For those of you who execute payroll for your companies, you know that it can be a complicated and consuming process. The demands of maintaining the employee records along with tax payments and schedules can be a full time job in itself. As a small business owner your objective should be to streamline your process so that the majority of your time isn�t spent doing administrative tasks such as payroll. And what about specialized payroll functions and processes? Contractors and construction businesses will know what I�m referring to when I mention certified payroll.
Automation is the key, and it�s best that you take full advantage of it to stay competitive in this market. The money you spend today on one of these programs today will save you valuable time and money in the long run.Partnering for your successJacqueline E. WilliamsFinancial StrategistCertified Payroll exists when contractors and subcontractors perform work on federally financed or assisted construction contracts. The Copeland Act (40 U.S.C. � 3145) requires these contractors to "furnish weekly a statement with respect to the wages paid each employee during the preceding week." U.S. Department of require contractors to submit weekly a copy of all payrolls to the Federal agency contracting for or financing the construction project, accompanied by a signed "Statement of Compliance" indicating that the payrolls are correct and complete and that each laborer or mechanic has been paid not less than the proper Davis-Bacon prevailing wage rate for the work performed. Okay, that�s a mouthful; however, this is what the typical contractor deals with on a weekly basis when handling this special type of payroll. The good news is that this process can be automated with the proper software package.
Financial Strategist
Author: Jacqueline Williams
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