Spring and summer are the busiest seasons for construction projects, and your company will likely need to take on more employees to handle the workload. It can be a challenge to find skilled, dedicated team members, and you want to make sure they have a great work experience.
Otherwise, you risk losing talented people to your competitors!Believe it or not, the way you handle business payroll can have a significant impact on employee satisfaction and retention. But spending the whole summer worrying about getting payroll details just right isn’t profitable for your business.
Here’s what you can do instead to ensure easier payroll management and better relations with your team.
Construction companies face some unique challenges when it comes to payroll, including how to handle wages for a workforce consisting of regular employees, union contractors and independent contract workers. For payroll to be accurate, proper employee classification in each of these categories is critical.
Further complications in wage calculations may crop up when jobs span multiple locations or go across state lines, and you need to comply with different laws or regulations relating to payment, taxes and withholdings.
You’ll also find yourself dealing with these common payroll issues:
Mistakes resulting from any of these can lead to messy legal problems or result in big fines, both of which hinder productivity and cash flow and prevent you from making the most of the summer season.
To avoid big messes in your payroll system, do a little cleaning before taking on new summer employees. This is one of the smartest tips for small business payroll you can follow to prevent big headaches as the season progresses.
Start by getting rid of or archiving employee data you no longer need, and work with existing team members to update and verify important payment information.
Some payroll systems allow you to set up employee accounts so that workers can go in and make changes to their profiles as needed. This cuts down on the workload for you or your HR department and helps ensure the accuracy of the personal data you have on file.
Details regarding deductions and benefits also needs to be correct so that your tax information is accurate and employees receive everything to which they’re entitled. Update payment schedules as necessary to make sure all checks and deposits are issued on time.
Once current information has been confirmed and new employees start joining your team, consider investing in third-party payroll services to make simplify the way payments are managed. Look for a payroll features list that offers:
Clear reporting of these processes keeps your HR department informed regarding expenses and provides data you’ll need if you’re ever required to prove you’re following regulations. Support from a group of advisors who are knowledgeable about payroll taxes and compliance makes your job even easier.
Business payroll services are more beneficial when paired with a streamlined bookkeeping system.
Automating your bookkeeping slashes the time required to input and transfer payment information, and choosing an option designed to integrate with your payroll solution can virtually eliminate issues with human error.
Accurate data transfer produces clean, straightforward records to make reconciling a breeze. You don’t have to spend valuable time during an already crazy season trying to work out the nuances of each employee’s unique payment situation.
Instead, the software handles all the details and generates reports you can use to keep track of cash flow and handle payroll management.
When you’re 100 percent certain how much cash you have available and how much is going toward paying your summer staff, there’s no confusion to cause delays in issuing paychecks.
Automated, streamlined business payroll services support fast, on-time payments to make employees happy and give you peace of mind.
One problem with facing a hectic construction season with a lot of potential for growth and profit is the need to hire employees before getting full payment for the jobs you have lined up.
This isn’t always possible with your available cash, but you can’t have a successful spring and summer without a robust team.
Small business financing can provide the temporary financial help you need to take on seasonal employees.
If you’re hesitant to borrow money for payroll, the team at National Business Capital & Services can point you to an appropriately priced loan providing just the right amount of funding.
From revolving lines of credit to expedited traditional loans, National is ready to support the needs of your construction business this summer. Call (877) 482-3008 for a free consultation, or fill out a 1-minute application to get the funds you need in as little as 24 hours.
National Business Capital & Services is the #1 FinTech marketplace offering small business loans and services. Harnessing the power of smart technology and even smarter people, we’ve streamlined the approval process to secure over $1 billion in financing for small business owners to date.
Our expert Business Financing Advisors work within our 75+ Lender Marketplace in real time to give you easy access to the best low-interest SBA loans, short and long-term loans and business lines of credit, as well as a full suite of revenue-driving business services.
We strengthen local communities one small business loan at a time. For every deal we fund, we donate 10 meals to Feeding America!
Matt Carrigan is the Content Writer at National Business Capital & Services. He loves spending every day creating content to educate business owners across every industry about business growth strategies, and how they can access the funding they need!