There are many beautiful building structures in the world that are considered to be works of art. Mankind has been obsessed with creating large structures ever since the olden times. The Pyramids of Egypt are perhaps the best example of man’s perseverance when it comes to building mammoth structures. The pyramids, which served as the final resting place of several renowned pharaohs, are behemoth structures that are made from massive blocks of stone. To this day, people have been speculating and wondering about how the Egyptians managed to chisel, transport, and stack such massive stones. It’s probably one of the most amazing feats in the world of construction and it is regarded as an architectural wonder for good reason.
Fast-forward to the modern day, and there are numerous examples of modern building structures that will leave you in awe. Examples like the Burj Khalifa, the Empire State Building, the Shanghai Tower, and the Petronas Twin Towers exhibit the wonderful achievements of modern architecture. However, the construction of a new building can take a long while to complete. Companies have to create budgets for specific parts of the construction process, and purchase the raw material accordingly. Companies generally use a construction estimating software program in order to get an estimate of the total costs involved with a particular project. Here are some of the main features of modern estimating software programs.
One of the best benefits of a construction estimating software program is that it allows the contractors to generate multiple reports that can be submitted to investors and higher authorities. This essentially paints a clear picture about the extent of construction work that has been completed on the building. If the contractors are using the job costing methods, this will eliminate the need to remove duplicate entries. The program will automatically remove all duplicate entries and maintain the balances accordingly.
Managing costs throughout the different phases of the construction process is vitally important, especially if you don’t want the project to go over budget when it’s only halfway completed. Cost management features are generally included in most estimation software programs. The program allows you to produce accurate estimates and to control the costs accordingly. If you feel as though too much money is being spent on one particular phase of construction, you might want to get in touch with the suppliers and re-negotiate the terms of the agreement or figure out how to save costs. Cost management is a vital component of modern estimation tools, and it plays a very important role in keeping expenditures under the company’s specific budget.
Throughout the construction stage, the investors will want to see reports of the work in progress. If the construction is being carried out by a public limited company, they will need to publish the accounts of the expenditures, the capital employed, etc. With estimation programs, generating financial statements is a breeze. These programs can easily produce financial statements in line with the latest reporting standards followed in Australia, like the IFRS.