Five Ways Construction Workforce Management Directly Impacts Your Bottom Line: What We'll Show at CFMA 2025

The CFMA Annual Conference is the premier event for financial professionals in the construction industry. As the Construction Financial Management Association (CFMA) gears up for its CFMA National Conference, we at Lumber are excited to demonstrate how workforce management solutions can drive profitability, efficiency, and compliance for construction companies.

Managing labor in construction is one of the most significant challenges for contractors, CFOs, and financial teams. With rising labor costs, compliance complexities, and increasing project demands, companies must leverage smart workforce management strategies to protect their bottom line. At CFMA 2025, we'll showcase how our technology helps construction firms solve these challenges effectively.

In this article, we'll explore five key ways that construction workforce management directly impacts profitability—and why meeting with Lumber at the CFMA Conference is essential for staying ahead in the industry.

1. Reducing Labor Costs Through Automation

Labor costs account for 30-50% of a construction project's total budget, making it one of the most significant factors affecting profitability. Many companies still rely on outdated methods like manual timesheets and disconnected payroll systems, leading to costly errors and inefficiencies.

How Workforce Management Impacts Your Bottom Line

• Automated Time Tracking: Eliminate manual entry errors and ensure accurate payroll processing.

• Real-Time Labor Monitoring: Track employee hours, job roles, and locations to optimize workforce deployment.

• Overtime Control: Set automated alerts to prevent excessive overtime costs.

At the CFMA Annual Conference, we'll demonstrate how Lumber's payroll automation tools help contractors reduce labor costs and improve financial accuracy.

2. Enhancing Job Costing and Profitability Analysis

Accurate job costing is essential for construction financial management. Without precise tracking of labor expenses, projects can quickly go over budget, reducing overall profit margins.

How Workforce Management Impacts Your Bottom Line

• Real-Time Cost Allocation: Track labor costs per job, phase, and task to ensure accurate cost projections.
• Integrated Payroll & Accounting: Seamlessly connect workforce data with financial systems for real-time reporting.
• Eliminating Cost Overruns: Identify inefficiencies before they impact the budget.

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At the CFMA Construction Conference, we'll show how our bi-directional integrations with popular accounting software solutions (Sage, Acumatica, QuickBooks, Premier, etc.) provide real-time job costing insights, enabling construction CFOs and financial teams to make data-driven decisions.

3. Ensuring Compliance & Avoiding Costly Penalties

Construction workforce compliance is a complex challenge, especially with multi-state payroll laws, union regulations, and certified payroll reporting requirements. Compliance errors can lead to substantial fines, project delays, and legal issues.

How Workforce Management Impacts Your Bottom Line

• Certified Payroll Automation: Ensure compliance with prevailing wage and Davis-Bacon Act requirements.
• Union & Multi-State Payroll Compliance: Automatically calculate tax rates and benefits across different locations.
• Audit-Ready Records: Maintain digital records that streamline audits and prevent compliance-related disputes.

At CFMA 2025, our team will showcase how Lumber's workforce compliance tools help construction companies stay ahead of regulatory requirements while reducing administrative burdens.

4. Improving Workforce Productivity and Retention

With labor shortages affecting the construction industry, maximizing worker productivity and retention is critical for maintaining profitability. A well-managed workforce leads to higher efficiency, reduced turnover, and improved job satisfaction.

How Workforce Management Impacts Your Bottom Line:

• Better Scheduling & Shift Management: Optimize workforce allocation based on job demands.
• Mobile Workforce Solutions: Provide field workers with mobile access to timesheets, schedules, and job updates.
• Employee Benefits & Engagement: Retain top talent by offering streamlined benefits and accurate, on-time payroll processing.

At the CFMA National Conference, we'll demonstrate how Lumber's mobile-first workforce management platform helps construction firms build a more engaged and productive workforce.

5. Leveraging Data for Smarter Financial Decisions

Data-driven decision-making is transforming construction financial management. Companies that harness real-time workforce data can identify cost-saving opportunities and improve overall profitability.

How Workforce Management Impacts Your Bottom Line:

• Labor Forecasting: Use historical data to predict future workforce needs and reduce unnecessary labor costs.
• Project Profitability Insights: Understand which jobs yield the highest ROI and adjust bidding strategies accordingly.
• Automated Financial Reporting: Get real-time insights into workforce costs, payroll liabilities, and financial health.

At CFMA 2025, we'll show how Lumber's workforce analytics dashboard provides construction CFOs and controllers with the insights they need to drive profitability.

Meet Lumber at CFMA 2025 – Let's Talk Construction Finance Innovation

The CFMA Annual Conference is the perfect place to explore how modern workforce management solutions are reshaping the construction industry. Whether you're a CFO, controller, CPA, or financial executive, visiting our booth will provide you with actionable strategies to optimize labor costs, improve compliance, and maximize workforce efficiency.

📍 Visit the Lumber Booth (309) at CFMA 2025 to:

• See live demos of our workforce management platform.
• Get one-on-one consultations with industry experts.
• Learn how automation can reduce labor costs and increase profitability.

Don't miss this opportunity to take your construction financial management strategy to the next level. Schedule a meeting with our team at CFMA 2025, and let's explore how we can help you achieve your financial goals.

🚀 Join us at the CFMA National Conference and discover the future of construction workforce management!