A quantity surveyor is a professional who provides advice and consultancy services in the construction industry. They are a fundamental part within that industry and assist in the smooth flow of business operations. Here is a breakdown of the services they provide, and why they are such a crucial part of the construction industry.
What Do They Do?
One of the main tasks that quantity surveyors do is cost and cash flow forecasting. This includes estimating the material, labour, and other costs for a particular construction project, and providing suggestions on how such costs can be controlled, as well as providing an approximate estimation of both cash inflows and outflows for the project duration. They are also required to document all of this, as well as other information, and provide it in a report, or similar form, to be used by the construction firm for arriving at decisions.
Quantity surveyors are also required to conduct feasibility studies, as well as conduct risk evaluations. This involves assessing the viability of the project before it is undertaken, as well as assessing how risky the project could turn out. They will also provide valuation services, for both materials and the engineering and design aspects, and will also step in between the project duration to make any changes to the valuation due to unexpected deviations from the planned project. Quantity surveyors also provide services such as creating tax depreciation schedules for the firm.
Tax depreciation schedules show the allowable deduction in taxes due to the wearing out of commercial or residential properties.
Why are They Important?
Quantity surveyors are a crucial part of any construction project since almost all decisions are made based on their analysis and suggestions. For instance a firm will not commence a project unless a positive feasibility report is given by the surveyors. In addition, if the risk evaluation shows that the risk faced by undertaking a project is greater than the return that is expected from it, the firm may decide not to go along with the project.
The valuation services offered by surveyors help construction firms to make accurate pricing decisions. Since a certified quantity surveyor has valued a particular project, including any changes in it, it is easier for the construction company to present their quotes to their clients, as well as charge them extra if it is needed.
A quantity surveyor will also help with ensuring that a project is carried out efficiently and at the lowest cost possible, while still managing to maintain the required quality. In addition, their services will also assist with sticking to a budget, as well as to a proper timeframe for project completion.