Operating a business in the construction industry today is fraught with numerous challenges. Fluctuating materials costs, a sluggish economy, and regulatory issues can stifle your profitability and have you seeing red. With tracking the wage law requirements, handling yearly worker’s compensation audits, and insurance compliance paperwork, the amount of time consumed by your administrative staff preparing materials, can be staggering, even if you contract with an outside accounting professional to perform these tasks. Moreover, it detracts their attention from current projects and other profitable areas of operation.
Yet, there are compliance solution techniques available for construction industry professionals, in the form of innovative software programs, designed to simplify your regulatory requirements, while saving you time and money.
Worker’s compensation insurance rates are based on specific activities, and the hours, namely the payroll associated with the task. For instance, the percentage rate for concrete flatwork is significantly less than work performed from a scaffold, even eight feet high, or carpentry trim work. Therefore, because so many different actions a subject to different rates, to ensure that you do not overpay, listing the payroll hours according to the appropriate code can decrease your yearly Worker’s compensation expenses.
These new software programs instantly and effortlessly transfer weekly payroll information, and categorize it not only by the job, but also by insurance classification codes. When your yearly audit is performed, the data is easy to compile, and submit, which saves you time. In addition, instead of spending money on overnight mailings, the cloud based applications allow your field site superintendents to easily upload weekly payroll reports, pick tickets, and even first reports of injury.
These construction industry solutions offer workable, real-time solutions for maintaining regulatory compliance, and include effective techniques for organizing subcontractor certifications as well, and combine the added benefit of controlling your construction costs, increasing your margin of profit per job. For more information on construction project costing, contact Velosio today.