5 Tips for Getting Payroll Right Every Time
A recent American Payroll Association survey – “Getting Paid in America” – revealed that 92% of American employees are confident in the accuracy of their paychecks each pay period. But are you as confident in your payroll process?
It’s no secret that mistakes in payroll, even innocuous ones, can lead to complicated issues that end up being costly. Ensuring consistent, accurate pay is one of the most essential components to building employee trust and loyalty.
Accurately Document New Staff
Be sure you’re starting everything off on the right foot. There’s a lot of data to document when a new employee comes on board and compiling it all accurately is vital. Make sure you’ve got a reliable checks and balance system in place when adding new employees to make the onboarding process simpler.
Constantly Audit Your Process
When you’re running a business, the only constant thing is change. This applies to your payroll process as well. As your company grows and you expand your workforce, it’s important to constantly audit how you do payroll. What worked for 5 employees won’t necessarily work for 20. Auditing your payroll process helps you know everything’s working and also allows you to verify employee data, generate accurate reports, and update employee benefits.
Keep Track of Time & Attendance
Whether you’re paying employees by salary or on an hourly basis, it’s important to collect accurate time and attendance of all your employees. It’s perhaps more important now than ever as this past December the Department of Labor made changes to the Fair Labor Standards Act regarding overtime pay. Now, anyone making less than $47,477 annually is required to receive time and a half pay for overtime. So be sure to clock those hours!
Stay Up-to-Date on Payroll Laws
It’s important to keep in mind that not only do payroll tax laws vary from state to state, but they’re also changed and updated fairly regularly. Avoid unnecessary noncompliance fees by staying informed of the latest payroll rules and regulations as they apply to your industry.
While not strictly a payroll software, ACAwise can help you immensely in staying compliant with your payroll policies, especially with regards to the Affordable Care Act rules and regulations. Year-round tracking and accurate, real-time reports that you can access right from your account help give you an extra advantage when it comes to payroll and ACA compliance.