Hire a Certified Payroll Specialist to Ensure Your Business Is Compliant
When they first hear the term "certified payroll," many businesses ask, "What is certified payroll?" or "Who needs certified payroll?" The answer to the second question is easy: for any business seeking government contracts, a certified payroll process is critical.
Certified payroll specialists can do much more for your business than just operate software packages to get your workers paid on time. These highly skilled professionals understand the federal, state, and local tax requirements that apply to your business. You want to make sure that your remittance payments are made on time, and in the right amounts. This person is an asset to your team, and can save you time and money.
As your business grows, dealing with payroll becomes a more time-consuming task. At this point, your business would benefit from someone who has the required expertise to deal with payroll matters quickly and efficiently. It doesn't matter if you are in manufacturing or the service industry, the crux of the matter is the number of people on your payroll.
Once you start having to juggle more than a few employees during each pay period, you should be thinking about adding someone to your team who can help you navigate through the payroll waters successfully. If you fail to properly administer payroll, you will have unhappy employees — and low workplace morale can lead to a troubled business.
Specialists take Charge of payroll matters
Properly trained payroll staff can take the appropriate steps to ensure that the payroll is prepared correctly and efficiently. Errors in this important function are costly and take time to rectify. If an issue with a remittance is discovered after it is made, your business will be required to make the payment to correct the situation — even years after the initial error.
Penalties may also be levied, and this can interfere with your business's cash flow. Experienced personnel could have caught the mistake and avoided the situation before the payment left your office, store, or plant.
Special rules for government contracts
The provisions of the Davis-Bacon and Related Acts (DBRA) apply to contractors and subcontractors doing business on federally funded or assisted construction projects worth more than $2,000. Contractors must pay mechanics and laborers at least the local prevailing wage rate. Certified records must be submitted weekly confirming that the contractor has met this standard.
A certified payroll specialist is qualified to prepare the documents necessary to satisfy this requirement. Underpayments to workers may result in contract payments being withheld and other penalties. To keep the project running smoothly, payroll should be put into the hands of someone with the right training.
Before making a decision about a payroll service, be sure to consider your options carefully and ask about the qualifications of the staff. You'll want to make sure your business stays compliant at all times.Ready to Compare Payroll Services Price Quotes?