Keeping track of all your finances, payroll, hours, wages and more can be difficult to keep tabs on manually. Payroll software makes this task a lot easier, especially as your company continues to grow with more employees and contractors.
QuickBooks is one of the most popular examples of payroll software you’ll find on the market, and it is idea for construction companies because it has construction payroll functionality that makes it easier to assign labor costs out to jobs.
Here’s some information about how QuickBooks help you better manage your construction payroll.
What to know about using QuickBooks to manage your payroll
A lot of construction company owners are under the mistaken impression that they can save a lot more money by manually managing their payroll themselves. This simply isn’t true, when you consider how much more time it will take you to accomplish this, and how much greater of a risk there is of you making some crucial calculation errors.
Ultimately, it’s best to invest in a reliable payroll software if you’re not going to outsource your payroll altogether. With QuickBooks, most of the standard payroll work such as deductions, government tax forms and other tax processes can be handled for you. The construction-specific features allow you to assign compensation and payroll taxes to specific jobs, and you’re also capable of calculating and automatically adding in costs related to labor burdens. All of this together means you can see the actual costs of the job while also processing payroll accurately. This is information that is imperative for you as you go through your processes of pricing, budgeting and estimating.
Some of the other tasks you can handle include:
Setting up direct deposit into your employees’ checking or saving accounts, or creating and printing paychecks for your workers.
Setting up individual contributions and deductions for employees.
Tracking vacation and sick time accrued and used.
Paying off any payroll liabilities and creating tax forms for your company.
Creating reports you can use for managing your company, including tracking estimated versus actual time spent on jobs, union reports, workers’ compensation reports and anything else you might find useful to track.
Assigning compensation and taxes to jobs and tasks based on employee time reports that come through.
There are too many owners of construction companies who spend too much time getting bogged down in the minutiae of bookkeeping and payroll tasks—tasks that are better automated or left to another third-party professional to handle for you. For more information about steps you can take to take some of the burden off yourself and get payroll and other financial tasks accomplished more efficiently and reliably, contact our team of professionals at Patin and Associates today.