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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. We've compiled an assortment of resources to help meet those challenges.
Improve Efficiency with Payroll Solutions
Do you need more time?
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.
In the interest of shedding some light on the subject, here is a list of the five most common payroll management mistakes we have seen businesses make.
Paying employees is a thankless, seemingly never-ending task. You only hear from someone if there is a mistake. You also have to navigate ever-changing and confusing payroll laws, tax rules, and employment regulations. 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?
Employee Classification: Employee vs. Independent Contractor
There are a variety of reasons that an employer might want to classify a worker as an independent contractor (IC). The most compelling are usually the tax savings and the administrative time savings of not having to put that individual on payroll.
How to Deal With Year-End Payroll Problems
For most organizations, payroll challenges emerge at year-end, when the pressure is on. Problems common to legacy payroll systems such as reporting, balancing efforts, special file loads, reconciliations, unique file types, and more create time-consuming, error-prone bottlenecks. Managers start to think about how processing could be simplified and streamlined and start to shape plans to improve payroll. But too often these proposed changes get swept aside by the regular work of paycheck processing and another year goes by without implementing a solution that could improve payroll processing and contribute to the growing demands of the organization.
Q&A - Can an Employee Submit a New W-4 at Any Time?
You have employees fill out the W-4 so you can withhold the correct federal income tax from their pay when processing payroll. You should consider having employees complete a new Form W-4 each year. However, an employee may submit a new W-4 anytime they have personal or financial changes. Often, they’ll submit a new form when they know they’ll be changing exemptions, adjustments, deductions, or credits on their return.
The payroll industry, as well as the financial industry as a whole is seeing a marked increase in a specific type of tactic being used to compromise a company’s security credentials. Malicious parties realize that gaining unauthorized access to the systems of financial institutions has become increasingly difficult. They now are turning their attention to clients that use cloud-based solutions.
The Biggest Misconceptions About Payroll Cards
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: