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    Why Track The Construction Company Owner's Time On Jobs

    Posted by Sharie DeHart on Tue, Oct 15, 2019

    As a construction company owner, you are getting paid, paying someone, or both. Contracting is all about money and taxes. With your job being not only physically demanding but also mentally draining, have you considered valuing your efforts? I understand how challenging it is for you to keep tabs on your employee's schedule, but make sure you also track yours.
     
    The primary reason to track Owner's Time On Jobs is to have a more accurate Job Costing Reports. You need to know how much money each job is making or losing. As an employer, you need to adopt the use of a time tracking software to assure accountability and improve productivity in the workplace.

    Concept of time is money Eisenhower dollar coins on face of analog clock

     

    Manual Time Cards Are Painful:

    • Employees dislike paperwork, so they put it off
    • Your bookkeeper (or you) has to nag employees to turn them in
    • Your bookkeeper has a hard time reading and understanding them
    • Job Costing Reports accuracy is people dependent not process dependent
    • The entire process is repeated over and over every week.

    The old way of filling out a paper timecard and getting it to your Contractors bookkeeping services was good for its time; however, it costs your Contracting Company a lot of time and money that drained profit dollars from the bottom line at an alarming rate!

    The average construction worker spends three minutes a day or fifteen minutes a week, filling out a paper time card at a cost to your construction company. Is it any wonder your company feels like a pipe for money to flow through without you being able to keep hardly enough of it for you and your family? You have a lot to gain by implementing a dependable time tracking system:

    • Fast and easy payroll.
    • Business protection from labor disputes. 
    • Accurate Job Costing for a better bottom line.

    Construction company owners like you are not always aware of what they are giving away, and that includes time. From outlining a project plan, reviewing the schedule, and mobilizing labor, materials, and subcontractors - your time on the job needs to be tracked. We recommend T-Sheets because it is cloud-based. It works on smartphones and desktop workstations to keep track of job site information, cost codes, and more.

    In conclusion

    Since the contractor's time on jobs cannot be allocated using payroll, the bookkeeper needs to make zero-dollar checks to allocate the owner's time and cost to each job. If you're using QuickBooks and doing your company's books (or have an in-house staff who does it for you), I recommend taking this class:

    Owners Time On Jobs In QuickBooks For Contractors

    About The Author:

    Sharie_DeHart_President_Fast_Easy_Accounting_Serving_Contractors_All_Across_The_USA_Including_Alaska_And_Hawaii-1Sharie DeHart, QPAis the co-founder of Business Consulting And Accounting in Lynnwood, Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations and offers insights on how to manage the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. Call 1-800-361-1770 or sharie@fasteasyaccounting.com

     

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    Topics: Payroll Processing, Contractor Challenges, Contractor, Contractor Tips, finance, Contractor Operating Tips, Payroll For Construction Contractors

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