Do you know labor costs can make up to 70% of total costs in your construction business? That's too much!
Sadly, payroll expenses are far more than just the hourly rate you pay to your labor. There are several hidden costs such as taxes, fees, employee benefits, and the price you might pay someone to run your payroll.
Are you thinking of managing your construction payroll on your own to reduce these costs? Well, you're overlooking the fact that it will take enough time and that time is not worth it. This is where ProjectPro comes into action.
ProjectPro is a cloud-based construction accounting software that enables you to integrate third-party payroll systems. We ensure that payroll shouldn't be a headache. Now save your time and get a streamlined process with ProjectPro.
Why do you Need to Streamline Construction Payroll?
It's the intricacy and hidden costs that make payroll costly. Get rid of the complexity, and you'll save time and uncover the hidden costs of creeping confusion into your payroll system.
Your construction firm might be spending hundreds of dollars on payroll so that every time new labor fills out forms, you get levied. Or, if you're managing your payroll, you might not be aware of the IRS's different procedures, forms, and other complex tax requirements — only to dwell with penalties down the road.
For construction firms, labor costs can also break the bank in several ways you might not expect. ProjectPro ensures that overtime costs are trimmed down and you get proper control over your payroll.
Intricacy pushes you to make mistakes and spend unnecessarily. Having a streamlined process and smart technology can help you reduce all types of entries.
Ways to Streamline your Construction Payroll Process
1. Manage payroll into one system
Labor benefits can be tough to manage. Some companies use different providers to handle their payroll and other benefits. That implies entering worker’s data into multiple locations, taking time, and risks presenting errors.
Potentially, integrating your labor benefits straight into your payroll system will make things better. Moreover, if you integrate your worker's compensation vendor to your payroll, saving time on vital annual reports becomes seamless.
2. Automate workflow efficiently
Get rid of manual data entry as much as you can. A manual technique is prone to mistakes and takes too much time — particularly with a process where there's duplication.
Re-evaluate your workflows for how you operate
Time off requests
Create a flowchart and check the repetition. Ensure that areas where the data is stored drive payroll or challenges the access to those who run your payroll. Integrating your employee scheduling software with ProjectPro is the best way to reduce mistakes and automate the process.
3. Create checklists and a control system to reduce blunders
It would be awesome if errors were never on your construction payroll, but unfortunately, they happen.
Whether or not automation is feasible for your entire payroll system, consider making and using checklists. The construction industry famously uses lists to reduce errors made out of rushed practices. Stick to the checklist, and nothing is overlooked.
4. Integrate time tracking with your payroll system
Do you track employee time on a single integrated system? Do you think that exporting all the data and bringing everything into your payroll system is time-consuming? Integrating your time tracking and payroll into one system like ProjectPro, is an ideal solution.
This will help you to get rid of data loss and reduce errors and confusion. It will be more manageable to make changes that fit in well with an automatic approach where employees can have the access to reporting their hours.
5. Go for an automated payment method
When you pay your employees directly in their bank accounts, you save time and money spent on paper checks. Moreover, paper checks are more vulnerable to fraud and can be lost. This is why switching from paper checks is an ideal way to save time and the environment.
We understand that in construction payroll, you may pay your laborers on a daily basis. So pay them in cash and keep track of their wages on the best platform, ProjectPro. You can integrate any third-party software with ProjectPro and manage your labor working hours smartly.
Your Team will Love the Automation Upgrade!
Bringing change in your construction is an easy task, but ProjectPro will never hamper your everyday tasks. It is a well-structured platform powered by Microsoft Dynamics Business Central to add convenience and efficiency in construction payroll efficiency.
To learn how this software works, please schedule a demo today and our team will guide you through the features and functionalities of the same.