Kaster’s Post

💡 Struggling with Cash Flow? Here’s How to Take Control 💡 If you’re constantly worrying about whether you’ll have enough cash to cover payroll or bills, you’re not alone. Cash flow is one of the biggest challenges for contractors, plumbers, and electricians—but it doesn’t have to keep you up at night. Here are 3 simple things you can look at right now to improve your cash flow: Invoice Quickly: Don’t wait! The faster you send out invoices, the quicker the money comes in. Set clear payment terms to avoid delays. Track Expenses: Keep a close eye on where your money is going. Small leaks in your spending can add up fast, eating into your cash flow. Negotiate Supplier Terms: Work with suppliers to extend payment deadlines or offer early payment discounts. This helps you hold onto cash longer while keeping projects on track. Ready to get your cash flow under control? Book a free call today and let’s walk through more ways to boost your financial health. 💼 #CashFlow #BusinessFinances #Contractors #Plumbers #Electricians #CashFlowFixes #FinancialClarity #BlackBeltLedgers

You can pay someone as a 1099 subcontractor, but is it always the best option? Federal and state laws prevail, but the general idea is you pay someone as a 1099 contractor when you don't control their schedule, they have their own tools, and they invoice for their work. Think construction subcontractors, attorneys, managed IT, and even accountants. Anything outside of this is likely an employee. Don't get tempted to pay someone as a contractor who is truly an employee. If you ever go through a labor audit, you will understand the pain. Yes, it is work to set up payroll but it's an investment in preparing to scale.

Prime Contractor Responsibilities for Subcontractor Compliance As a prime contractor on a federally funded project, your responsibilities extend beyond your own workforce. You play a crucial role in ensuring that your subcontractors comply with prevailing wage requirements under Davis-Bacon and SCA. Here are some key responsibilities to keep in mind: 📋 Subcontractor Agreements: Ensure subcontractors are aware of their prevailing wages and certified payroll report obligations by including labor standard clauses and wage determinations in all subcontracts. 👀 Monitoring and Oversight: Verify subcontractor compliance by reviewing certified payroll reports and managing any discrepancies or violations. 📊 Recordkeeping: Maintain accurate records of subcontractor certified payroll reports for a minimum of three years after project completion. Remember, as the prime contractor, you are ultimately responsible for the compliance of your subcontractors. Have questions about prime contractor responsibilities or subcontractor compliance? Let us know and we can help! #PrevailingWage #Compliance #PrimeContractor #Subcontractor #Construction

Learn how to calculate labor cost for construction bids using Estimating Link®. Simplify your estimating process and win more bids. #Construction #EstimatingSoftware #LaborCost https://hubs.la/Q02J4PBB0

Construction sector jobs increased in 31 states last month, while 17 lost jobs and 3 states reported no change. You can find a more detailed breakdown below. #Construction #SmallBusiness #Data https://ow.ly/AFl430sBxp2

Trying to hide from misclassifications? 🛑 Highly recommend an Agent that specializes in the Staffing Industry! DC 200 workers were allegedly misclassified as Independent Contractors, denying them sick leave and other benefits in DC. “Under District law, construction workers are presumed to be employees, not independent contractors, and therefore are entitled to receive employee benefits like paid sick leave,” Attorney General Brian Schwalb said in a press release. “Tricon and its subcontractors unlawfully took advantage of workers by misclassifying them as independent contractors, depriving them of benefits to which they were legally entitled.” Under the settlement, Tricon must pay $200,000 to impacted workers and pay $150,000 in civil penalties, according to the office. The company and its subcontractors also agreed to correct their business practices, and Tricon must require subcontractors to submit certified payroll reports to ensure compliance for four years. It must also conduct regular audits on all subcontractors hired for projects in the district. More Information below ⬇

You can pay someone as a 1099 subcontractor, but is it always the best option? Federal and state laws prevail, but the general idea is you pay someone as a 1099 contractor when you don't control their schedule, they have their own tools, and they invoice for their work. Think construction subcontractors, attorneys, managed IT, and even accountants. Anything outside of this is likely an employee. Don't get tempted to pay someone as a contractor who is truly an employee. If you ever go through a labor audit, you will understand the pain. Yes, it is work to set up payroll but it's an investment in preparing to scale.

The restricted flow of cash within the construction industry has had a domino effect, making it difficult for contractors to fund new jobs or pay their employees promptly. Learn how non-bank, non-debt capital for contractors and their subcontractors helps to address these problems in our blog: #construction #businessfinance #workingcapital

Thank you National Association of Home Builders for sharing this exciting news! Let’s keep the momentum going! When a homebuilder finances with Builders Capital, not only will they be dealing with a direct lender that handles every single step in the process, they can take advantage of our Material Order Rebate program. “MOR” allows the homebuilder to price all of their materials through BIMQuote. BIMQuote helps the private homebuilder level the playing field with the larger scale homebuilders by taking advantage of our nationally negotiated material pricing. If that wasn’t enough, the homebuilder will receive credits towards their payoff equal up to their origination fees. Let’s win, TOGETHER! #ConstructionFinancing #RealEstateFinance #ConstructionLoans #DevelopmentFinance #RealEstateInvesting #PropertyDevelopment #BuildingProjects #ConstructionFunding #CommercialRealEstate #HomeBuilding

Construction jobs in the U.S. increased 3.2% in April compared to the April 2023 level. Texas added 30,500 construction jobs, the largest gain of any state, while New York lost 7,100 construction jobs. Alaska had the highest annual growth rate at 18% while Maryland reported the largest decline of 4.0%. https://lnkd.in/e34ESmHn