Certified payroll software automates the record-keeping for certain federal construction projects. If you look at the U. S. Department of Labor Form WH-347, it isn't a complex form. If a contractor works on certain federal and federally funded projects, completing this form is required. The problem is the record keeping must be in a certain form and the wages and benefits must meet federal guidelines. The record keeping is a barrier that keeps some companies from bidding on certain jobs.
What you have to do is submit a weekly record of all wages paid to employees during the preceding week. The information must be submitted for each employee working on a project. For more details www.software-designers-pro.com.Then a company official must "certify" that the payroll is correct. The wages and fringe benefits must meet the guidelines set forth by law. So each employee must be paid a wage for his or her craft or trade that meets the requirements. It's the Davis-Bacon and related Acts that require the contractor or subcontractor to pay a wage and fringe benefit that's at least equal to whatever rate has been set by the Department of Labor.
The form is submitted for a project each week. Each employee working on that project for that week is identified. Then the employee craft is listed. The wage paid the worker and the breakdown of benefits paid is itemized. Then the totals are shown of wages and benefits paid. Then the payroll is signed by a company official. That's the "certified" part. It's certified to be actual amounts paid and accurate.
The form you fill out isn't the problem. The problem is keeping the records that contain the information that goes on the form. Plus making sure the wages and benefits really do meet the required guidelines. Specialized software is the way to keep all this information accurate and up-to-date. Just make sure that whatever software you choose will work with other accounting software. Otherwise you might get stuck having to enter some data twice and that's no good. For the major accounting programs like QuickBooks, most software will be compatible. Make sure before you buy.
Also make sure you stay up-to-date on any changes in the requirements. Those changes might include wage rate changes as well as fringe benefit changes too. For more details www.viral-toolbar-builder.com.How does the software you consider get updates to reflect changes? Also make sure you understand how the system handles revisions and corrections since there will be some of those too. Finally, remember there are state requirements for payrolls too. So the payroll software must also provide outputs that meet the varying state requirements also.
Accounting for payroll is often complex and always critical to business success. The requirements for certified payrolls make record-keeping most important. It isn't that the certified payroll requirements are complex. It's mostly that the records just must be in the correct format and the payroll software must be compatible with the other accounting systems. The right software simplifies payroll record-keeping and government compliance.
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