Accounts & Bookkeeping

Common Payroll Errors to avoid

A word to the wise…..
Gone are the days of having either part time or full time workers. Workers can now fall into a variety of different categories. There are several categories: salaried, hourly, temporary, contracted, full-time or part-time. Correctly identifying each employee’s category will avoid headaches and possible tax penalties in the long-run.
Poor record keeping is often the bain of an incorrect payroll system. Maintaining correct per-employment and employee records is a critical factor in maintaining a healthy payroll system. A correctly paid employee is often – a happy employee.
Deductions at source ca be an almighty pain in the………Employees may owe money such as child support or student loans it is your duty as the employer to collect these monies. The responsibility of maintaining and sending payments to Her Majesty’s Revenue & Customs belongs to the company and is maintained through payroll.
There are several do-it-yourself software programs ranging from a basic programmer to those with all of the bells and whistles on. However, they are only as good as the data entered into the system and the working knowledge behind them.
Losing data can be a major nightmare. BACKUP your system on a regular basis. What would happen if the person responsible for your company’s payroll was unavailable due to illness or an emergency? Employees would still need to be paid and regardless of your situation.
Take heed…….
 
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