Still Doing Your Payroll?

At face value, it seems like a great idea.

 

If you're a small construction business owner with just a few employees, you probably think hiring a payroll specialist is an expense that you can avoid. 

 

You feel that you can handle it yourself. You have the best intentions to keep your staff paid and on time. What could go wrong, right?

 

Well, lots. Here are 3 reasons why you should stop:

 

It's a time waster

If you don't have a finance background, you'll likely spend a substantial amount of time calculating employees' work hours, computing for taxes and other deductions, creating payslips, processing, and filing.

Even if you have a bit of a bookkeeping background, are you sure you want to spend your precious time doing these tasks instead of focusing on your construction business's core aspects?

Read More

Topics: Payroll Processing, The Contractors Account, Payroll Options, Construction Bookkeeping And Accounting, Systems And Processes, Contractor Tips, Payroll For Construction Contractors

As a construction company owner, you are getting paid, paying someone, or both. Contracting is all about money and taxes. With your job being not only physically demanding but also mentally draining, have you considered valuing your efforts? I understand how challenging it is for you to keep tabs on your employee's schedule, but make sure you also track yours.

 

The primary reason to track Owner's Time On Jobs is to have a more accurate Job Costing Reports. You need to know how much money each job is making or losing. As an employer, you need to adopt the use of a time tracking software to assure accountability and improve productivity in the workplace.

Read More

Topics: Payroll Processing, Contractor Challenges, Contractor, Contractor Tips, finance, Contractor Operating Tips, Payroll For Construction Contractors

When it comes to paying employees, laws and the IRS, have made the payroll function a time-consuming nightmare for the small business owner.

 

Small business owners spend an average of eight hours a month performing payroll functions. That's 12 full days a year that could be spent generating sales, prospecting new business opportunities, improving products or services, or servicing customers.

 

Getting time cards input into QuickBooks and processing payroll can be a big hassle for your construction company.

 

• Employee advances and loans that you forget to deduct can drain away your entire profit.
• Timecards come in late causing payroll to be under enormous pressure to meet direct deposit deadlines.
• Tracking employee bonuses, reimbursements and garnishments take time and money and can cost your company some serious fines, penalties, and lost productivity if not handled correctly.
  
  

Read More

Topics: Payroll Processing, Contractor Challenges, Contractor, Contractor Tips, finance, Contractor Operating Tips, Payroll For Construction Contractors