When mistakes are made where payroll is concerned it can be very frustrating. It’s Important to have a solid process for your payroll to avoid potential errors and fees. At Pytronot, we understand the importance of accurate payroll and the effects it can have on your business should you not get it right.
Here are 5 common payroll mistakes to avoid in the future:
Not staying up to date with new payroll law, rules and regulations - Payroll is a constantly changing where new laws are being put into place and rules are being altered. It’s important to ensure that your company is aware of these updates keeping compliant with the law. By missing new regulations, you will lose time trying to amend any payments that have been made without taking into consideration any changes. To help with this process use a calendar to remind you of all upcoming updates to laws.
Having no concrete plans – without a solid plan and schedule, you are more likely to have problems with missing payments. Making sure all employees are paid on time and the correct amount is key to happy colleagues in the workplace. Create a monthly or weekly schedule to ensure that all payments are correct and sent on time.
Miscalculating net versus gross payroll – One complex task for payroll managers can be calculating payroll taxes. It is highly important that this calculation is accurate otherwise you will find yourself paying unnecessary fees to the IRS.
Failing to commit to a consistent payment plan – It doesn’t matter whether you are a start-up or well established business, it’s important to be consistent with your payments. Whether you choose to pay your employees monthly or weekly you must ensure that they are always paid on time.
Setting up payroll incorrectly – A lot of errors that occur in the payroll process are a result of the way the system has been set up. Even if you were to calculate wages perfectly and keep to deadlines, if you haven’t registered your business correctly or classified your employees properly your payroll coul
d be incorrect. Therefore, it’s best to leave this process in capable hands.
Our team of experts at Pytronot Solutions are here to help. Put a stop to these common mistakes today and get in touch. We will be happy to advise you or even take complete control of your payroll to ensure it is done correctly and efficiently.