The monthly cost report is one of the most important documents for a real estate project team. It is the trusty report that documents all project activity from the past 30 days, securing necessary financing (the “draw request”) and ensuring that all key stakeholders are kept in the loop regarding project status. It is not, however, your go-to report for accurately forecasting what may occur days, weeks or months down the road for your project or portfolio.
For that, you’ll want to maintain an Anticipated Cost Report, or project roadmap, which ties together all key financial metrics across the lifetime of a project, analyzing what has, is and could happen on a project. Read on to better understand the difference between these two very critical tools and why they should be used in tandem to keep even your most complex project running on time and on budget.
|Anticipated Cost Report||Monthly Cost Report|
|Leverages historical data to accurately forecast 30 days, six months or even one year into the future|
|Bases forecast on hard data, which is directly hyperlinked to digitized backup materials|
|Alerts you to potential opportunities and challenges across your project + portfolio well before they occur|
|Exists within a cloud-based intelligence platform that updates in real-time|
|Easily shared with key stakeholders in a live digital format as well as PDF and Excel|
|Adapts to the nuances of varying project types and sizes|
|Critical method of tracking project data to ensure everything remains on time and on budget|
Curious to see what other tricks Northspyre has up its sleeve? Learn more about how automation, data analytics and proactive intelligence can help you achieve consistent, predictable outcomes across your projects and portfolio.