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What Should Be Included In A Schedule Of Values - 7 Tips For Contractors
Construction Documents & Templates

What Should Be Included In A Schedule Of Values? Free Template + 7 Tips For Contractors

When it comes time to pay our cable bill or buy groceries, the process is fairly straightforward. We look at the bill or cash register, get out our wallets and cough up the money. Then we’re on our way. In the construction industry, the billing process is a bit more complicated. Projects that are in full swing have workers onsite from several different trades, materials getting delivered, equipment in use and other costs like that. The Owners of these projects release progress payments as the project continues (often monthly). The amount paid is supposed to represent the amount of work done since the last time they paid a bill. What determines how much any particular task of work is worth in comparison to the entire project? That’s where the Schedule of Values (SOV) comes in! So what should be included in a schedule of values? Here are 7 tips for contractors!

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Pat Finnegan December 16, 2019
Importance Of Finance In Project Management - Key Terms & Processes
Construction Management Finances

Importance Of Finance In Project Management: Key Terms & Processes

We’ve said it before and we’ll say it again: money makes the world go ’round! Project management is certainly not an exception. Projects are initiated because an individual or an organization wants a certain type of work done. In turn, they’re willing to pay people to perform the work. Simple, right? At it’s core, that is the essence of finance in project management – one party wants the work done and pays for it; other parties want to do the work and get paid for it. While this is project finance in a nutshell, there are many fine details to be aware of. In this article, we’re discussing the importance of finance in project management, along with some key terms and processes to know!

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Pat Finnegan November 20, 2019
Cost To Complete Template - FREE Excel Download
Construction Management

Cost To Complete Template: FREE Excel Download (ETC, EAC, BAC)

While a project is underway, it can be difficult to know exactly how the project is going financially. Workers and staff members are paid. Purchases are made. Revenue comes in, payments flow out. How is the project REALLY doing, though? The depletion of a project’s budget can be like quicksand – no one really notices until they’re already in a bit of trouble. Projects that are in full-swing require so much attention that the budget takes the backseat. In some ways this is logical – time spent monitoring the project is time not spent pushing it forward. Unfortunately though, project monitoring and control is an essential ingredient of a successful project. This article will be focused on performing a Cost-To-Complete (CTC) forecast. In this article, we’ll include a FREE Excel download of our cost to complete template!

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Pat Finnegan October 11, 2019
How Does Progress Billing Work In Construction?
Construction Management

How Does Progress Billing In Construction Work? The 8 Essential Steps

In the business of construction, it’s all about money. Not just profit and bonus checks, either. I’m talking about cash flow (via Accounting Tools). If a building or infrastructure project is going to be built, someone is paying for it, and someone else is being paid for it. This is how a construction project gets built on the most basic, fundamental level. As you can imagine, there’s a lot more to it than that. For the vast majority of projects out there, projects are paid for as they go. This is done through a process call progress billing. How does progress billing work in construction? In this article, we’re breaking it down into each fundamental step.

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Pat Finnegan September 9, 2019

About This Topic

All about the billing process in project management & construction.

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