Budget Tracking and Reporting
Every dollar is a trust. This procedure ensures we track, report, and steward our financial resources with the same excellence we bring to the craft.
Procedure Steps
Follow each step in order. If something does not apply to the current situation, note it and move to the next step. If you find a better way, bring it to your group leader so we can improve the procedure for everyone.
Set up the project budget in the financial system within 3 days of contract signing. Use the approved estimate as the baseline.
Track all costs daily: labor hours, material purchases, subcontractor invoices, and equipment rentals. Do not let costs accumulate untracked.
Compare actual costs to the budget weekly. Flag any line item that exceeds 90% of its budget before it goes over.
Prepare a cost report for the Field Commander and Watchman every Friday. Include budget vs. actual, projected final cost, and any concerns.
Process all invoices within 3 business days of receipt. Verify quantities and amounts against purchase orders before approving payment.
Reconcile the project budget monthly. Ensure every dollar is accounted for and properly categorized.
When a budget overrun is identified, document the cause and present options to the Watchman within 48 hours. Do not hide problems.
At project completion, prepare a final cost report comparing the original budget to actual costs. Document lessons learned for future estimating.