A well executed payroll run is central to every aspect of your business. After all, without a successful payroll run, none of your employees (or you!) can get paid… so it’s crucial that you get it right, every single time. Unfortunately, that’s easier said than done – and payroll mistakes happen more often than they should. So, what are the most common payroll mistakes? Keep reading!
Insourcing
The vast majority of mistakes are made by business owners who try to take on the burden of payroll themselves. Whether they’re actually doing it manually on their own or tasking a subordinate, the likelihood of human error skyrockets when payroll is treated as just another task instead of a stand-alone job.
Human Error
They say to err is human, but when that error means your employees might not get paid, it’s best to avoid the human part altogether. Many payroll mistakes can be avoided with sufficient payroll automation software – and trying to save a penny by skimping out on these time-saving programs that make your payroll runs easier will end up costing you more than a buck.
Non-Compliance
Even if you’ve double and triple checked every form and field to be sure your numbers all line up, you might still be making a huge mistake if you aren’t in compliance with your county, state, and federal regulations. After all, you’ve got a business to run, and educating yourself on a massive amount of ever-changing laws and regulations is going to be near impossible. While many automation programs have built-in compliance checks things can still slip through the cracks occasionally. When that happens, not only will your payroll be off – but you also might find your business fined or audited.
Insufficient Failsafes
If you’ve been in business long enough, you know that eventually your technology will have a hiccup (if you’re lucky) or totally fail on you (if you aren’t.) Computers crash, the internet cuts out, hard drives stop spinning, passwords get lost, and so on and so forth. If you don’t have redundancies and backups in place, you could lose that newest payroll run at best… or every bit of your payroll data at worst.
We Offer A Solution To Common Payroll Mistakes
Each and every one of these common payroll mistakes can be solved by outsourcing your payroll to professionals, like the team at Capital Payroll Partners. We offer automation software, cloud-based backups, decades of expertise, and deep and practical knowledge of all the regulations that could affect your business. It’s a one-step solution to guaranteeing your business isn’t making costly payroll mistakes!
If you’re interested in learning more, get in touch or request an instant price quote! We look forward to speaking with you.
