How Do You Calculate Labor Rate? | For Construction Contractors

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Labor rates can be pretty confusing at times. Basically, labor rates are the true cost of your employee--which means more than just the wages or salaries. Things like insurance, taxes, vacation, etc. all go into calculating the labor rate. It gets pretty complex.
Luckily, we break it all down in this video, so let's get started!
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In connection with estimates, forecasts, plans and financial projections prepared by Atlas CFO and its Subsidiaries. The user acknowledges that there are uncertainties inherent in attempting to make such estimates, forecasts, plans and projections, that the user is familiar with such uncertainties, that the user is taking full responsibility for making their own evaluation of the adequacy and accuracy of all estimates, forecasts, plans and projections so furnished (including the reasonableness of the assumptions underlying such estimates, forecasts, plans and projections), and that the user shall have no claim against Atlas CFO or its Subsidiaries with respect thereto. Accordingly, Atlas CFO and its Subsidiaries make no representation or warranty with respect to such estimates, forecasts, plans and projections (including any such underlying assumptions).

[@Oldbutnotout]

Why you don't have a Million subs is a travesty. I have been a co-owner of a commercial construction company for 30+ years - but - I have done almost zero accounting. Now I am thrown into the deep end of the pool and trying to do butterfly while skipping freestyle (swim family :) I needed someone to help me with easy to understand terminology before I get into the complicated rollercoaster of Union commercial construction accounting. Your explanation of construction accounting is exactly what I needed. Thank you so much for sharing your knowledge.

[@atlascfo8064]

You are so kind. Thank you for the comment.
Yes, it is tough stuff to figure it all out! There are lots of moving parts on the accounting side of construction companies. I’m glad we can be of help!

[@bsparkle2166]

Do you have a video of Journal Entries for Over/Under Billings and how to connect them with the Balance Sheet and P&L statements? I have seen Over Billings accounts, Under Billings Accounts and also Under/Over Billings. I am an Accountant, but Construction Accounting is new to me.

[@atlascfo8064]

You might check out our All Access training or our WIP training. Both should help point you in the right direction.
All Access comes with our WIP course. Here's the link for that: www.atlascfoallaccess.com/all-access
And here's the link for our WIP course: www.atlascfoallaccess.com/WIP

[@bsparkle2166]

@@atlascfo8064 thank you!

[@omsh4939]

Video starts at 1:40