Businesses exist to provide a product or service to their customers. And most businesses rely on employees to produce, manage, and deliver it. Which means that time and attendance is critical to an organization's functionality.
In addition, labor is also the single largest expense category for most small businesses. While it can vary drastically depending on the type of business, labor typically accounts for about 30 to 50 percent of the total cost of operations. Consequently, maintaining effective control of your payroll costs is a significant determining factor for a company's success.
Contractors who perform work on government construction contracts and federally-assisted projects are required to submit weekly-certified payroll reports. And getting this right can be challenging.
A successful construction project requires many things such as acquiring building materials acquisition, complying with building codes and regulations, and meeting deadlines. In addition, vendors and sub-contractors have to be paid, as well as employees.
Calculating overtime pay for employees can be somewhat complicated, especially in California. Now the state Supreme Court has issued a ruling that muddies the waters further with bonuses factored in.