How To Track Project Specific Material Costs in Construction


When it comes to tracking project-specific material prices, this can be a problem because generally we don’t have a way to capture the initial cost quoted from the supplier and then take that information straight from the invoice as it comes in.

Usually what happens is we’re involved in a manual process where we might have project-specific prices agreed, but then it’s actually been missed because the personnel are actually approving the invoices and not checking back to those agreed rates.

What we need to do is, first of all, set up a price for those agreed prices.

We know there’s going to be product bought this project that has fluctuating costs, and we’re going to not worry about those for the second.

What we are concerned about here at the minute is cost that we have agreed that should be held from the suppliers for the duration of this project. So first we can upload that information straight into LiveCosts.

We can manage that then in a pricing catalogue, which can be broke down into category, subcategory, or supplier, or we can just dig into the various different project specific prices we have on a particular product code.

Then it’s about every purchase that leaves the system can be deployed against the project using that price from the catalogue. This means that when the invoices come in, we can do a price check on those invoices to see what the fluctuation is on the material cost.

Or if it’s been a pre-agreed project specific rate, we can see what the rate is against the projects that we’ve bought it against, or the agreed price on this particular project.

If you’re using project-specific prices and looking for a way to easily maintain and manage that, please feel free to take a free trial or a product tour.

Take A Tour of LiveCosts 

See why thousands of construction projects around the world choose LiveCosts to manage their invoices.

Discover more from LiveCosts