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Real-Time Tracking: Automating Construction Labor and Expense Reporting
About the webinar
Join us to discover how automating labor and expense tracking can streamline your construction operations. Learn how real-time tracking improves accuracy, reduces manual errors, and provides the financial visibility you need to keep projects on budget. We’ll also explore how Fyle and Lumber can integrate with your existing systems to simplify expense management for construction teams.
Agenda
Introduction to Business Planning
- Understand the importance of having a business plan for your construction company.
- Learn how a well-defined business plan can help you clarify your vision and objectives.
Market Analysis
- Understand the role of market research in analyzing your target market and understanding customer needs and preferences.
Defining Your Services and Unique Selling Proposition (USP)
- Learn how to identify the services you will offer and how they differentiate you from competitors.
Marketing and Sales Strategy
- Understand what is involved with a strong marketing and sales plan to attract clients and generate leads.
Operational Plan
- Learn the factors to consider when determining your business operations, including staffing, equipment, and supply chain management.
Financial Projections
- What factors should be considered while creating financial forecasts, including revenue projections, expenses, and cash flow analysis?
Q&A Session
Agenda
Introduction
What is an EMR?
Why should contractors care about their EMR?
3 Proven tips to slash your EMR
Q&A Session
Agenda
Introduction
Strategies for Managing Finances in Construction - The MATT Method
The CEO’s Role in Business
- Motivations
- Objectives
- The Critical 4 numbers every CEO should be watching
Project Lifecycles
- Stage 1 - The Process of Building a Budget
- Stage 2 - Managing the Project
- Stage 3 - Project Post Mortem
Tying Projects into Overall Company Financials and Cashflow
Q&A Session
Agenda
Introduction to Project Management
The 7 C’s of the Project Life Cycle
- Understanding the 7 critical phases of the project life cycle: Concept, Criteria, Configuration, Construction, Commissioning, Completion, and Closeout.
The Four Pillars of Construction Success
- Deep dive into Budget, Schedule, Quality, and Safety.
- Strategies to balance these pillars and ensure project success.
Building and Leading the Right Team
- The dynamics of assembling and managing a strong construction team.
- Roles, responsibilities, and the importance of communication and collaboration.
Preparing for Project Closeout & Owner Occupancy
- Important steps to take when closing out the project and getting it ready for owner occupation
Q&A Session
Agenda
Introduction
Why should contractors build on social media?
What are the biggest benefits to building a social media presence?
How to build a social media strategy?
- Why are you posting?
- Who are you targeting?
- What should you post?
- Where should you post?
- When should you post?
- How should you go about doing social media?
Q&A Session
Agenda
Importance of Frontline Leadership in the Field
Process for Optimizing Safety & Production
Cheat Code for Overcoming Resistance to Change
Simple Method to Make Improvements Stick
Equipping Frontline Leaders
Equip your frontline leaders with the tools to:
- Elevate standards of care for their team
- Resolve production challenges efficiently
- Cultivate buy-in
- Spread the gains across teams
Q&A Session
Agenda
Welcome & Introduction
The Basics of 401(k) Plans
- What is a 401(k) plan?
- How it helps with employee retention and recruitment
Simplifying the 401(k) Setup Process
- How Human Interest simplifies 401(k) for small and medium businesses
- Key benefits and compliance support for construction companies
Affordability and Cost Breakdown
- Cost breakdown overview
- Affordability for small to mid-size companies
Q&A Session
Agenda
Welcome & Introduction
- Background on the FAR, uniform guidance, and unique requirements for federal jobs
Davis-Bacon and Related Acts
- Summary of Davis-Bacon prevailing wage and administrative requirements
- DOL 2023 update to DBRA implementing regulations and ongoing legal challenges
- Related development: Project Labor Agreement (PLA) mandate for large federal construction contracts
- Compliance challenges and best practices
Buy America Requirements for Federal Construction Projects
Construction Contractor Ethics and Compliance Programs
- Features of an effective ethics and compliance program, per DOJ’s Evaluation of Corporate Compliance Programs (updated Sept. 2024)
- Requirements for federal contracts and federally-funded projects
- Recent developments for federal grants and assistance: whistleblower protections; mandatory disclosures; debarment standards
- Enforcement trends: bribery and kickbacks; collusive bidding (including an update on DOJ’s Procurement Collusion Strikeforce); False Claims Act
- Compliance challenges and best practices
Q&A Session
Agenda
Overview of Georgia Retraining Credit
Qualifying Activities by Business & Employees
Professional Services & RTC Examples
Q&A Session
Agenda
Automating labor tracking and integrating with project management tools
Simplifying expense reporting for field workers with real-time tracking and automated submissions
How Fyle and Lumber enhance expense management for construction projects
Q&A Session
Agenda
Overview of Topic
- Importance of job costing in construction.
- How accurate cost tracking impacts profitability.
Defining Job Costing
The Role of Accurate Cost Tracking
Analyzing Job Costs for Better Decision Making
Tips for Contractors to Master Job Costing
Agenda
Overview of Construction Contracts
- Why contracts are essential to project success.
- The impact of well-drafted contracts on profitability and risk management.
Key Terms Every Contractor Should Know
- Overview of crucial terms such as scope of work, payment terms, and schedule.
- How these terms impact your rights and obligations.
Common Contract Clauses and Their Implications
- Indemnity clauses: What they mean and how they can impact your business.
- Liquidated damages: Understanding their purpose and negotiating reasonable terms.
- Change orders: Ensuring clarity and reducing disputes.
- Termination clauses: Protecting yourself against unfair termination.
Negotiating Construction Contracts
- Tips for negotiating contracts to minimize risk and maximize profit.
- Understanding leverage points and how to use them effectively.
Identifying and Avoiding Contractual Pitfalls
- Common mistakes contractors make when reviewing contracts.
- How to spot and address red flags before signing.
Implementing Proactive Contract Management
- Best practices for staying on top of your contractual obligations.
- How to track compliance with key contract provisions.
Negotiating Construction Contracts
- Practical advice for improving contract review and negotiation skills.
- Leveraging professional advice when needed to safeguard your business.
Q&A Session
Speakers
Expert Guest
Mariam Habib
Mariam Habib is a Partner account manager with Fyle. She is a seasoned professional with three years of experience at Fyle, specializing in the fintech sector. At Fyle, she focuses on facilitating the onboarding process for accounting firms and other partners. She is also in charge of managing partner relations at Fyle and is committed to leveraging technology to optimize financial processes.
Expert Guest
Meghan Schoen
Meghan Schoen is a passionate advocate for the construction industry with a unique blend of hands-on experience, entrepreneurial spirit, and a deep understanding of client relations. As the Director of Client Relations at Lumber, she brings creativity and industry expertise to foster meaningful connections, driving growth and innovation in construction payroll solutions.
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