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.
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Also consider the geographic location can have an impact on labor rates as well as require related travel expenses. Sending any of your staffing out of town would typically require providing a per diem cost for them for lodging and for their meals. If your subcontractors are working on this project and they're also local to your business but they're traveling out of town to do the work, they will incur, they will actually pick up 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 per diem and lodging would be your meals and mileage if using your own vehicle or a cost allowance for somebody else's vehicle.