If your company has been awarded a contract for a federally funded project, you must pay your workers at least prevailing wages (including fringe benefits) according to the Davis-Bacon Act. You will be required to pay your employees weekly and submit a weekly statement with respect to the wages paid each employee during the preceding week (called a certified payroll report). Inability to produce and submit these reports could result in hefty fines and penalties and incorrect reporting could be grounds for contract termination and debarment from future contracts for up to three years.
Completing a certified payroll report manually isn’t impossible, but it can be time-consuming. The Department of Labor says it takes the average company one hour to complete a certified payroll report: it can take much longer if you are employing a large staff. You’ll need to provide very specific detailed information about the payroll on WH-347 forms.
This is where Payroll Vault can step in and provide a solution as your payroll processor. Our experienced staff will complete the certified payroll reports for you. Many payroll processors will not provide certified payroll reports, but this is how we stand out from our competition. Contact us today.