Call today for a complimentary assessment or visit our website for more details. Regards, Elizabeth C. Foster, CNT, TC http://www.TheDivisionInfo.com 830.608.0104 | 830.708.3486
Top 7 Payroll Mishaps & How to Avoid Them By Elizabeth C Foster
7. Misclassifying Workers: Workers fall into one of several categories: Salaried, Hourly, Temporary, Contract, Full-Time or Part-Time. Correctly identifying each employee's category will save headaches and possible tax mistakes and penalties in the long-run.
6. Poor Record Keeping: Properly maintaining pre-employment and employee records is critical and it's the law. The state your business resides in, and often times your industry, will dictate in what manner and for how long records are to be kept.
5. Garnishments & Other Levies: Employees may owe money such as child support or back taxes by way of court order. The responsibility of maintaining and sending payments to the proper authorities belongs to the company and is maintained through payroll.
4. Overtime - To Pay or Not To Pay: Litigation in this matter has increased over the past few years as more and more employees have been classified as 'Exempt' to avoid paying higher wages and taxes. Guidelines are strict and penalties are steep regardless if the employee was intentionally or unintentionally misclassified.
3. Automated Payroll Software: There are several do-it-yourself software programs ranging from basic services to those with all of the bells and whistles. Many companies have had success with programs such as Peachtree and Quickbooks. However, they are only as good as the data entered into the system.
2. Confidentiality: Payroll and employee records include information such as social security numbers, medical records and salary history, all of which are protected under a variety of laws. It is imperative that your company maintain employee records in a secure manner.
The Top | Number 1 Payroll Blunder...
1. BACKUP System: Not only records backup, but equally, if not more importantly... personnel backup. What would happen should the person responsible for your company's payroll be unavailable due to illness, emergency or worse? Employees still need their paychecks and IRS reports and payments are due regardless of your situation.
Having services offered by The Division in place will address all of your human resource needs and eliminate headaches associated with the endless and often arduous tasks of payroll and compliance.
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