Business owners must collect, report and submit payroll taxes as required by federal and state laws. It is important that payroll systems and processes are accurate and efficient to meet federal and state obligations. Otherwise, a corporate officer or other responsible party (as defined by the IRS) may be personally liable for payroll taxes that are not reported or deposited, even if someone else processes payroll.
Martin C. McCarthy
In every industry, technological advancements are helping companies to be more efficient and save money. Construction is no exception. According to the 2016 report on the results of a global PwC survey, Industry 4.0: Building the Digital Enterprise, respondents anticipate a return on their investment in technology over the next five years. Participants in all industry sectors expect to realize a 2.9 percent increase per annum in revenue. Engineering and construction companies anticipate a revenue gain of 2.7 percent per annum. On average, companies across all sectors expect to reduce costs by 3.6 percent annually.
A successful contractor does everything possible to run a lean, financially sound company. Finding ways to save money while increasing margins, improving cash flow and operating more efficiently is key. Following are 12 financial strategies contractors can implement to stay financially healthy.