As the construction sector grows, unifying data across fields, sites, and contractors is crucial to achieving end-to-end visibility into contracts, clients and financial books. But with most companies still using entry-level financial accounting software, which does not provide accurate project accounting.the issues in reconciliation of contract billing and costs at the end of the month and […]
As a construction company, how do you manage business finances? Do you use in-house systems or outsource this function to an external resource? The reality is that most businesses use a variety of resources to manage their financial accounting. The challenge of getting what is needed from these varied systems is even greater for the […]
The US economy incurs more than $7.4 billion in losses every day due to untracked work hours. If there’s confusion over how employees are spending their workday and how much time a particular project’s taking, it’s nearly impossible to fine-tune miscalculations, potential time theft, or any other inaccuracies. Since efficient time tracking is critical for construction payroll […]
For construction companies, payroll and time tracking is becoming increasingly complicated, especially regarding union and government compliance. Complying with standards being laid out by the Fair Labor Standards Act (FLSA) or the Davis-Bacon act is not easy, especially with many companies still struggling to calculate the right wages and overtime rates for workers. Read on […]
In effect since 1931, the Davis-Bacon Act is a U.S federal wage legislation that is applicable to construction and infrastructure building companies. Essentially, the Davis-Bacon legislation requires contractors (or subcontractors) working on federal and state-level construction projects to pay their laborers wages that are not less than the prevailing wage paid locally to workers for […]
We’ve all seen (or been) contractors or project managers relying on an Excel spreadsheet for construction project management. Excel is ubiquitous in the sector. But, if we’re being honest, using a spreadsheet for construction tracking is merely reflective of slower than necessary digital adoption within the sector. Globally the construction industry is one of the […]
In today’s fragile workforce, you don’t want to lose employees because of avoidable payroll mistakes. According to the Workforce Institute at Kronos, nearly half of American workers will begin a new job search after two paycheck errors. Whether that’s not compensating employees for the correct number of hours, miscalculating payroll taxes or paying the wrong […]
Managing the efforts of a large team of people is often regarded as one of the most demanding skills in business. Managing different employees performing diverse job roles in a collaborative environment often takes a toll on project managers or supervisors, especially if they are fighting against antiquated systems. This is a general observation across industries, […]
The global construction industry is expected to be worth over by 2023. After the slowdowns and hiccups created by the COVID-19 pandemic, the sector is seeing widespread growth irrespective of region. With the projected growth volumes, businesses in the sector are on a record hiring spree. Around 7.5 million, or nearly 4.8% of the US population, is […]
Just last month, the U.S. Department of Labor’s Wage and Hour Division (WHD) found a New Jersey electrical subcontractor in violation of the Davis-Bacon and Related Acts on a federally funded project and recovered $799,479 in back wages. This month, a Miami electrical and engineer contractor also violated the Davis-Bacon and Related Acts, owing $37,411 […]
