The recent American Payroll Association “Getting Paid In America” survey revealed that 92 % of American employees are confident that their paychecks are accurate every pay period. The survey reported a three percent increase from last year.
Are your employees’ paychecks consistently accurate? This is essential in building employee trust, credibility, and ultimately, loyalty to the company. Payroll mistakes can lead to complex issues beyond employee compensation and can be very costly for your company.
Here are 4 tips to keep you on track with payroll:
Collect Time and Attendance
According to the Department of Labor, on December 1, 4.2 million Americans will become eligible for overtime pay under the new Fair Labor Standards Act changes. The new rule states that anyone who makes less than $47,477 annually will be required to receive time and a half pay for any overtime hours clocked. Collecting accurate time and attendance will become more important for small and medium-sized business around the country. Time and attendance software makes this process seamless and saves you time.
Constantly audit your processes
As your company continues to build and expand its workforce it’s important to constantly audit your payroll process. Auditing payroll allows you to verify all of your employee data, generate accurate reports, assess your current policies and update employee benefits.
Stay informed on new payroll tax and overtime laws
Payroll tax laws vary from state to state and are becoming more complicated every year. Staying informed with the latest rules and regulations related to the payroll is industry is important.
Accurately document onboarding data
As new employees come on board at your company a lot of new data is being added to your system. Compiling accurate data is vital when onboarding new employees into your database. Make sure you have a great checks and balance system in place to help make the on-boarding process a lot easier for you and your staff.