Does Foundation Offer Certified Payroll and Davis-Bacon Compliance for Government Construction Contractors?: Yes, Foundation Software, which is often referred to as Foundation, does have certified payroll capabilities and also includes Davis-Bacon compliance functionality for government construction contractors. The Foundation payroll module has the capability of multi-state, multi-wage rate calculations.
Thank you for reading this post, don't forget to subscribe!Thank you for reading this post, don't forget to subscribe!In addition, it correctly calculates the prevailing wage rates according to the job classification and the location of the project. It also handles the tracking of fringe benefits for the purposes of Davis-Bacon compliance. In addition, Foundation produces certified payroll reports, including the WH-347 report.
This makes it easier for contractors to produce the weekly report required by government construction contractors for their federally financed projects.
Since Foundation is specifically geared towards construction accounting, the integration of payroll and job costing make it an excellent solution for government construction contractors.
The High Stakes of Government Construction Compliance
In situations where the construction company bids on federal works, government buildings, or publicly funded construction projects, the company has to adhere to certain regulations. As opposed to the privately funded construction works, there will be strict requirements in terms of compliance with Davis-Bacon and Related Acts, which require that contractors pay prevailing wages according to location and classification of trades.
Failing to meet these criteria or providing false weekly reports results in penalties such as withholding of progress payments, audits, and even exclusion from federal work for several years. When contractors seek a solution, they tend to wonder whether enterprise-class products such as FOUNDATION® take care of these matters out of the box.
Yes, Foundation Offers Complete Certified Payroll & Davis-Bacon Support
Yes, FOUNDATION Software comes with comprehensive native-certified payroll and Davis-Bacon compliance capabilities.
The payroll system of Foundation Software is tailored especially for the needs of the construction industry. As opposed to obliging the back-office personnel to check wage determinations themselves and prepare complicated spreadsheets, Foundation automatically handles the whole loop from collecting field hours against job codes to preparing the official compliance reports.
How Foundation Manages Prevailing Wages and Multi-Rate Calculations
Controlling prevailing wages entails keeping abreast of changing pay rates, apprentice percentages, and intricate fringe benefit credits. Foundation provides solutions for this in automated system structures such as:
- Automated Rate Tables: With movement of workers from one job site, trade or classification within a given pay period, the system automatically uses the right prevailing wage rate.
- Fringe Benefit Calculations: The system makes possible complex fringe calculations that help contractors make deductions for regular, overtime or special rates.
- Single Timecard Processing: For field and office workers, it is possible to record hours of multi-states, multi-union or multi-trades using one timecard.
For contractors comparing these features with outsourced options, they may consider Payroll4Construction Review (by Foundation's service branch) or compare direct system structures as done in Foundation Software vs. Sage 100 Contractor review.
Automated Reporting for Federal, State, and Local Agencies
One of the most tedious aspects of public contracting is the creation of weekly compliance documentation, such as the federal WH-347 Statement of Compliance report.
Foundation takes care of all of this with immediate preparation of pre-check proofing reports, payroll histories, job cost labor reports, and certified payroll submissions both electronic and hard copy to many federal, state, and local jurisdictions. Additionally, Foundation manages additional compliance issues such as minority compliance of the EEO laws, new hire reporting, and multi-state W-2 submission.
If you are an enterprise considering other ERP solutions with detailed compliance reporting capabilities, the Viewpoint Vista Review and the CMiC Enterprise Review are good places to start. However, small contractors dealing with public contracting should review some general efficiency tips in Comprehensive Guide to Payroll Software for Construction or How Can Construction Payroll Software Help Your Business?
How Foundation Compares to Other Construction Payroll Solutions
Purpose-built solutions like Foundation easily deal with government compliance, but standard small business accounting solutions often require manual manipulation. In case you want to compare software tiers on the market:
- Small Contractors & Simple Systems: Conventional software such as QuickBooks does not have built-in certified reporting, needing extra analysis (see QuickBooks Payroll Contractor Analysis). In case there are any technical issues with conventional accounting tools, guidance can be provided by How Do I Contact Intuit QuickBooks Payroll Support? and Does QuickBooks Payroll Have Live Chat Support? articles.
- Integration with Field Time Management Tools: For getting precise certified payroll information, field-office solutions like WorkMax Time connect directly to get rid of the delay of paper timesheets.
- General ERP Recommendation: To find out what kind of software solution suits best for your business, you may check out What Is the Best Payroll Software for Construction?
Frequently Asked Questions
Does Foundation Software support Davis-Bacon compliance?
Yes. The system offers integrated tools for tracking prevailing wages, managing complex fringe benefits, and achieving compliance of Davis-Bacon Act projects.
Can Foundation automatically generate WH-347 certified payroll forms?
Yes. This solution collects all necessary information to generate instantly printable or electronic reports meeting requirements of federal, state, and local authorities.
How does Foundation handle workers who work on multiple projects with different wage rates?
This software gives its users an opportunity to enter multi-trade and multi-rate timesheets all at once, automatically calculating the correct project-related prevailing wage and job codes.
Does Foundation track union fringes alongside government compliance?
Indeed, the system has been designed to handle complex union requirements such as the payment of local union fees, multiple tiers of fringes, and diverse deduction schedules all at once.
Is Foundation suitable for subcontractors on government projects?
Indeed. Because there are compliance requirements that are cascaded to each subcontractor tier working on public projects, specialty subcontractors rely on Foundation to guarantee their weekly certified report matches the prime contractor's.