A smooth payroll process in your organization is like oxygen—when it’s there, you hardly notice it; when it’s missing, you can’t think about anything else. That makes payroll one of the least appreciated yet most important functions within a business. Payroll, when done well, can keep employees satisfied and help your organization stay safe from legal consequences. On the other hand, when payroll mistakes crop up, their impact can ripple across an entire company. Here are 5 payroll mistakes and how to avoid or fix them.
– #1 Misclassifying Employees
– #2 Miscalculating Pay
– #3 Missing Payroll Deadlines
– #4 Neglecting to Send Out Tax Forms
– #5 Failing to Keep Complete Records
Being aware of the most common payroll mistakes is a great first step to avoiding them in your own organization and maintaining a smooth payroll process. And while running a seamless payroll may sometimes feel like a thankless job, it affects many other elements of the larger organization, like employee satisfaction and even company culture. Invest now in perfecting the payroll process so your company doesn’t pay for it later.