Since architects have overall supervision of everything concerned with a project, including the budget they are given to work with, it helps to have some experience in managing finances or to have overall good business sense. Top architecture schools offer curricula that integrate business and financial management courses with technical skills.

Staying within a business budget requires planning and discipline. Architects need to determine the total amount of money the client has given them to work with, and then make an itemized budget that accounts for all expenses while staying within the limit the client has set. It is best to underestimate the total amount of revenue you will have available. It is also important to allocate some money that can be used as a “cash cushion” or an emergency fund for cost over-runs.

Once a budget is set, it is important to assess continually and reassign funds on at least a monthly basis, making adjustments whenever needed. If one area of the budget experiences over-runs, it might be necessary to cut spending in some other area. If you are consistently over budget you will need to take action, determine the reason why, and either resolve the problem or adjust the budget.

Even if an architectural firm employs an accountant to handle finances, it is important for architects to get personally involved with the setting of the initial budget so that they are familiar with it, and then set clear expectations on how the money is to be spent.