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Industry Insight Trends & Technology

Reasons to outsource payroll

Many construction companies are now opting to outsource their payroll because of the significant cost savings and increased number of payroll complexities. There are several other benefits in doing this, especially for small-medium sized businesses that don’t necessarily have the resources for an in-house payroll division. Payroll is often one of the first processes that companies choose to outsource.

Here are 5 benefits of outsourcing, so that you can evaluate whether or not it’s a good fit for your company:

1. Save money and resources

It’s often more cost effective for smaller businesses to outsource rather than trying to support a payroll department. This is easy to calculate. Determine how many hours your employees spend entering in and processing payroll and compare this to the cost of outsourcing to a third party payroll service provider. If you have less than 20 employees in office, it makes sense to outsource. The cost to outsource can be less than $4000/year. Save valuable time getting someone else to manage your ROE’s, year-end packages, deduction calculations, remittances, online archiving, T4s, funds summary, journal entries, government remittances, etc. Outsourcing will also give the current employees managing your payroll more time to focus on other tasks including detailed job costing, workflow, approvals and most importantly reporting. Additionally, as your company grows and you take on new employees, you don’t have to increase payroll resources, which yields a significant savings.

 

2. Increase accuracy

Passing payroll processing off to professionals ensures accuracy. Third party experts handle your payroll from end-to-end, providing payroll best practices and ensure regulatory and legislative compliance, providing you with the knowledge and support necessary to maximize productivity. There’s no need to fret over meeting government guidelines or the consequences of errors. Payroll experts are often much less likely to make mistakes than in-house staff and in the rare case that they do, you can seek restitution. This is an easy way to reach unmatched levels of accuracy and consistency in payroll and reporting.

 

3. Ensure reliable and timely service

A good payroll service will have the expertise and resources available to quickly manage even large complex payrolls that involve multi state/province, multi-union and multi-occupation. Also, unlike your employees that may become swamped with unrelated work or go on vacation, a payroll service will always meet your payroll deadlines and if for the unlikely reason they don’t, they incur a penalty and are held liable. Cheques and payments are issued just as quickly as they would be in office.

 

4. Higher Security, Convenience

Worry less about any internal payroll fraud or exploitation. Payroll services follow strict confidentiality laws and also often use powerful software to detect any inconsistencies or possible payment manipulations. You’re also protected from any office politics resulting from the wrong eyes seeing sensitive information. In terms of additional benefits, your employees can enjoy the convenience of receiving electronic pay slips, expense reimbursements via payroll, and electronic W2s (in the U.S.) and T4s (in Canada).

 

5. Enjoy Flexible, Scalable & Integrated

Third party payroll services are very capable of accommodating massive changes to your payroll processes that could be caused by company growth or down-sizing, something an in-house department probably wouldn’t be outfitted for. Also, with integration to your existing accounting ERP system, it’s easy to process reimbursements, maintain vacation accrual, sick days, banked overtime and streamline reporting. It’s an easy way your company can become very efficient.

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Industry Insight Trends & Technology

5 Reasons People Upgrade Their Accounting Software

Before switching accounting software, there are some questions you should ask yourself which will help in your search for a new software solution.  Why can’t your company stay as is? Why does this matter? How much money are you losing by not making a decision? What is your P&L by job and by company? What goals are you hoping to accomplish with new software? What should I be looking for in a provider?

It’s important to identify your current systems shortcomings and develop a plan to implement a software solution that will add real value to your company.

There are five common reasons that push people to upgrade their accounting software:

1. You’ve outgrown your existing system

If your business has experienced recent growth, it’s challenging for older accounting software systems to scale and adopt new features required in today’s fast paced tech world. Switching to a more flexible cloud-based system will allow your business to continue to grow and adopt forward thinking controls around automation and collaboration.

2. Need for greater Integration

As the construction industry changes, software that is unable to evolve will eventually become obsolete. You need a software solution that is designed to easily connect the project managers from the field with the internal operations in the office. Switching to an up to date software system will provide your company with greater integration making it easier to enter in costs and track real-time information related to your jobs & company. With daily job logs from the field, you can enter in PO receipts, time entry, RFIs, punch lists, photos, subcontracts, notes, safety incidents and so much more. This information should sync directly back into your integrated accounting system to provide you with meaningful reports.

3. Your business model has changed

A significant change in business practices could mean your existing system is not a good fit anymore. Small accounting software packages are designed horizontally, not for a specific target market. You need a software solution designed specific to your niche and one that understands your business model and has experience in the construction industry.

4. Rising costs are becoming an issue

Software should always feel like its adding value to your business, not sucking it away. Especially with the development and improvements made to cloud systems, there are many affordable solutions out there. Why take on risk with a huge initial investment when you don’t have to. In today’s world of SAAS based models, you can enter into a contract with zero risk and no initial investment. You can hold your software vendors accountable to ensure they deliver a quality product and service. Also, teaming with a cloud model saves you money because you don’t have to purchase a server or incur I.T costs by managing back-ups, storage, capacity etc.

5. Existing software lacks detailed job costing

It’s a real nightmare for contractors when you know you’re losing money on a job, but can’t pinpoint where or why. Upgrading to an integrated software solution designed for construction provides you with detailed job costing applications, making it easy for you to track profit & loss by job, subcontracts, committed costs, progress billing, estimates, actuals, change orders, daily job logs and more. For the purpose of project management and control, it is not sufficient to consider only the past record of costs and revenues incurred in a project. The primary challenge of project management is to achieve all the goals and objectives while meeting the constraints of scope, time, quality and budget. Good managers should focus upon future revenues, future costs and technical problems.

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Resources Trends & Technology

Easy Accounting Software to get you the Information you Need, Fast

With its modern and streamlined design, Jonas Premier helps you find the information you need to successfully manage your business faster. The entire system is standardized, making it easy for any user to learn any screen. Additionally, the multi-tabbed interface allows for information to be compared easily, without the clutter of multiple windows. Complete your required tasks in fewer keystrokes, let the software do the work for you.

Premier Construction Software specifically targets General Contractors. Through decades of experience we understand what reports contractors are looking for and what best practices are used in the construction industry. It’s easy for users to compare, jobs, change orders, estimates, financials, and much more. We also realize that many of our users commonly access external sites or third party applications like Outlook, estimating systems, weather network, bidding sites, health & safety forms, etc. Premier Construction Software enables you to create your own centralized menu design that easily integrates these, which increases efficiency.

Every company is different and users may have multiple roles so it’s important to be able to configure reports quickly and easily. Premier has a SQL database which means you can access any data table or field and build reports that combine information across companies, divisions, and modules, getting you the information you need.

With Premier Construction Software, we focus on making the accounting software decision easier by providing a business model that minimizes risk. Cloud based means there’s no server required, making it easy to install and faster to get started. Uniform design and flexibility in the product makes it easy for your staff to be trained quickly on a system that will be configured specifically for your company. With our SAAS model, you can get started with low cost and zero risk.

“Our approach is similar to a custom suit shop – we consult, tailor and provide a quality product.” explains Karoline Lapko, Vice President of Premier Construction Software. “It’s through meaningful conversations that we accomplish great things and add true rich value to business. We know how important it is to better track costs and ensure you find the right software that enables you to double your growth with the same number of resources.”