Accounting and Finance | Topics

Accounting & Finance

Providing Fringe Benefits in the Prevailing Wage World

Construction Business Owner, December 2007

Though prevailing wage employers are, in many respects, no different than other employers, hopefully they take advantage of the tax benefits found when providing fringe benefits to their employees. A decade ago, many employers adopted benefit plans, in lieu of paying cash, simply for the tax benefits. While the benefits of the tax savings to the business remain valid, in today’s tight labor market, employers are also adopting benefit plans as a worthwhile tool to attract and retain valuable employees.

Tags: 2007 December Issue , benefits , costs , financial

Construction Business Owner, November 2007

Q:

I enjoyed your article Accurate Estimating Systems Are Accurate. You made some excellent points for contractors to consider. I would suggest two other points for your consideration regarding estimating and job costing:

1. Some contractors would argue about all the job cost records you recommend. They probably claim they don’t have time to keep and watch detailed field reports. What they don’t consider is the wasted cost of estimating. Contractors don’t get 100 percent of work they bid. Most average 25 to 30 percent bid success rate which means 70 to 75 percent of estimates are wasted effort. What is the cost of wasted bids? Few contractors know that number. If estimators focus on jobs they’re more likely to win they can raise their bid success rate.

Tags: accounting , George Hedley , management

How to Establish and Stay on Budget

Construction Business Owner, November 2007

Most contractors confess “I never have as much money at the end of the year as I expect to.” Do you suffer the same fate?

Tags: 2007 November Issue , accounting , financial , management

Most small businesses require equipment in order to operate, from computers to furniture to fleet cars, but simply don’t have many funding options. Aside from internally generated cash flow or credit lines, businesses interested in acquiring equipment require other choices for financing their capital spending.