Trimming the cost of payroll processing has long been both a desirable and attainable goal for every construction company. The Hackett’s Group 2008 Payroll Best Practices Benchmarking/Performance Study examined why some companies are more successful at it than others. Here is a summary of their findings.
Future proofing is the anticipation of future events to help you decide on a present course of action and prevent potential problems. In the construction industry, future proofing often means implementing an improved process or new technology.
Industrial construction is riddled with scenarios that pay workers different premium amounts. Managing premiums for a project is a large onerous process that can be made efficient through industrial timesheet management software.
In continuing the discussion of productivity in the construction industry, here are four tips Matt Stevens, President at Stevens Construction Institute, provides on becoming a more productive and efficient construction company.
In the industrial construction industry, there are various payroll errors that need weekly adjustments. Often these errors are not readily apparent to staff and with hundreds of employees on a job site they take some time to find and correct.
In the past, employers who paid their employees as independent contractors and then reclassified these employees would pay penalties and interest for payroll taxes not previously collected. It is not uncommon for employers to even misclassify their workers as independent contractors to avoid paying:
According to Alberta Finance and Enterprise, Alberta is very much at the forefront of anticipated economic opportunity, with $193 billion in projects (valued at $5 million more) either planned, underway, or recently completed as of November 2010.
Even good contractors can struggle at times in the execution of a project. In most cases the problem lies in an inability to effectively track what is happening on the project and an inability to communicate the problems on the project.
Whether your company is paying fringe benefits simply for the tax benefits, to retain employees or both, there are many scenarios in the industrial construction industry that make calculating fringe benefits complicated.