Final Account Management: Tips

Because how a project ends matters just as much as how it starts.

Why Final Accounts Matter

The final account marks the commercial conclusion of a construction project. It captures the total agreed value of the works delivered, including any variations, claims, or changes made during the programme.

Handled well, final accounts protect client budgets, ensure fair payment, and lay the groundwork for future collaboration. Handled poorly, they become a source of friction, delay, or even legal action.

At DQS, we support clients through a transparent, structured close-out process, so projects end with certainty, not conflict.

What’s Included in a Final Account?

A final account usually comprises:

The original contract sum
Authorised variations and compensation events
Agreed valuations for provisional sums
Adjustments for delays or acceleration
Claims for loss and expense (if applicable)
Final valuation of measured works
Retentions and release schedules

This process demands thorough record-keeping, continuous cost monitoring, and close cooperation between parties.

Common Challenges with Final Accounts

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Some of the most common issues we encounter include:

Late or incomplete valuation data
Unresolved change control items
Disputes over entitlement to variations
Ambiguity regarding contract terms or scope
Pressure to close out before all information is available

DQS assists clients in addressing these challenges with a calm, methodical approach based on documentation and open dialogue.

DQS Final Account Services

At DQS, our role is to simplify, manage, and de-risk the often complex final account process. We provide clients with clear visibility, reliable documentation, and the confidence that all financial matters are fully reconciled before project close-out. By combining technical accuracy with practical negotiation skills, we help bring projects to a commercially sound and dispute-free conclusion.

Our services include:

Full reconciliation of contract sum and final value — ensuring that the agreed contract amount reflects the true costs incurred, with every item accounted for.
Verification of variations, dayworks, and claims — carefully reviewing and validating contractor submissions to confirm that they are legitimate, compliant, and fairly valued.
Negotiation support with contractors and suppliers — representing your interests in discussions, aiming for fair settlements that minimise conflict and protect commercial outcomes.
Preparation of final account statements for sign-off — producing clear, detailed documentation that facilitates agreement between all parties and expedites project close.
Lessons learned reporting to inform future projects — capturing insights on cost performance, procurement strategy, and risk allocation so that future schemes benefit from experience gained.

Unlike many consultancies that focus only on year-end reconciliation, we work proactively throughout the project lifecycle. By keeping records accurate, monitoring variations in real time, and engaging early with contractors, we reduce the risk of disputes and avoid last-minute surprises. This forward-looking approach not only protects your financial position but also helps establish stronger, more collaborative relationships across the supply chain.

FAQ

      When should final account preparation start?
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      Ideally, tracking should occur throughout the project — but formal preparation begins in the last quarter of delivery.
    
      Who is responsible for preparing the final account?
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      Typically, the quantity surveyor prepares it, but input is needed from the main contractor and key subcontractors.
    
      Can disputes occur after final account sign-off?
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      If the final account is signed off as conclusive, it limits further claims. That’s why clarity and agreement are vital before signing.
    
      Does DQS act for clients or contractors?
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      We primarily act on behalf of clients, but can also assist contractors with dispute resolution and commercial close-out.
    
      What are the benefits of involving DQS early?
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      Early involvement enables us to track changes and record value as it happens, making final account settlement quicker and more accurate.

Discover more

We offer a comprehensive range of quantity surveying services, helping you push the boundaries of sustainability in construction.

Ready to Wrap Things Up the Right Way?

The final account is more than just paperwork, it’s a record of delivery, risk management, and project trust. Reach out to DQS for expert support on final account preparation and settlement.