{"id":101874,"date":"2021-11-16T10:51:22","date_gmt":"2021-11-16T10:51:22","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=101874"},"modified":"2023-06-08T18:22:26","modified_gmt":"2023-06-08T17:22:26","slug":"cost-value-reconciliation","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/cost-value-reconciliation\/101874\/","title":{"rendered":"How to handle building material shortages with cost value reconciliation"},"content":{"rendered":"

Kate Waterfield, marketing manager at The Access Group<\/a>, explores how to handle material shortages in construction with cost value reconciliation (CVR)<\/h2>\n

A comprehensive\u00a0Cost Value Reconciliation\u00a0(CVR)\u00a0scheme<\/a>\u00a0should enable you to handle the current\u00a0material and labour shortages, and\u00a0even take advantage of them.<\/p>\n

Building projects are being cancelled, put on hold,\u00a0and otherwise disrupted by shortages of\u00a0both\u00a0materials\u00a0and\u00a0labour<\/a>. There are no shortages of\u00a0explanations, though, as\u00a0it has\u00a0been blamed\u00a0on everything\u00a0from Brexit to the pandemic, shipping problems,\u00a0material scarcities themselves\u00a0and\u00a0even\u00a0the steep rise in construction demand as various lockdowns ease\u00a0and contractors rush back to work. It\u2019s a compound problem\u00a0and needs a comprehensive solution.<\/p>\n

Simplifying\u00a0the issue\u00a0greatly,\u00a0Brexit problems stem from\u00a0the 60% of imported construction materials\u00a0that come\u00a0from the EU, and the red tape that now accompanies them causing mayhem at the docks. Global shipping is in chaos, anyway with the pandemic causing labour shortages at the docks in the Far East, container shortages, incidents like the Suez Canal blockage and rising shipping costs.<\/p>\n

Some materials \u2013 steel, timber\u00a0and concrete rebar,\u00a0have risen dramatically in price because of international demand and rising shipping costs\u00a0\u2013 a trend that is beyond the reach of\u00a0both Brexit and Covid and which will set a trend for years to come.\u00a0New tenders and contracts should reflect this.<\/p>\n

The result of this, and more, is that contractors running on tight margins are going to find their margins even tighter. Schedules will need to be adjusted or workers temporarily laid off while they wait for the materials they need. This in itself is a risk of the workers going to other projects and then not being available. Prices will continue to rise, and suppliers, who are being hit as hard as builders, will be rotated more frequently as companies search the market for supplies. And, to put the icing on the cake, we have a shortage of lorry drivers to actually deliver what we manage to winkle out!<\/p>\n

What is CVR?<\/h3>\n

If you are a contractor of any size, you should\u00a0already\u00a0be running\u00a0CVR\u00a0software<\/a>, which\u00a0is the basis of Statutory Accounts.\u00a0It\u00a0should\u00a0allow you to calculate the\u00a0retained profit in a contract\u00a0on a regular basis\u00a0based\u00a0on\u00a0what\u2019s left after you have subtracted\u00a0costs and retentions from its gross certified value\u00a0\u2013 which\u00a0includes\u00a0things like subcontractor\u2019s costs, materials, human resources and labour, plant and\u00a0other running costs.<\/p>\n

Its\u00a0normally the job of the Contractors Quantity Surveyor, supported by the\u00a0cost clerk\u00a0to\u00a0add costs\u00a0and\u00a0subcontractors\u00a0liabilities\u00a0as they occur, covering all on-site disciplines\u00a0and\u00a0including snagging and defects\u00a0and the costs associated with clearing them.\u00a0All other costs, such as labour, materials, plant\u00a0are normally supplied to the contractors QS by\u00a0Contractors Finance Controller.\u00a0Integrating both sets of\u00a0data\u00a0results in the production of a final residual value, or profit margin.<\/p>\n

There are, of course, many other costs that may not be included in the general running costs, but provision needs to be made for them, as well. These include adjustments for elements left off the original costing or measurements not picked up by the clients QS, date adjustments and variations or contractual claims not agreed by the client\u2019s QS, and even the possibility of liquidation damages being charged by the employer. You mustn\u2019t forget, either the subcontract liability scheme \u2013 where contractors have to take into account a subcontractors tax status as determined by HMRC (CIS\u00a0scheme<\/a>),\u00a0and\u00a0deduct that portion from payments,\u00a0less the cost of materials.<\/p>\n

In the normal course of events,\u00a0a\u00a0comprehensive\u00a0CVR\u00a0solution<\/a>, like that\u00a0provided by\u00a0Access Construction<\/a>, will\u00a0cover all of these eventualities, and\u00a0provide a regular update for management with an accurate and up to date final residual value\u00a0or\u00a0profit to date figure for the project.\u00a0It should allow calculations to be made which balance\u00a0increased material costs against delivery dates and work out, for example, whether paying more for\u00a0earlier delivery will be cheaper than a fort-nights delay which entails laying off the workforce for that period.<\/p>\n

Exceptional times<\/h3>\n

It\u2019s unlikely\u00a0we\u2019ll\u00a0ever\u00a0have to go through another\u00a0period like the\u00a0last couple of years, but we\u00a0should\u00a0have learned\u00a0valuable lessons from our experiences.\u00a0In substance, that\u00a0means that\u00a0the\u00a0cost value reconciliation\u00a0software we\u00a0choose\u00a0should be flexible enough to handle\u00a0all and\u00a0any changes,\u00a0re-act in real-time to problems as they occur, provide an\u00a0up-to-date\u00a0database of suppliers and other resources,\u00a0and to\u00a0use the information to\u00a0update\u00a0running\u00a0costs and\u00a0valuations\u00a0to calculate\u00a0a\u00a0final retained value.<\/p>\n

