Siegel, Here Are Your Articles for Tuesday, December 22, 2020
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Payroll and Budgeting for Seasonal Construction Jobs


Although the construction industry can be quite profitable, it does have a major drawback: in areas where the winter season prevents construction projects from getting started, teams of workers and even entire construction firms have to be extremely careful when it comes to managing their budgets and making sure they don't come out short in January or February.

Annual Budget and Payroll Calculations

While most people set up a monthly budget and payroll plan, making sure they are able to support their monthly payments and expenses without looking at the bigger picture, the only way a construction firm can stay afloat is by setting up a proper annual budgeting plan.

This means the company's budget needs to be maintained without overspending on various investments, upgrades or other expenses during the summer, especially when you need to pay large amounts on taxes and make sure your employees are happy all year round.

In some cases, summer jobs may provide the company with a few extra thousand dollars—or even more. This profit, however, needs to be seen in contrast with the seasonal deficit that is likely to be experienced later in the year.

This is important to keep in mind, both for contractor firms and employees working in the construction industry. If you manage a construction company, you will need to set up a viable annual budget plan that will prevent the winter months from hurting your financial situation.

Payroll Budgeting Software

Acquiring the best payroll and budgeting software is a sure method of keeping track of your entire income, important expenses, tax requirements and payments, as well as past expenses on anything from personnel costs, bonuses and premiums to buying new trucks, equipment and construction vehicles.

With this software, you can easily keep a careful balance all year round, making sure less important expenses don't outweigh your company's most essential goals and investments and that payroll and tax related issues can be avoided.

Software also lets you run reports on your financial situation—if share them with your accountants, they'll be able to give you detailed advice on your situation.


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Siegel Solutions Inc
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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