<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=690758617926394&amp;ev=PageView&amp;noscript=1">
12.jpg

Recordkeeping rules for construction companies

Posted by Complete Payroll | Mar 5, 2018 3:51:03 PM

Recordkeeping rules for construction companies - Complete Payroll.png

When it comes to recordkeeping, construction firms have a lot to deal with: accounting rules, the need to make various claims, keeping track of different expenses for tax deductions, and maintaining viable employee records. Getting the most from tax deductions, making sure your company is up to date with report filing, and reducing the chance of having to deal with penalties that come with not paying the proper amount of taxes all depend on accurate recordkeeping and the ability to make legitimate claims based on your records.

Types of recordkeeping tasks

There are several types of recordkeeping tasks that a construction company needs to perform. Each of these is vitally important and may provide you with the best chances of a fair outcome when it comes to making specific claims:

  • Detailed employment records have to be kept for each worker that has received payment from the company in exchange for the performance of specific tasks.
  • Recordkeeping for various construction projects requires you to keep contractual agreements, architect bulletins, various pre-construction agreements and documents, as well as any amendments and revisions.
  • Documentation associated with costs and payroll in the case of each construction project is also required. Invoices, daily reports, delivery tickets and labor agreements are all a vital part of the recordkeeping process and can tip the balance in any claim.

Using a reliable system

The computerization of construction project recordkeeping plays a vital role in making accountants' jobs easier by accurately tracking all the payments, invoices, miscellaneous expenses and the materials or tools required for additional repair and maintenance tasks during the course of a construction project.

Instead of accountants and employees trying to backtrack various activities and expenses through piles of paperwork, a convenient system set up on the computer will be able to keep all records across many years and hundreds of construction projects to keep an orderly record and make sure that any claims your company makes can be backed up with real proof.

New Call-to-action

Topics: Taxes, Labor law, Employees, Human resources

Written by Complete Payroll

We do payroll, HR, timekeeping and more for employers all over the country from a small, rural town in Upstate New York. And we're constantly publishing articles and other resources to help business owners, HR managers or anyone that helps manage a workforce. Welcome to Payroll Country!

Are you using our free resources?

We're constantly publishing free tools to help with payroll, HR and other administrative objectives.

New call-to-action
New Call-to-action

Subscribe to instant blog email notifications

Recent Posts

General Disclaimer

The materials and information available at this website and included in this blog are for informational purposes only, are not intended for the purpose of providing legal advice, and may not be relied upon as legal advice.  The employees of Complete Payroll are not licensed attorneys. This information and all of the information contained on this website are provided pursuant to and in compliance with federal and state statutes. It does not encompass other regulations that may exist, including, but not limited to, local ordinances. Complete Payroll makes no representations as to the accuracy, completeness, currentness, suitability, or validity of the information on this website and does not adopt any information contained on this website as its own. All information is provided on an as-is basis.  Please consult an attorney to obtain advice with respect to any particular question or issue.