Bearing in mind the legal aspects of delays, liabilities and penalties,\u00a0you\u00a0also\u00a0need to check\u00a0existing and future\u00a0tenders and contracts, to ensure that\u00a0they have provisions to deal with the fluctuation of materials\u00a0which may\u00a0completion dates\u00a0to be\u00a0put back, and\u00a0other hold-ups\u00a0without incurring unnecessary penalties.\u00a0To avoid incurring\u00a0punishing liquidated damages for running behind\u00a0the master\u00a0programme, contractors should either renegotiate contracts\u00a0or\u00a0seek\u00a0EoT\u00a0(extension\u00a0of time).<\/p>\n

When budgets are tight, it is worth remembering that just one\u00a0penalty not covered by\u00a0the provisions in a contract could turn a profit into a loss.<\/p>\n

Keeping a tighter reign on CVR also gives contractors the ability to \u2018play the game!\u2019. As suppliers, themselves, are seeing a much-reduced throughput, they will naturally, favour preferred customers. Some have raised prices to maintain their profitability, but the majority understand that the whole industry is under pressure and are willing to work with customers to maintain supplies at the right price and to maintain their goodwill for the future. If you know your current and future liabilities you can pay early to \u2018jump the queue\u2019 \u2013 hardly unethical, just good business practice.<\/p>\n

Getting more out of CVR<\/h3>\n

If\u00a0a CVR\u00a0is run as it should be, therefore,\u00a0it\u00a0gives you greater control over expenditures and budgets. It should also be\u00a0a\u00a0straightforward\u00a0process\u00a0and easy to use.\u00a0This is what you get with the comprehensive\u00a0ConQuest\u00a0Estimating<\/a>.\u00a0Pricing\u00a0the work in\u00a0each of\u00a0construction element\u00a0\u2013\u00a0subcontractors, materials, human resources, plant, labour, etc., enables\u00a0you to track the value and costs against your accounts and costing\u00a0system.<\/p>\n

With\u00a0an\u00a0accurate budget, broken down under cost-centre\u00a0headings, you will be able to purchase material, plant and allocate all costs\u00a0associated\u00a0with a\u00a0project,\u00a0providing\u00a0easy and accurate cost value reconciliations.<\/p>\n

Budget costs are\u00a0usually\u00a0revised monthly, based on the re-measured and amended internal valuation\u00a0detailing\u00a0what you should have spent, while the costing system calculates what has\u00a0actually\u00a0been spent.\u00a0ConQuest\u00a0Estimating<\/a>\u00a0gives you a number of simple ways to bring this information together to generate\u00a0the final\u00a0cost value reconciliation sheet.<\/p>\n

Statutory compliance<\/h3>\n

Cost Value Reconciliation<\/a>\u00a0is fundamental to\u00a0a project\u2019s\u00a0statutory compliance\u00a0and\u00a0Subcontractors are one of the single biggest areas\u00a0of cost on a project.\u00a0EasyBuild<\/a> informs you\u00a0what your subcontractor costs and liabilities have been during each monthly reporting period, with\u00a0both the\u00a0Commercial Manager and\u00a0the Contractor\u2019s\u00a0Quantity Surveyor keeping\u00a0on top of costs\u00a0and identifying\u00a0variations and additional works required.\u00a0With better controls, they can\u00a0ensure that accurate information is available to substantiate monthly Client applications.<\/p>\n

EasyBuild\u2019s<\/a> industry-driven modules support the explicit needs of individual trades within a construction project\u00a0and\u00a0are geared towards growth and usability\u00a0with an intuitive user interface, modular structure, and full scalability. It\u2019s\u00a0a complete and comprehensive solution that will grow as your business grows.\u00a0It\u2019s\u00a0customisable, fully auditable, fully compliant and provides\u00a0authorisation\u00a0controls at key financial and commercial stages.<\/p>\n

All\u00a0of the\u00a0key financial components of a project\u00a0can be accessed\u00a0from one smart dashboard,\u00a0using information from\u00a0authorised\u00a0personnel\u00a0who\u00a0can input and adjust profitability, costs, revenues, subcontractor liabilities and valuation adjustments in a secure and controlled environment.<\/p>\n

CVR data is, of course,\u00a0maintained for the whole of a project\u2019s life, and CVR summary data can be used from all\u00a0of a contractors\u00a0projects\u00a0to\u00a0prepare monthly management and period end financial accounts.<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

Kate Waterfield, marketing manager at the Access Group, explores how to handle material shortages in construction with cost value reconciliation (CVR).<\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[172736],"tags":[16989,60497],"stakeholder_rel_tag":[172535],"contributor_rel_tag":[],"class_list":{"0":"post-101874","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-construction-software-news","7":"tag-estimating-software","8":"tag-sh-the-access-group","9":"stakeholder_rel_tag-the-access-group"},"acf":[],"yoast_head":"\nHow to handle building material shortages with cost value reconciliation<\/title>\n<meta name=\"description\" content=\"Kate 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