Structure Tone’s extensive database of projects enables us to create budget estimates with precision. Our approach ensures that no costs will be incurred that are not in the approved scope of work. We create estimates using the collective input of all team members. When construction documents are ready for final pricing, we issue a RFP to our prequalified subcontractors, which include minority business enterprise (MBE) and woman-owned business enterprise (WBE) firms. We compare subcontractor bids to quantity surveys prepared by our estimating and mechanical, electrical, plumbing, and sprinkler (MEPS) staff to ensure that the bids reflect a thorough understanding of project requirements.
We track budgets daily and issue updates and summarization reports on a monthly basis or as required by the client. We also immediately notify clients of circumstances that may alter the schedule or budget, with recommendations to maintain the original plan.
Each report includes a change-order log that shows change orders approved to date, submitted but not yet approved, and potential change-order items from a client or subcontractor, with approximate costs based on preliminary information. These reports enable us to:
- Monitor the original budget vis-à-vis client change orders
- Track costs-to-date and payments to subcontractors
- Estimate costs for project completion on a trade and/or work-item basis
Our reporting provides an up-to-date record of financial exposure in all categories, accurate cost understanding, and forecasting on a daily basis if necessary.
We use CMiC, a fully integrated cost accounting and project management program. It provides our project managers, estimators, and accounting staff a single source for cost-data input and output, and shows process flow in a manner that duplicates our business processes.