Contractor Success Map With Randal Dehart | Contractor Bookkeeping And Accounting Services

This podcast is episode number 0067 and it will be about Why It Pays To Offer Employee Advances Sometimes Construction Company Employees Need A Little Cash Between Paydays. Owning a contracting company with employees and a burning desire to generate a profit means  you need to do whatever you can within reason to help keep them focused on their job. If a need arises for cash between paydays they have several options and here are two of them: Option #1 - They get a payday loan from one of the many companies that offer that service. A typical 14-day advance of $100 will cost them roughly $15 which is approximately 391 percent annual interest rate. If they do it regularly, it can cause your good employee to get deeper and deeper in debt which means their cash flow problem gets worse not better. When do they visit the payday loan store? If they are paid for travel time to and from the jobsites they will typically do it on your time. Run the numbers and you will know it takes roughly ten minutes each way for the d