What to Do if Your Payroll Service Provider is Acquired

By integrating LiveCosts into your workflow, you can improve financial accuracy, streamline approvals, and gain real-time insights into project costs. A well-integrated system helps contractors track job costs accurately, prevent overspending, and streamline financial processes, ensuring projects stay profitable from start to finish. But it’s also important to choose solutions that integrate seamlessly with your workflow, which is key. With over 1,400 prebuilt report formats and real-time collaboration tools, Sage 300 CRE ensures accurate cost tracking, seamless communication between teams, and better financial decision-making.

Resource Hub: Deepening Your Knowledge of Certified Payroll and Prevailing Wages

Contractors and subcontractors have a lot to stay on top of when it comes to compliance. For publicly-funded projects, certified payroll is yet another compliance-heavy burden. All US payroll is first subject to federal tax, which is usually about 7% each for the employer and employee. Remember that the employee’s contributions Certified Bookkeeper will be taken out of their salary – but you’re still responsible for ensuring it’s paid. We took the average review ratings from third-party sites like G2 and Capterra, which are based on a 5-star scale.

What should I consider when choosing construction payroll software?

Construction companies need payroll software with job costing features to allocate labor costs effectively. Choose a solution that integrates with accounting and project management tools to track payroll expenses per job. EBacon is a cloud-based solution designed for construction companies to manage payroll and manage fringe benefits.

Time and Materials Billing

QuickBooks Payroll offers certified payroll reporting and job costing, as well as time tracking and direct deposit options. The net sales software can also integrate with other software systems, such as TSheets, to provide more robust timekeeping functionality. QuickBooks Payroll’s user-friendly interface makes it easy for construction business owners to manage their payroll and accounting needs. From tracking labor costs to ensuring compliance with multi-state regulations and managing contractor payments, construction businesses require specialized payroll solutions. The right payroll software can help streamline these processes, improve accuracy, and reduce administrative burdens for HR managers and construction executives. Payroll services for construction are an essential component of any construction business.

How to Set Up Payroll Service for Your Construction Company?

Job costing features help businesses allocate labor costs to specific projects, ensuring accurate budgeting and financial reporting. For this reason, you must ensure you can export your time tracking data in a format that’s compatible with your job costing and accounting software. Some of the more advanced tools (like Knowify) integrate all three together, so there’s no need to manually import and export data.

• Project managers and other stakeholders can use more accurate data to make informed decisions about budgets, hiring, and scheduling.
• When running payroll, you’ll need to take the employee’s prevailing wage plus fringe benefits to arrive at a fully burned rate for the employee.
• Foundation is best suited for contractors managing large payrolls, multi-state operations, and complex job costing and business needs.
• Properly classifying workers helps avoid legal issues and ensures accurate payroll processing.

They are designed to simplify the management of employee wages, benefits, and withholdings. These services can handle a range of tasks, including calculating and processing payroll taxes, issuing checks or direct deposits, providing pay stubs, and maintaining records. By outsourcing these functions, construction businesses can save time and reduce the risk of errors and compliance issues. We recommend eBacon as the best construction payroll software because it has a user-friendly and feature-rich platform designed to simplify payroll processing and compliance reporting. It even offers fringe benefit management tools, enabling your employees to easily access fringe benefits while providing you with tax savings on workers’ comp and payroll taxes.

• Additionally, many states have prevailing wage laws that require certified payroll on state-funded projects as well.
• At the federal level, these requirements come from the Davis-Bacon and Related Acts(DBRA)  and the McNamara-O’Hara Service Contract Act (SCA).
• Additionally, payroll data needs to be organized by project and job code for accurate job costing.
• Payroll admins can also connect digital time data directly to the business’s accounting software, eliminating the need for duplicate data entry.
• If you are a small business that doesn’t do a lot of government contracts or union work, its reasonably priced plans and user-friendly tools make it a good choice.
• Multi-state payroll refers to the process of managing the payroll of employees that live in one state but work in another.

The intention of the act was to protect workers from being underpaid and working in unfair conditions. You should regularly audit your own records to ensure they’re both comprehensive and compliant. This reduces room for ambiguity and makes it easier to get everything completed on time. A good acid test is if a particular worker is doing most or all their work for your company – they’re probably an employee.

To get the actual results for your company, some analysis would need to be run, or you would look in your Business Process Management System (BPM) for the answers. Calculate payroll, handwrite or print a paycheck, hand it to your employee, and done. Accounting and project teams work together to move the financial aspects of projects through to completion.