Daily activity and sign off
Compliance and safe job site
Time capture clock and export
Photos, collections and mark up
QR code ID and maintenance
Items pin to drawings
Track field spending real time
Assign tasks and Subtasks
File system for storage
Email draft workflow
Proposed to active workflow
Drawings and mark up
System add-on for service based customer who require personnel scheduling daily dispatch
Emergency restoration field and office system for job organization personnel dispatch, equipment management
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For a general contractor, equipment is often the second biggest outlay of capital after labor costs. Depending on how you acquire it, this equipment can improve productivity immeasurably…or it could prove to be a cash drain. Since you probably prefer the former, here is an aid to finding the best deal.
Buying your own equipment can make sense as long as you keep in mind the drawbacks as well as the advantages.
BEST TIME TO BUY:
Leasing can be a good alternative to buying. It’s like a loan but at the end of the lease you can give it back and get a newer model. The lessor owns the equipment and keeps some of the headaches.
BEST TIME TO LEASE
Renting equipment actually has a lot going for it without much downside. It depends on the type of projects you work on.
BEST TIME TO RENT
Your best bet will probably be to do a mix of buying, leasing, and renting depending on your current and ongoing jobs. You and your accountant or tax advisor will know what your specific company needs. With the right mix, it can make meeting your obligations and setting a budget easier.
*A caveat for the future: the advantage of off-balance sheet leasing has been under review by the International Accounting Standards Board and the Financial Accounting Standards Board. They have issued a new guidance January 12 of this year stating that all lessees must transition to the new standards throughout 2018 and 2019.
After the transition, you will no longer be able to leave a lease off the balance sheet unless it is for less than one year. In addition, the purchase options will be considered a liability and all changes may be made retrospective, impacting your current leases.
Stay in touch with your tax advisor to learn more.
Steve Wright works for Whirlwind Steel Buildings, a manufacturer of pre-engineered steel buildings and components. Whirlwind Steel metal buildings are manufactured and designed to meet the highest quality standards. To learn more, visit http://www.whirlwindsteel.com.
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