Payroll is a crucial aspect of any business, and the construction industry is no exception. However, processing payroll for construction company owners can be a tedious and time-consuming task, especially if you have a large team of employees. In this blog post, we will share some tips and tricks for construction company owners to make processing payroll easier.
Automate Timekeeping | Timekeeping is the most critical part of processing payroll. A 1% inaccuracy in the timesheets submitted can end up costing you tens of thousands of dollars every year. And chasing down your employees to submit their timesheets is not a good use of anyone's time. You can streamline this process by using an app like ConstructionClock which automates this process for both yourself and your crew. Simply set up your projects and their hours will be automatically tracked by using GPS technology. At the end of your pay period, you have a full summary of how many hours were worked by employee, and by project. Better yet, it integrates with payroll software like Quickbooks making the entire process entirely automated.
- Use Payroll Software | Payroll software reduces the risk of errors and saves you time. Payroll software can calculate employee wages, taxes, and deductions and make payments. All you have to do is enter the hours worked. There are many payroll software options available, but some of our favorites are QuickBooks, Sage, Payworks, Wagepoint and Xero.
- Keep Up with Tax Law Changes | Tax laws are constantly changing, and it's important to keep up with these changes to ensure that your payroll processing is accurate and compliant. Omitting these regulations can be a costly mistake so make sure to stay informed searching for your provincial or state-specific payroll regulations.
- Use Direct Deposits | Direct deposit is a convenient way to pay your employees. It eliminates the need for paper checks, which can be lost or stolen. Direct deposit also saves time and money by eliminating the need to print and distribute paper checks.
- Outsource Payroll | If you're struggling to manage payroll, you may want to consider outsourcing the task. Approximately 50% of the customers we polled rely on a bookkeeper to administer their payroll. The time and frustration that comes along with doing this process yourself can be well worth outsourcing and an easy cost to justify.
In conclusion, make your life easier and save yourself some time and money - throw those paper timesheets away and start automating tasks within your company so you can focus on what you do best.