Project Reporting- What are the Benefits of Financial Reporting?

Project Reporting- What are the Benefits of Financial Reporting?

The role of a Quantity Surveyor includes an input to every financial aspect of a project to monitor and deliver efficiency and cost-effective solutions. One of the most crucial aspects of that input is reporting, and ProQS produces regular detailed reports for our clients.

What’s important?

Anything that’s going to affect the project cost is pertinent to a Quantity Surveyor but the figures we’re most likely to include in the report are variations to the benchmarked costs, such as material costs, labour charges, delays and disruptions. Cashflow and final project costs are forecasted regularly to identify and resolve any problems before they have a detrimental effect on your business.

Let’s be clear on transparency

Our reports include the cost implications of various factors such as daywork, anticipated change, and an extension of time. It is crucial that the right data is available, and we work closely with our clients to ensure processes optimise this. Accurate reporting is essential in order for the project cash flow to be managed efficiently and successfully.

Who are we talking to?

We liaise with lenders, lawyers, valuers, contractors, trade-specialists, domestic owners and clients at every stage of the project to ensure all parties have a good understanding of the construction requirements, associated risks and financial impact. In order to gather all the information, we need to accurately report on project finance we are potentially talking to anyone and everyone involved in the construction. Let’s just say, we have a long contacts list!

Don’t bury your head in the sand

Benchmarking against budgets and keeping a close eye on any discrepancies allows us to keep you informed of any concerns. Through persistent forecasting, we can ensure costs do not spiral out of control and between us we keep the project within budget and anticipated profit margins. It’s important that our reports are easy to understand and react to, as ignoring our findings could prove to be costly.

In summary

The process of regular financial reporting ensures discrepancies are identified, issues can be dealt with before they become a financial liability, a tight grip is kept on the project purse strings, disputes are less likely to escalate, and profitability is maximised.

To find out more about the projects we have worked on and for more information about how ProQS can make your projects more profitable, call  ProQS on 01206 654003  or email info@ProQS.co.uk

Read More – Our Top Five Tips for Choosing the Right QS