Saratoga, CA /PRNewswire/ - Lumber, a dynamic AI-powered construction workforce management platform, has unveiled a new automated payroll calculation feature for their payroll application. This new automated calculator is groundbreaking because it seamlessly incorporates prevailing wages, overtime payments, paid time off, and tax deductions, reducing a weekly 20-hour process to a 30-minute one.
Launched in September 2023, Lumber Payroll integrates with time-tracking applications and automates payroll calculations, enabling construction companies to pay precise wages to their workforce. By harnessing the power of AI and automation, Lumber Payroll delivers comprehensive compliance information to construction companies and contractors, enabling them to adhere to the latest labor laws and regulations.
"The updated features in Lumber's Payroll Engine are set to revolutionize the construction industry," said Manish Kumar, Co-Founder and CTO of Lumber. "The traditional construction payroll process demands over 20 hours weekly, and the possibility of errors due to the complexity of computations is high. Payroll calculations are so complex that over 20% of the workforce isn't paid precise wages, and the firms are forced to pay fines for miscalculations. Our Payroll Engine automates this process, conducting calculations in the background and ensuring precise compensation for every eligible worker."
Streamlining Payroll Complexity
Lumber's Payroll Engine operates as a sophisticated calculator, factoring in various moving parts, such as hours worked, meal breaks (as per state or company), holidays, overtime eligibility, and paid time off. The payroll engine supports prevailing wages, minimum wages, and union rates and automatically fetches the appropriate job rate based on the selected job classification.
Shreesha Ramdas, Lumber's Co-Founder, and CEO, said, "We are thrilled about this transformative new addition. It will save valuable hours for construction businesses and ensure strict adherence to the latest labor rules and regulations."
Fueled by AI and LLM datasets, Lumber's payroll engine guarantees compliance throughout the payroll process and significantly reduces the time spent on calculations and administration. Lumber takes a non-disruptive approach by seamlessly integrating its applications with existing ERP solutions used by construction companies, ensuring easy adoption of this revolutionary Payroll Engine to enhance efficiency and productivity.
For more information about this transformative payroll engine, visit https://www.lumberfi.com/payroll
Lumber is an integrated construction workforce management platform tailored for construction contractors, powered by a purpose-built LLM that seamlessly unites Payroll, Time Tracking, Compliance, Accounts Payable, Scheduling, and Onboarding workflows. This empowers financial leaders, payroll managers, and back office administrators to ensure compliance, manage labor costs, streamline payroll processes, and make well-informed financial decisions.