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WH-347
What is WH-347?
WH-347 is a form utilized in the construction industry by contractors and subcontractors engaged in federal or federally-assisted construction contracts. This certified payroll form, issued by the U.S. Department of Labor, requires contractors to report detailed wage information for employees including hours worked, job classification, rates of pay, and deductions. The purpose of the WH-347 form is to ensure contractors are compliant with the Fair Labor Standards Act regulations. Witnessed and attested to by an assigned company official, this form plays a crucial role in the transparent and fair operation of the construction industry, ensuring that workers are compensated according to stipulated guidelines and in line with labor law regulations.
Trusted by trade contractors across the country
Other construction terms
What are Fixed Assets?
Fixed assets, also known as property, plant, and equipment (PPE), are long-term tangible assets owned by a business for the production, supply, or rental to customers. Within the construction industry, these assets are essential as they are not only used in day-to-day operations but are crucial for long-term business growth. They encompass a broad range of items such as buildings, heavy machinery, land, vehicles, and other tools or equipment. These assets are distinguished by their durability and are not to be sold throughout regular business operations. The value of fixed assets is reflected on the balance sheet and it decreases over time due to normal wear and tear, also known as depreciation. Real estate, construction equipment like cranes or bulldozers, and even software used for project planning are some examples of fixed assets in the construction industry. They are considered investments because their utilization helps to generate income.
What is a Request for Proposal (RFP)?
A Request for Proposal (RFP) within the construction industry is a comprehensive document that outlines the specifics about a particular construction project. It's a call to bidders, helping interested contractors and construction firms understand the project details, timelines, expectations, and criteria for selecting the winning bid. An RFP in the construction industry typically includes information such as project scope, schedule, required materials, budget, and other relevant factors. It acts as a formal invitation, allowing companies to bid on the project by proposing a plan that meets or exceeds the listed requirements. This inherently ensures competition, dedication towards the job and best value for money for the project owner.
What is Construction Accounting?
Construction accounting is a distinct form of project-based accounting, designed specifically for the construction industry. It involves detailed tracking of costs, financial management of project timelines, and profitability review of contracts. There are complexities unique to this accounting model, considering the long duration of construction projects and the need for rigorous cost segregation for equipment, labor, materials, and overheads.Construction accounting is central to construction economics, where accurate estimates and cost control determine the overall profitability of a project. It places emphasis on job costing, which identifies costs by specific contracts or jobs, allowing project managers and accountants to track cost effectiveness accurately. It's not just about recording transactions, but providing essential information for operational efficiency and strategic planning.
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