As the COVID-19 pandemic created disruptions worldwide, there was a paradigm shift in how businesses enabled their workforce to work comfortably and safely. Remote work became a norm in most domains. But the ones where the physical presence of the workforce was deemed necessary, like the construction industry, did not have this luxury of remote […]
Imagine being a multi-dollar construction company creating a new state-of-the-art facility and finding itself late and over budget, accruing losses and delaying revenues by the day. Or – maybe you don’t need to imagine — this may be a common occurrence. As construction companies face increasing complexity, project leaders find themselves looking for new solutions […]
Traditionally, many construction companies used physical timecards to keep track of their employee’s work time (or time spent on their allocated job). Timecards have also been effective at estimating project costs and client billing. Why are timecards and attendance tracking critical for successful projects? Timecards effectively improve project execution and help to control any project […]
It is quite common for small and medium businesses to invest in QuickBooks early in their journey to digitizing core functions like accounting, payroll, and billing. Construction companies also find it helpful to organize some of their major back-office administrative functions and support reporting. Since its market introduction, QuickBooks has successfully delivered financial solutions for […]
The US economy incurs more than $7.4 billion in losses every day due to untracked work hours. If there’s confusion over how employees are spending their workday and how much time a particular project’s taking, it’s nearly impossible to fine-tune miscalculations, potential time theft, or any other inaccuracies. Since efficient time tracking is critical for construction payroll […]
For construction companies, payroll and time tracking is becoming increasingly complicated, especially regarding union and government compliance. Complying with standards being laid out by the Fair Labor Standards Act (FLSA) or the Davis-Bacon act is not easy, especially with many companies still struggling to calculate the right wages and overtime rates for workers. Read on […]
In effect since 1931, the Davis-Bacon Act is a U.S federal wage legislation that is applicable to construction and infrastructure building companies. Essentially, the Davis-Bacon legislation requires contractors (or subcontractors) working on federal and state-level construction projects to pay their laborers wages that are not less than the prevailing wage paid locally to workers for […]
In today’s fragile workforce, you don’t want to lose employees because of avoidable payroll mistakes. According to the Workforce Institute at Kronos, nearly half of American workers will begin a new job search after two paycheck errors. Whether that’s not compensating employees for the correct number of hours, miscalculating payroll taxes or paying the wrong […]
The global construction industry is expected to be worth over by 2023. After the slowdowns and hiccups created by the COVID-19 pandemic, the sector is seeing widespread growth irrespective of region. With the projected growth volumes, businesses in the sector are on a record hiring spree. Around 7.5 million, or nearly 4.8% of the US population, is […]
Just last month, the U.S. Department of Labor’s Wage and Hour Division (WHD) found a New Jersey electrical subcontractor in violation of the Davis-Bacon and Related Acts on a federally funded project and recovered $799,479 in back wages. This month, a Miami electrical and engineer contractor also violated the Davis-Bacon and Related Acts, owing $37,411 […]