Common Payroll Discrepancies and How to Fix Them
Feb 14, 2024 10:11:16 GMT
Post by prantogomes141 on Feb 14, 2024 10:11:16 GMT
Payroll is a critical process in every business. It can also be complex and, therefore, prone to errors. If not corrected, payroll discrepancies can result in tax and legal issues as well as poor employee retention and satisfaction. The best way to prevent such errors is to identify them before they happen. Here are some common payroll discrepancies and how the right human resources (HR) software can help you avoid and fix them. Editor’s note: Looking for the right payroll software for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.
11 payroll discrepancies to watch out for Here are some common mistakes companies make when running payroll, along with solutions for each. 1. Incorrectly entering new employees in your HR system The most important step you can take to prevent payroll discrepancies (and many Qatar Telemarketing Data other issues) is making sure new employees are inputted correctly into your HR system. “Ensuring your new hires are correctly entered into your HR software will save you a lot of headaches down the road,” said Sundee Peterson, training and development coordinator at Strategic Resources Inc.
“This includes [ensuring] the proper accounting codes, labor categories, exempt status and rate of pay are all accurate and kept up to date.” Solution: Collect critical employee data during recruiting and onboarding — a task made easier with HR software. Consider self-service options that employees can update as needed to avoid delays or inadvertent errors. 2. Misplacing payroll documents Keeping track of all your employees’ payroll records and pay stubs can be challenging, especially as your company grows and hires more employees. With so many documents, such as payroll reports, expense reports and receipts, it’s easy to lose track of one or to introduce miscalculations.
11 payroll discrepancies to watch out for Here are some common mistakes companies make when running payroll, along with solutions for each. 1. Incorrectly entering new employees in your HR system The most important step you can take to prevent payroll discrepancies (and many Qatar Telemarketing Data other issues) is making sure new employees are inputted correctly into your HR system. “Ensuring your new hires are correctly entered into your HR software will save you a lot of headaches down the road,” said Sundee Peterson, training and development coordinator at Strategic Resources Inc.
“This includes [ensuring] the proper accounting codes, labor categories, exempt status and rate of pay are all accurate and kept up to date.” Solution: Collect critical employee data during recruiting and onboarding — a task made easier with HR software. Consider self-service options that employees can update as needed to avoid delays or inadvertent errors. 2. Misplacing payroll documents Keeping track of all your employees’ payroll records and pay stubs can be challenging, especially as your company grows and hires more employees. With so many documents, such as payroll reports, expense reports and receipts, it’s easy to lose track of one or to introduce miscalculations.