Every company wants to process the perfect paycheck on every payroll run. Every employee in the company expects to receive fair and accurate compensation for work performed. The consequences of not paying your employees correctly are dire. It's safe to say that processing payroll is a critical business function -- one that must be executed in an accurate and timely manner.
But simply knowing the importance of payroll isn't enough. Your payroll team needs to manage compliance risk, provide data visibility, and assist your organization in reaching critical business objectives. In the latest edition of the TruPay Payroll Digest we have included an assortment of infomative articles on this complex topic.
If you have ever considered seeking the services of a payroll software provider, you are not alone. But handing off this critical piece of your organization's operations is a big decision, with potentially disastrous consequences. A bad choice could cost you --- BIG. So what should you do -- use payroll software or hire a firm to handle it for you?
When it comes to time, there never seems to be enough. Just ask any administrative employee — once you finish processing one payroll cycle another one starts. There’s year-end processing and balancing; quarterly and annual reporting for a variety of federal, state, and local agencies; compliance updates and risk management; employee inquiries — and the list goes on.
In the world of payroll, the devil is most definitely in the details. Throughout the years, we have served companies of all sizes, in all industries and we have seen firsthand that there is one fundamental truth to handling payroll: Do It Right The First Time.
An estimated 152 million U.S. workers and their families depend on payroll professionals to get it right every payday. It’s a critical job for all kinds of reasons. Yet only 13% of payroll professionals believe that the paychecks they issue for hourly workers perfectly represent the hours worked and the pay due.
It's easy to see why avoiding payroll errors is job #1 for employers who want to retain top talent. Just one payroll error has the potential to encourage top talent to seek new employment, undoing a company’s tireless work to build an engaged workforce. Two payroll errors will drive nearly half of all employees to start looking for a new job elsewhere.
If an employee owes money to a creditor, the creditor may obtain a legal order for garnishment. This garnishment can come from the employee’s wages. If you help to manage employee payroll, you should understand your organization’s responsibilities once an order for garnishment of an employee's wages is received.
Many organizations are faced with a “do more with less” mandate, which extends to their staffing. Under these circumstances, payroll is being pushed toward streamlined processes, fewer manual processes, and less data entry — changes that are necessary to accomplish routine activities and crucial if payroll is to contribute to the company’s goals and objectives.
From time to time, a poorly implemented payroll card program comes under fire in the media. Well-meaning, socially conscious blogs are often the first to report on these stories, in which they frame the employer as a predatory gatekeeper to employee wages. There are fundamental problems with how these stories are reported, which affects the way readers understand the purpose of a payroll card. The two most common misconceptions about paycards: