What Does a Quantity Surveyor Do?
Basically, a quantity surveyor is a construction industry professional. These professionals have a detailed knowledge of building and construction costs, as well as construction contracts. They can help you manage your project, prepare cash flow forecasts, and approve progress payments for your project. They can also help you monitor expenditure and prepare a report on the overall cost of your project.
Work on sports stadiums and iconic buildings
Whether a professional sports facility is built for competition or to be an entertainment hub, it requires an innovative approach. Architects ensure the building is functional, safe and looks good. They also ensure that it is integrated into the surrounding community.
The stadium industry is in a state of transformation. Stadiums are now a crucial location in the "experience economy." As new stadiums are developed, they are meeting multi-factor environmental standards and incorporating the Global Sustainability Assessment System. These stadiums will integrate with the surrounding district to be human scaled and outward facing.
For example, the Milwaukee Bucks Entertainment District is situated outside of the Fiserv Arena. It features retail, office and hotel space. The development is located in the Proctor Creek Watershed, which has flooding dangers. The District includes a water management system that provides an advanced irrigation and drainage system.
Major sports facilities projects have greater scope, are longer in duration, and involve multiple clients. These facilities are more complex and have higher risks.
Monitor expenditure and report on project costs
Keeping track of costs is a must on any construction project. This is especially true for those that are being built over a series of phases and are likely to undergo several design revisions. However, cost control is not a one-man job and requires a team effort. A quality cost-control process will take into account site-specific costs as well as inflation forecasts.
A quantity surveyor's job involves reviewing construction documentation and performing cost estimates. The task may also involve compiling reports for subsequent approval, as well as supporting mediation processes. A quantity surveyor can also help produce tax depreciation schedules and replacement cost estimations for insurance purposes. Generally, these are not accompanied by an enlightening chart of the cost-reduction initiatives.
The best part is, the price tag is usually reasonable. A seasoned quantity surveyor will not only give you the best construction cost estimates, but will also provide you with a comprehensive and impartial review of all aspects of the construction process. A quantity surveyor can be a key part of a successful construction project, particularly if you are looking to cut costs and improve efficiency.
Provide cashflow forecasts and approve monthly progress payments
Generally speaking, a quantity surveyor will calculate a cashflow estimate for a construction project. This is a useful tool in helping the design team stay within the project budget. They may also provide other services such as resolving disputes between building contractors. A quality surveyor will recommend replacement cost estimations for insurance purposes, and may even assist with mediation processes.
In addition to providing cashflow estimates, the quantity surveyor may produce a few other useful documents. These include the aforementioned cashflow estimates, tax depreciation schedules, and draw down certificates. They may also be able to provide a statement of final account detailing the actual costs of all sections of the project. This is an important document to have on hand if the contractor has been mismanaged, or if there are delays.
A number of free financial forecasting tools are available online. These can help you plan ahead for the next 6 weeks or even a few months.
Prepare statement of final account
Using the original contract sum as the starting point, a Quantity Surveyor prepares a statement of final account. This statement will record the actual costs of all sections of the job. It will also include any loss or expense items that weren't included in the interim account. The statement of final account is signed by authorised representatives of both parties.
The contractor should provide all documents required for computation of the final account within six months of practical completion. During this time, the Quantity Surveyor should be present when details are recorded. Providing all information in this manner will ensure that the employer can calculate the final account.
It is also important to provide prompt subcontractor accounts. All information must be accurately documented and submitted within the agreed term of the contract.
The final account will contain a profit and loss appropriation account and a balance sheet. It will also show the amounts due to each nominated supplier.
