Prevailing Wage Payroll – HCM TradeSeal
Prevailing wage payroll processing requires an understanding of project and job-level details. Each prevailing wage job has different requirements for cash fringe benefits and pay rates that can vary by class or craft, apprentice level, by jurisdiction, or even by employee. Many employers struggle to pay prevailing wages accurately because of the added complications of per-employee rates (some employees are paid higher than prevailing wage rates) and per-job variance (rates can change for a single employee depending on which job is worked.)
Certified Payroll reporting is also an essential part of prevailing wage payroll processing – after payrolls are completed, employers must submit accurate weekly reports to agencies or general contractors (GCs). Inaccurate calculation or payment of prevailing wages can result in reports being rejected, even if the report is off by a single penny. If an employer cannot prove accurate and timely payment of prevailing wages and fringe benefits, they may face severe penalties, fines or even jail time.
HCM TradeSeal makes it easy to fully automate prevailing wage payroll processing – even across multiple projects, jobs or jurisdictions, with or without the added variable of union employees.
Compatible with major payroll systems
TradeSeal is the complete package for prevailing wage payroll processing, including HR and Tax management.
Unlike construction-specific, “in-house” payroll systems, HCM TradeSeal is designed to work with modern Human Capital Management (HCM) systems like ADP, UKG, Paychex, Paycor, Paylocity and Ceridian.
Because TradeSeal is fully compatible with major payroll systems, users can enjoy an “in-house” level of control over prevailing wage payroll processing without sacrificing the critical advantages of enhanced HR management, tax filing and available general ledger integration.
Prevailing wage rate and benefit management
Control the way your prevailing wage rates and benefits are processed – TradeSeal allows administrators to easily update rates and benefits by job, by class/craft worked or even by employee. Fringe benefits can be saved as “cash only,” or broken out to multiple types of benefits (such as 401k or pension), or even customized at the employee level to ensure that employer-paid hourly benefit amounts are subtracted from cash fringes.
TradeSeal prevailing wage rates and benefits support start and end dating, which makes it easy to preserve rate history and also to apply predetermined increases. TradeSeal dates are “day perfect” and can take effect mid-week if needed.
Certified Payroll reporting included
TradeSeal generates penny-accurate Certified Payroll reports in PDF and electronic formats.
Count on TradeSeal to grow with your company as additional projects and jobs are added – generate PDF (“paper”) format reports or fully electronic reports at the federal, state or local level. TradeSeal gets it right for every agency and GC so you can spend less time error-checking and more time on big-picture tasks
TradeSeal can generate accurate Certified Payroll reports with accurate class/craft names, benefit breakouts and pay rate reporting, even when union employees work on jobs. Federal, state and local Certified Payroll reports are included in HCM TradeSeal, in PDF or electronic formats. TradeSeal reports are compatible with LCP Tracker, California DIR, Washington and other electronic systems.
Learn more about Certified Payroll >
Purchase HCM TradeSeal for prevailing wage
TradeSeal pricing is designed to support employers who work on prevailing wage projects, during their transition from in-house payroll management to a major HCM platform.
Get started with HCM TradeSeal today – purchase TradeSeal directly from the CIC Catalog. Select your preferred HCM technology provider or purchase TradeSeal directly without selecting an HCM vendor.