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.