Explore the financial implications of your company's geographical location on labor rates and related travel expenses. Understand the cost dynamics of sending your staff on out-of-town assignments, including lodging and meal allowances.
Key Insights
- Labor rates can vary depending on the geographic location of your business, and these rates may also affect related travel expenses.
- When staff members are sent out-of-town for work, the company typically covers per diem costs for lodging and meals.
- However, if your local subcontractors are required to travel for a project, they usually bear these additional costs themselves, beyond the agreed base price.
Note: These materials offer prospective students a preview of how our classes are structured. Students enrolled in this course will receive access to the full set of materials, including video lectures, project-based assignments, and instructor feedback.
Also consider that the geographic location can have an impact on labor rates and may require related travel expenses. Sending any of your staff out of town would typically require providing a per diem cost for their lodging and meals. If your subcontractors are working on this project and they're also local to your business but traveling out of town to do the work, they will incur and be responsible for these additional costs themselves.
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You do not pay extra for them other than what you agreed to in their base price. Also, part of the per diem and lodging includes meals and mileage if using your own vehicle or a mileage allowance for someone else's vehicle.
