Construction Reporting: 3 Types of Reports for Your Building Project in 2022
Reporting is essential for all industries. This way the owner of the company and managers of the projects can monitor the performance and different changes of statistics. The same story is about construction. It is impossible to run a great business in the building sphere without accurate reports. Construction reporting is about up-to-date data, sound result-tracking background, and immediate reaction to various alterations.
It is worth noting that the construction company can get reports from different resources for the most detailed general picture. For example, the project bidding software will provide the most accurate estimates, analysis of the data entries for picking sides with the best-matching bid profile, and excellent tender participation.
What Are Three Must-Done Construction Reports to Perform Well on the Market in 2022?
If you are willing to achieve exceptional productivity of all the departments, construction reporting will come in handy to manage all the processes and stages of building projects. You will not miss any necessary detail while planning a budget or signing the agreement with clients and partners. Among three main types of construction reports are:
- Progress reports;
- Cost and material reports (supply report)
- Market trend reports.
Each of these types of reporting will promote the most optimal way to progress with building and determine the plan on how to unfold the project.
1 – Progress Reports
If you want to be sure that your construction processes run smoothly, it is important to undertake progress reports regularly. This way you will track all the changes here and now. And even if any of the risks take place, your team will be able to perform a timely response to the dangerous alterations and variables.
To arrange progress reporting properly, pick sides with the intervals the statistics should be gathered. It is better to prepare the schedule for all the team members at once. For example, estimators and accountants will send you some reports on the budget items and calculations every two weeks. At the same time, labor managers will provide you with reporting data (like completed and scheduled labor hours, payments) every week.
- Among other required progress reports are:
- Status of submittals and final inspections;
- Payments due/received;
- Equipment rent/delivered/repaired.
This reporting can come together with cost analytics and monitoring market trends. Additionally, material costs and reports on the supply, transportation, and other arrangements should be taken into account.
2 – Material and Cost Reports
Budget planning always starts with tracking all the expenditures and forming the list of required materials, labor costs, rentals, and permits. It is essential to understand which labor-hour-spent rates will be for this or that project. All the material and cost report data entries matter to deliver the actual expenditure of the construction company per one order.
Moreover, with the reporting insights, you will never lose contact with reliable suppliers, contractors, and other partners that promote your great building performance. Your team is getting used to the best quality-cost ratio with the regular reports with their own work and collaborations with third parties.
3 – Market Trend Reports
Construction as any of other market niches is ever-changing. To stay among the leading players, building companies have to keep track of all the trends. For example, construction estimating and bidding software can simplify many processes at once. New digital products and innovative technologies are a must for enhanced performance.
Undertake market trend reports at least once a quarter not to miss various helpful solutions that can improve your management, on-site work execution, analytical background, etc. Do not be afraid to implement all the tech updates. This way you will sidestep rivals and win more tenders. Fight off the competition with comprehensive reporting.
Never neglect reports when it comes to your professionalism, reputation on the construction market, and quality of your building company work.
