The construction industry has different periods of increased work, typically due to the seasonal changes in both the economy and the weather. For example… In the warmer months of spring and summer, construction will become busier; as the weather conditions level out, the industry sees increased job opportunities and employee availability, allowing contractors to get and complete more work. Other …
Year-end construction payroll processing is a critical task that requires careful attention and timely completion. For construction companies, the complexities of construction payroll can make year-end processing particularly challenging if not handled correctly. A study conducted by QuickBooks® found that more than 34% of construction companies still complete payroll through manual spreadsheets instead of using payroll systems. This can lead …
In the fast-paced world of commercial construction, managing payroll accurately is crucial not only for maintaining productivity and a healthy cash flow but also for ensuring compliance with labor laws. Payroll errors can lead to significant issues that affect a contractor’s entire business. That is why 61% of companies outsource some or all of their payroll operations, according to B2B …
Contractors are responsible for properly designating the trades of their workers when performing payroll. Correctly designating trades for workers ensures they are paid an accurate wage and that employers remain compliant with the Department of Labor’s laws. With that in mind, it’s important to understand: What trade designations are Common trade designations Why trade designations are important How to simplify …
Meeting government payroll compliance is a complicated, ever-changing process, subject to many regulations with strict penalties if not obeyed correctly. From adhering to the state minimum wage laws to more complex requirements, such as federal income tax calculations and record keeping, businesses are expected to follow specific steps to complete correct and timely payroll. However, in addition to tracking current …
Construction payroll processing is one of the most time-consuming elements of a construction business, and it’s also one of the most important operational tasks a company has to manage. Inaccurate payroll processing can lead to a drop in employee retention because of pay discrepancies or delays. And contractors can be subject to harsh government fines and penalties if mandated compliance …
For many construction businesses, hiring unionized workers is an effective way to build a well-trained workforce. However, because of the diverse nature of unions and collective bargaining agreements, payroll-related rates and benefits are subject to frequent changes and can be a challenge to track and manage. What’s additionally tricky is that the union payroll and all union reports are expected …
Construction payroll burden means calculating the true total costs of an employee’s labor. This goes beyond hourly wage and includes all direct and indirect costs associated with employing a worker. Knowing how to properly calculate and understand payroll burden allows you to know the true cost of your projects. Failing to factor in payroll burden can lead to inaccurate estimates …
With all the complexities involved in managing construction payroll, not to mention the time required to create a construction payroll report, weekly payroll processing can become a logistical nightmare. According to The U.S. Department of Labor’s calculations, one hour is required to create a payroll report of eight employees per week. This means that a company with 200 employees will need …
If you’re looking to grow your construction business, government jobs can be incredibly profitable and a great addition to your project portfolio. However, these projects come with several additional considerations. Before bidding on government jobs, it’s crucial to make sure you have a plan in place for: Documenting and submitting certified payroll reports Safety certifications Union reporting Safety forms Minority compliance …