A final account, as the name suggests, refers to the statement that must be prepared and presented at the close of a matter – in this case at the end of a project. This is part of the overall construction cost management process, but unlike estimating building cost at an interim level, this has to be produced, furnished, agreed and signed off at the end. All stakeholders ought to be comfortable that the project has been completed as agreed, and that any discrepancies relating to the work, resources and expenditure, have been adequately addressed. All allocations, disbursements and adjustments must also be appropriately integrated into the final account.

M Power Consulting offers specialised services including final account preparation. You need an experienced quantity surveyor to handle this important aspect since it can become a lengthy process as one tries to consolidate all the financial aspects of a contract. Our objective is to ensure that mutual consensus is reached on the fair valuation of the work undertaken by the building contractor. This will enable the contract administrator to issue the final certificate and declare the project works “completed”.

In practicality, arriving at an agreement may call for negotiations, but ultimately the final account must accurately and legitimately depict the financial position at the end of the project. It is a legally binding document and should comply with the requirements of even the strictest audit. Once agreement is reached the final accounts will mean that the building contractors must be settled accordingly and the final certificate issued.

So when it comes to construction cost management and accurate preparation of your final accounts, you needn’t look further than M Power Consulting.