Job Cost Review Checklist
Job Cost Review Checklist
Quick Summary
A job cost review checklist helps contractors compare actual project expenses against estimates and budgets. Regular reviews help identify cost overruns early, improve forecasting, and protect project profitability. This checklist is useful for business owners, project managers, foremen, estimators, and office managers responsible for project financial performance.
When to Use This Checklist
- During weekly or monthly project reviews.
- Before submitting progress invoices.
- When project costs appear to be increasing unexpectedly.
- Prior to management review meetings.
- Before approving major purchases or change orders.
- At major project milestones.
- Before final project closeout.
Before You Start
- Gather the original estimate and project budget.
- Review current job cost reports.
- Collect labor, equipment, and material records.
- Verify all vendor invoices have been entered.
- Review approved change orders.
- Confirm project revenue billed to date.
- Identify open commitments and pending expenses.
Safety Checks
- Review costs related to safety incidents or property damage.
- Track equipment damage repair expenses.
- Review costs caused by unsafe work practices or rework.
- Identify recurring safety-related cost impacts.
- Review downtime caused by safety issues.
- Confirm corrective actions have been implemented.
Tools, Equipment, and Materials
- Original estimate and bid documents.
- Current job cost reports.
- Labor hour and payroll records.
- Material invoices and purchase orders.
- Equipment usage and fuel records.
- Subcontractor invoices and agreements.
- Billing and revenue reports.
Job Cost Review Checklist
- Compare total project costs against the approved budget.
- Review labor costs versus estimated labor budgets.
- Identify labor productivity issues affecting profitability.
- Review material costs versus estimate allowances.
- Identify material waste, shortages, or pricing increases.
- Review equipment costs, rentals, maintenance, and fuel expenses.
- Compare subcontractor costs against commitments and budgets.
- Verify all approved change orders have been captured.
- Review pending change orders and potential revenue adjustments.
- Identify unexpected expenses incurred during the review period.
- Review project billings and payments received.
- Calculate current projected profit or loss.
- Identify budget categories requiring corrective action.
- Develop action plans to improve cost performance.
- Communicate review findings to project leadership.
Documentation Needed
- Current job cost report.
- Original estimate and budget documents.
- Labor and payroll reports.
- Vendor invoices and purchase records.
- Equipment and fuel cost records.
- Change order documentation.
- Billing and payment records.
Common Mistakes to Avoid
- Waiting until the project ends to review costs.
- Ignoring small budget overruns early in the project.
- Failing to enter invoices and expenses promptly.
- Overlooking equipment and fuel costs.
- Not tracking approved change orders separately.
- Making decisions without reviewing actual cost data.
End-of-Day / Final Review
- All project costs have been reviewed and updated.
- Budget variances have been identified and documented.
- Projected profit or loss has been calculated.
- Corrective action items have been assigned.
- Management has been informed of significant cost concerns.
- Review records have been saved for future project tracking.
Checklist Completion
Project / Job Name
Jobsite / Location
Completed By
Role / Title
Completed Date
Completed Time
Signature
Reviewed / Approved By, if needed
Notes / Follow-Up Items
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