Contract Costing
TMS Contract Costing provides a powerful, comprehensive solution for managing every financial and commercial aspect of your construction contracts. Designed to give businesses greater visibility, control and confidence, the system brings together the key processes involved in successful contract management—from sub-contractor and main contractor administration through to budgeting, purchasing, valuations, invoicing and final billing.
With all of your essential contract information held in one central system, TMS Contract Costing gives you a clear and accurate view of project performance at every stage. You can monitor committed costs, actual expenditure, anticipated costs and projected profitability, helping you identify potential issues early and make informed decisions before they impact your bottom line. By providing up-to-date financial information throughout the life of a project, the system helps your team maintain tighter control over budgets, costs and cashflow.
The solution supports the full commercial lifecycle of a construction contract. From the initial creation of budgets and cost plans through to purchasing and the management of supplier and sub-contractor commitments, every stage can be recorded and monitored within the system. This provides a complete picture of where money is being spent, what costs have been committed and how those costs compare against the original budget and expected project value.
TMS Contract Costing also simplifies the management of valuations and applications for payment. Users can efficiently record and track work completed, prepare valuations, manage payments and maintain a clear audit trail of financial activity. Main contractor and sub-contractor processes can be managed from the same central platform, reducing the need for disconnected spreadsheets and manual processes while ensuring important information is readily available whenever it is needed.
Payments, receipts, retentions and cashflow can all be controlled and monitored directly within Contract Costing, providing a complete view of the financial position of each contract. Retentions can be accurately tracked throughout the project, while expected and actual payments can be monitored to help improve cashflow forecasting and financial planning. This gives management teams the information they need to understand not only how profitable a project is, but also when income and expenditure are expected to occur.
Powerful management reporting is at the heart of TMS Contract Costing. The system provides the tools needed to analyse contract performance, compare actual costs against budgets, review financial commitments and monitor profitability across individual projects or the wider business. With clear, accessible and up-to-date reporting, managers can quickly identify trends, investigate variances and make better-informed commercial decisions. Information can be reviewed at both a detailed transaction level and a higher management level, giving every user access to the level of insight most relevant to their role.
By bringing budgeting, purchasing, cost control, valuations, billing, payments, receipts, retentions, cashflow and reporting together in one integrated solution, TMS Contract Costing creates a single, reliable source of information for your contracts. This reduces duplication, improves accuracy and helps ensure that everyone involved in a project is working from the same current information. The result is greater control, improved efficiency and a stronger foundation for delivering construction projects on time and within budget.
TMS Contract Costing can be deployed in the way that best suits your business, with the option to install the software on-premise or host it securely in the cloud directly with TMS. This flexibility allows organisations to choose a solution that aligns with their existing IT infrastructure, operational requirements and preferred way of working. Whichever deployment option you choose, you will benefit from the same comprehensive functionality and access to the tools needed to manage your contracts effectively.
The system is also backed by full support from a dedicated team of TMS product specialists. From implementation and onboarding through to ongoing assistance, our experienced team is available to help you get the most from your investment and ensure your users are supported as your business and requirements evolve. For more information about the available deployment options and the support provided by TMS, please see our Hosting and Support pages
With TMS Contract Costing, you have the tools to take control of every financial aspect of your construction contracts—helping you improve visibility, strengthen cost control, manage cashflow more effectively and make better-informed decisions throughout every stage of every project