Choose the Best Prevailing Wage Software: Construction Compliance Made Simple

In the thick of processing prevailing wage payroll, collecting time sheets, and getting answers to agencies, it is almost impossible to think about strategy. Usually, the strategy is left up to someone else right? We don’t think so. Your next payroll, time, or platform will determine how your company performs in the long run. One of the best strategic decisions you can make is to invest money in a platform that grows with your business, not one that requires additional people to scale. Here are some strategic considerations to think about when buying your next prevailing wage software:

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What is the Return on Investment for Construction Payroll Software?

Every software platform has a cost associated with implementing it. Some of these costs are clear, such as the price of the software. Other costs are unclear, such as how long it will take to get everyone to use the platform.  You should carefully consider what you expect to get out of a platform before purchasing that platform. You should be able to articulate the value that it will provide to the business. Here are three value points that could be used when evaluating prevailing wage software:

• Does it help your company grow its business?
• Will the platform vastly simplify field operations?
• Can the platform help keep you in compliance with local, state, and federal rules?

What Trade-offs are You Making in Purchasing the Platform?

Every platform has a trade-off. Some systems are more expensive and provide more flexibility. While other platforms are cheap, they require more manual day-to-day work and have less support. For each platform you are evaluating, you should have a clear indication of the tradeoffs that you are making while comparing platforms. This isn’t simply a list of features or a list of benefits. This is a detailed list of how those trade-offs would affect your business.

Does the Prevailing Wage Platform offer you a Competitive Advantage?

Platforms for businesses come in many shapes and sizes. It is rare to find platforms that offer your business a clear competitive advantage versus other companies. Prevailing wage software is not yet widely adopted and could offer your business the right base to grow upon. While there is no guarantee, if you look at the outcomes of companies with a fully integrated process versus those without one, you can see companies are more willing to go after the hard dollars – certified payroll – and less likely to make mistakes. The right platform, like eBacon, has given other companies like yours this competitive advantage.

What Immediate Problems Does the Sofware Platform Solve?

There are long-term opportunities to use any business platform. It is important to point out two to three specific outcomes that you hope to see within the first 60 days. Purchasing specialized software is like hiring an employee. It requires onboarding, goals, and setup in your business. The faster you can identify this, the faster you can make sure that the platform carefully aligns with your business goals.

What is the ‘Superpower’ of the Platform?

When hiring executives, we find it helpful to identify their ‘superpowers’. Superpowers are one thing that the platform or person does well that you know on day one they’ll implement inside of your business. When looking at prevailing wage software, or any software in fact, you should be able to identify the specific impactful thing that the software can do. This is bigger than the immediate problems that it solves, this is the ‘vision’ or ‘what’ the big picture of the software will do for you.

How Does this Impact Your Company Strategy?

By addressing the points above, you can unlock how new prevailing wage software directly impacts your company’s strategic growth plan. While not a magic bullet for winning new deals, it empowers you to:

• Scale efficiently: Streamlined processes and automated compliance free up resources for strategic pursuits and project management.
• Reduce risk and exposure: Real-time data and error-proof calculations minimize compliance fines and rework costs.
• Bid competitively: Faster turnaround times and accurate certified payroll reports position you to win complex, high-value projects.
• Attract and retain talent: User-friendly interfaces and efficient workflows improve employee satisfaction and reduce administrative burdens.

Ultimately, prevailing wage software isn’t just about organizing operations; it’s about building a foundation for strategic growth and sustainable success.

Let Us Show You How!

Additional Resources

Ultimate Certified Payroll & Prevailing Wage FAQ 

Prevailing Wage and the Inflation Reduction Act 

Unlock Your Prevailing Wage for Your Construction Business: FAQs Answered

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.