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Real-Time Tracking: Automating Construction Labor and Expense Reporting

June 6, 2024
|
7:30AM - 8:15AM PT

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
  • Overview of domestic preference laws including BAA, TAA, the Buy America laws and BABA
  • Recent developments:
    • OMB’s BABA Final Guidance
    • Changes to the BAA implementation in the FAR and DFARS
    • FHWA proposal to eliminate its Buy America manufactured products waiver
  • Compliance challenges and best practices
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
  • What is Job Costing?
    • Explanation of job costing and how it works.
  • Key Components of Job Costing:
    • Labor, materials, overhead, and indirect costs.
The Role of Accurate Cost Tracking
  • Why Cost Tracking is Critical to Profitability:
    • Avoiding under- and over-estimation of project costs.
  • Common Pitfalls in Cost Tracking:
    • Manual errors, untracked changes, and ignoring overhead costs, lack of training
  • Tools and Software for Accurate Tracking:
    • Overview of popular software or tools used for construction cost tracking.
Analyzing Job Costs for Better Decision Making
  • How to Interpret Job Cost Data:
    • Understanding cost reports and trends.
    • What are the key indicators we’re looking for.
  • Key Metrics to Monitor:
    • Cost-to-complete, variance reports, and profit margin analysis.
  • Making Data-Driven Adjustments:
    • Adjusting processes based on cost analysis
Tips for Contractors to Master Job Costing
  • Practical Tips to Improve Cost Tracking:
    • Training the team, improving communication, leveraging technology.
  • Integrating Cost Tracking with Project Management:
    • Ensuring cost data informs broader project decisions.

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.
Actionable Tips for Contractors
  • Practical advice for improving contract review and negotiation skills.
  • Leveraging professional advice when needed to safeguard your business.
Q&A Session

Agenda

The Future of Construction Finance: AI’s Role
  • Explore the current state of construction finance and how AI is driving innovation in project cost management and payroll.
Revolutionizing Project Cost Management with AI
  • Leveraging AI to streamline budgeting and forecasting
  • Predictive analytics for better cost control and risk management
Simplifying Payroll & Compliance with AI
  • How AI-driven payroll systems reduce administrative burden
  • Real-time compliance tracking with AI technology
AI Tools in Action
  • Live demo of AI tools developed by Lumber and Premier
Q&A Session

Speakers

Expert Guest
Mariam Habib
Partner Account Manager,
Fyle
Fyle

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
Director of Client Relations,
Lumber
Lumber

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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Discover how to slash your EMR and boost your botttom line with our new EMR guide!

WEBINAR

Real-Time Tracking: Automating Construction Labor and Expense Reporting

30 Oct
2024
|
8:00AM - 8:45AM PT

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.

Webinar Agenda

Introduction
What is an EMR?
Why should contractors care about their EMR?
3 Proven tips to slash your EMR
Q&A Session

Webinar 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

Webinar Agenda

Introductions
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

Webinar 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

Webinar 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
Coralee Beatty

Fractional COO, Thrive HQ

EXPERT GUEST
Coralee Beatty, Fractional COO, Thrive HQ

Coralee Beatty is dedicated to empowering women in trades and construction, fostering profitability, flexibility, and freedom within the industry. As a passionate advocate for gender equality, Coralee's impact extends beyond her professional roles, as she emerges as a compelling speaker, captivating podcast host, and reliable advisor. Her fervent dedication to cultivating growth and fostering innovation in construction positions her as a trusted guide for businesses navigating today's competitive landscape, offering a guiding light for those seeking excellence in the dynamic realm of construction entrepreneurship.

Greg Archer

COO, KFE Solutions

Greg Archer serves as the Chief Operations Officer at KFE Solutions, a Fractional CFO firm dedicated to the construction and professional trades sectors.

With 24 years of experience as an entrepreneur and CFO/COO, Greg has successfully led multiple organizations, from startups to businesses generating multiple eight-figure revenues. His extensive expertise includes guiding companies from near bankruptcy to profitability, expanding single-location businesses into franchises, and steering firms through the challenges of the COVID-19 pandemic to achieve high profits. Additionally, he has established global business operations, acquired commercial real estate, initiated and managed non-profits, and facilitated multiple seven-figure business sales. Greg's industry experience spans home healthcare, event production, and professional trades. He is a graduate of the Harvard Executive Education program and was nominated for CFO of the Year in San Diego.

Jonathan Cor

Founder, Customer Growth

Jonathan Cor is the founder of Customer Growth - A commercial construction social media agency. He works with 7, 8, and 9-figure contractors helping them build their brand through social media.

Rocio Luna

Producer, Insurax Inc.

Rocio Luna is a seasoned commercial insurance producer with a specialized focus on the construction and staffing industries. At Insurax, Rocio leverages nine years of experience in managing workers' compensation claims, particularly within the stringent regulatory landscapes of California, Arizona, Texas, Washington, Nevada, and New York. She is well-versed in dealing with high Experience Modification Rates (EMRs), helping businesses struggling with frequent workers' compensation claims, general liability, auto, and employment practices issues.

Rocio's approach is deeply rooted in risk management. She provides tailored risk management programs aimed at reducing premiums for businesses with 25 or more employees, primarily targeting contractors and staffing agencies. Her expertise in cumulative trauma claims and state-specific workers' compensation laws has led to significant cost savings for her clients. Rocio is not just an insurance provider; she positions herself as a strategic partner, bridging the gap between employers, insurance carriers, and the often-misunderstood workers' compensation system.

Cory Thomas-Fisk

Founder, Construction Management Online

Cory has been involved in almost every aspect of the Construction Industry – Federal/Tribal, Public Works, Commercial & Residential projects, working as a Field Engineer, Construction & Project Manager, Facility Director Executive, Private Consultant, Facilitator and an Education Advocate for over 18 years as a College Professor.

Cory is a graduate of Texas A&M University, Bachelor of Science & has a Master of Arts in Curriculum & Instruction. Cory’s experience lends her a unique perspective and well-rounded approach to building professional & personal life balance strategies with a focus on Self-Awareness, Transitional Skill sets, Mindset, Leadership & Construction Management Concepts. Cory has used this industry knowledge to design the industry changing Curriculum for the personal development program - CONSTRUCTION MANAGEMENT ONLINE & CONSTRUCTION MANAGEMENT ESSENTIALS.

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