In industries like Engineering, Procurement and Construction (EPC), handling payroll and HR for various certified payroll, union and craft contractors is unlike any other industry. Tracking and paying employees across multiple jobs while calculating different rates and staying within compliance can be one of the biggest headaches for an EPC company.
With advanced payroll services, EPC companies can focus on the job at hand.
So, what exactly does a company with advanced payroll service offer? These providers offer payroll solutions that automate payroll processes and calculations, process tax statements and compliance reporting, provide specialty contractors with access to a self-service portal and projects and tracks employee time worked and time off.
However, it is important to realize that companies do not offer the same advanced payroll software. Here are five things to look for in your advanced payroll software.
Let’s face it – payroll isn’t simple. One of the most important benefits to look for in an advanced payroll software is one that is user-friendly so that you can easily process payroll, allocate employee time to a project and track and calculate overtime or PTO. The last thing you want is to invest money in a solution that is intended to make things easier, only to find that you bought an overly complex system. Find a system that easily organizes your tasks, automates your calculations and gives control to your employees for easy PTO request and access to their pay stubs.
It is important to find advanced payroll solutions from a company that understands the construction industry. That means a company who understands the complexities of construction law, realizes the impact of federal contracts and is knowledgeable about certified and union payroll.
You also want advanced payroll services that mitigate risks and liability with built-in compliance safeguards and easy 940 and 941 reporting.
Integrated payroll systems produce better data collection and analysis and produces faster payroll processing, while reducing manual processes and repetitive data entry. If you are looking for an effective, advanced payroll product, you want one that seamlessly connects systems through related functions without disruption. In fact, integrated payroll solutions just improve essential business functions overall.
Payroll solutions that include advanced functionality can improve compliance, enhance the employee experience and reduce errors through automation. Imagine an advance payroll solution that automatically updates regulations, produces company-wide analytics and organizes, monitors and corrects violations in the field. Payroll systems that include also produces the most accurate real-time data, while reducing mundane tasks, such as following up with employees on completed training and certification updates that are directly related to pay.
The construction industry is constantly evolving with different tax codes, as well as union, certified and craft rates and deductions. In addition, the pandemic has demonstrated the impact of emerging solutions and completely removed the certainty of traditional work models, which drastically affects pay. A payroll solution should be flexible enough to add features that accommodate future work models and specifically for the construction industry, features that are tailored for payroll processing of independent contractors.
About CEM Business Solutions: Based in Montvale, NJ, CEM Business Solutions is a Microsoft Gold Partner specializing in providing the Engineering Procurement and Construction industry with a variety of employee management services, including high performance solutions, an applicant tracking system, advanced payroll services, daily log and construction management solutions. Since 2003, our dedicated consulting team has helped EPC companies achieve more through new technologies and data-driven solutions.