It is important to streamline and optimize your business to keep up with best practices in the construction industry and to keep your bids competitive. A huge change has been the adoption of sophisticated, cloud-based technology that helps construction business owners save money and stay compliant. Many companies struggle with finding a solution that addresses their needs and the needs of their business. Audits can arise at any time, so it is essential to keep track of all compliance assets. Implementing a certified payroll software is crucial to staying competitive in the government contracting market.
There are many benefits of implementing a certified payroll software solution, which include:
- Streamlining your workflow process
- Compliance verification
- Connecting the field and the office
- Audit adherence
- Fringe tracking
Streamlining your workflow process
A powerful prevailing wage software solution integrates all parts of the compliance process into one system. This process starts from the field, when employees clock in, and follows through to the end where certified reports are generated. Having this centralized process in place eliminates room for error. Since there is no need to enter data from paper or double enter from another system, you can see significant reductions in administrative time.
It’s important to consider if your certified payroll software service provides a complete solution that encompasses all aspects of your workflow. Less sophisticated certified payroll software solutions only generate reports without any type of intelligence and verification. You should look for a solution that can handle the process from start to finish, and has compliance verification processes built in.
Connecting the field and the office
A certified payroll software solution allows users to easily exchange information between workers out in the field and administrators in the office. Information in the field can be recorded via mobile interface, which can be accessed by administrative staff, eliminating the need to exchange printed records, cutting down dramatically on the number of errors, and reducing time needed to process records. All construction daily reports, time sheets, and safety reports are digitalized for stakeholders to access.
Audits by the government can be stressful, but retrieving documents with a cloud-based Davis Bacon compliance software solution can help alleviate some of this stress. There is no need to shuffle through stacks of documents, and you can quickly access digitally indexed reports.
Accurately take fringe credits on benefits you already offer by having a certified payroll software solution that allows you to track the fringe benefits you pay out and verify that you are compliant with all state and local fringe requirements. An all in one system will also allow your employees to have easy access to their benefits accounts.
Making the transition from paper-based payroll compliance to a cloud based certified payroll software solution is a big switch. However, the features and benefits are well worth it. You will not only be setting your business up for a successful and competitive future — you can also save money and time, freeing up resources for your business.
The material presented here is educational in nature and is not intended to be, nor should be relied upon, as legal or financial advice. Please consult with an attorney or financial professional for advice.