How To Complete a Certified Payroll Report
With the bulk of the construction projects being funded with ARRA (American Recovery & Reinvestment Act OR Recovery Act) money; more and more contractors are making the leap from residential or commercial construction projects to government funded construction projects.
While there is a lot of really good information out there on HOW to do business with the government and getting yourself into the government construction arena – the one thing that seems to be missing in preparing contractors for this type of work – is the simple fact that these jobs require the submission of a Weekly Certified Payroll Report.
Almost anyone will tell you that completing a certified payroll report on a weekly basis is a time-consuming, error-prone, and frustrating task!
The U.S. Department of Labor’s Form WH-347 and WH-348 is one of the simplest forms to complete, however, they estimate that it will take 1 hour to complete a form containing information about eight employees for a single job.
You need to realize that a weekly certified payroll report is only one of the many possible reports that, you as a contractor working on Federal, State, or ARRA funded construction projects, will have to submit — other required forms, such as Fringe Benefit Reports, EEOC/Work Utilization Reports, and ARRA Reports; are an important piece of your overall cash flow management.
When you screw up your certified payroll reports, bad things happen; none of which put you in good standing with the Project Owner/General Contractor, Department of Labor, etc. and can damage the overall cash position of your company.
2 Responses to How To Complete a Certified Payroll Report
Leave a Reply
- The Great Debate – QuickBooks Desktop vs. QuickBooks Online
- Using Account Numbers in Your QuickBooks Chart of Accounts
- QuickBooks Creating a More Meaningful Payroll Expenses Section
- Calculating & Displaying Fringe Benefits on a Certified Payroll Report
- QuickBooks Tip - Child Support Garnishments
- How To Turn On and Use Manual Payroll in QuickBooks
- Create a QuickBooks Job Cost Report With Hours & Payroll Costs
- QuickBooks Payroll Tip - Tracking Employee Advances or Loans
- QuickBooks for Contractors Tip – Basics of Progress Invoicing
- QuickBooks Tip - Job Costing Starts With A Simple Item
- QuickBooks Tip-Creating a Functional Payroll Liabilities Section
- QuickBooks Tip: Important Facts About Items Left as Billable
- Welcome to the QuickBooks for contractors blog
- QuickBooks Tip-Handling Employee Reimbursements for Expenses
- QuickBooks Tip - Determing Cost of Goods Sold
- QuickBooks Tip - Handling Retainage
- QuickBooks 2015 Announced - Important System Requirements
- Straight from the IRS - Social Security Tax Reduced to 4.2%
- How to Calculate & Display Retainage on an AIA G-702/G-703
- Tips for Effectively Using QuickBooks Purchase Orders