We are continuing our series on those in the trades – specifically construction – and one area that those in the trades have special consideration is payroll. Payroll can feel hard. We get it. In the construction field, there are other factors to consider such as where your employees are, what jobs they are working on, some jobs even deal with prevailing wage issues (a topic for another day!) We hear your concerns and we are here to address three different concerns.
- Cash Flow
The struggle: It takes a lot of time to collect all the correct hire documents. It is important to have proper documentation though. If you have multiple employees at various projects, keying in hours across multiple job codes and rates can take hours, possibly even days. Also, you know that time spent on payroll takes away time that could be spent on jobs.
The solution: New hires are invited into Gusto to complete required paperwork digitally. Salaried staff can have wages paid hands-free with Gusto Autopilot. Gusto integrates with other timesheet and field tracking apps to bring in all job codes and rates without manual entry. Pretty awesome solutions!
The struggle: Payroll tax returns done manually are often inaccurate and turned in late. If you work in multiple states, various state filings and rules for construction workers can change. It is a big administrative burden to keep up with these tax laws. Workers’ compensation audits often require tax returns and detailed historical records of payroll, any inaccuracies can become costly mistakes.
The solution: Gusto’s tax team completes and files all relevant federal and state payroll tax returns on your behalf – for all 50 US states. They also conduct internal tax reconciliation every quarter to make sure you have remitted the correct amount of taxes. Year-end reports for employees and contractors are automatically filed with government agencies. Gusto also provides easy to read employee and contractor reports. Gusto offers a partnership with AP Integro for workers’ compensation which can use payroll information from Gusto to calculate premium amounts, make payments to carriers, and submit required paperwork.
The struggle: Paying contractors and employees with manual checks can create cash flow issues, such as waiting for checks to clear the bank. Manual payroll often can be late, meaning angry employees and/or contractors if they don’t get paid when they expect to. Payroll isn’t just about paying your employees, it’s also about Federal and State taxes, benefits, and it’s important to note that taxes and benefits come out at different times than wages.
The solution: With Gusto, you can set up an easy direct deposit for employees and contractors. With Gusto, there is a 4-day lead time for payroll and in some cases even 2-day. There is also a clear notification of how much is being taken out and when. Gusto also offers a full HR module for handling health insurance, 401k, and other benefits.
We love Gusto at BBB! In fact, we use Gusto for our own payroll! If you are a construction contractor or even in another field and need help with your payroll, contact us here.