takes place
The time of year construction takes place
Economic inflation
Supply chain changes

We consider each of these factors when allocating resources. However, surprises can still happen, especially in our current climate where inflation is high and supply chain issues are more common than not.

That’s why it is essential to have someone experienced in construction financial management on your project team. A fluctuation in price on one material can impact the entire project costs. When this happens, our experts examine all the alternatives available to you. We then present your options to you and make recommendations as to what solution would best work with your project scope and budget.

How is construction financial management different from other businesses?

Our experts in construction financial management play a vital role on your project team. We do not just process invoices or prepare budgets. In fact, construction financial management is much more complex than that. Our experts handle:

Cash flow management
Cost projections and cost management
Financial reporting
Accounting closeout
Threat analysis and problem solving

Above all, we provide essential insight into the many factors that impact your project and its budget and devise solutions that allow you to keep costs under control. We anticipate challenges that may threaten the success of your project and identify contingency plans. Additionally, we know where to look for financially viable alternatives when unexpected events impact the cost of your project.

Ultimately, financial managers play a key role in making decisions and solving problems related to your project. With so many projects underway at the same time, even a stellar contingency plan can fall through. We have the expertise necessary to identify the best alternatives. Moreover, we can deliver a clear analysis of the impact each alternative may have throughout the remainder of the project. That way, when you are faced with a challenge, you are equipped to make an informed decision about the future of your project.

What types of businesses need construction financial management?

Companies undertaking a new building project or renovation know they will need the expertise of a project manager to oversee contractors and an architect who can bring their vision to life. However, many don’t know the value an expert in construction financial management can deliver. You only have a limited amount of resources available to you. With the support of a financial manager, you can be confident that nothing will go to waste.

Financial managers are particularly valuable to highly complex projects. The higher a project’s budget and the longer the timeline, the more opportunities there are for financial setbacks to occur. We have experience managing finances on long-term builds with budgets exceeding $100 million. When you have a project that complex, you need someone with ample experience tracking, reporting and executing commercial real estate budgets.

However, it is not just highly complex projects that can benefit from the insight of a financial manager. With economic inflation and supply chain issues impacting costs and project timelines, a financial manager can help any project complete on-time and within budget.