Financial closeout collects the last dollars and records lessons.
In this article
Final billing
Complete.
Change orders
Approved.
Keep reading — free
The rest of this article is worth the 20 seconds
Tell us where to send it and the full piece unlocks right here, along with everything else on this blog.
Rather just talk? Message us on WhatsApp.
Retainage
Released.
Subs
Paid.
Cost report
Lessons.
A closer look
Projects can linger for months in closeout, delaying retainage. A checklist and assigned owner speed up the last payments.
Where to start
Create a financial closeout checklist.
An example
A contractor assigned a closeout coordinator. Retainage collection time dropped.
Common mistakes
Unapproved changes, missing lien waivers and no final report.
What to track
Track days to final payment.
Questions to ask
Are all changes approved? Do we have lien waivers? What did we learn?
Who owns it
PM and controller.
Run tighter jobs and win the right ones.
We help construction companies build the systems, online presence and client relationships that bring better projects.
Frequently asked questions
What steps close a project financially?
Final billing, approved change orders, retainage release, subcontractor payments and lien waivers, and a final cost report comparing estimate and actual.