The Ultimate Guide to Payroll Compliance

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Now you can see why the stakes are high for getting a good payroll. From design to implementation, it must run like a well-oiled machine. These are common mistakes made in both large and small businesses. Your payroll may need minor or more fundamental changes.

However, once you have these fundamentals, you can fix these common mistakes and fully embrace compliance once and for all.

Automating:

We’ve written extensively about the benefits of automated payroll on our InvaBlog. It’s a great resource for learning everything you need to know. Be sure to take a look. However, the benefits of automation are clear and simple. Automation frees you from difficult, detailed and time-consuming tasks.

With an automated system, the software can update automatically, so you don’t have to worry about manually complying with legal tax requirements. It can track, calculate and monitor salaries and expenses. It can provide and store automated reports. More importantly, it means your employees are always paid on time.

Security:

Say goodbye to storing spreadsheets and files in dusty cabinets. When you install an automated payroll suite, you can protect sensitive and confidential information behind increased cybersecurity and authorization. An important step to take is to identify who in your business has access to what. Once you have made your decision, you can organize your payroll in a way that gives selected employees direct and protected access to relevant information.

Precision:

No more human error. As long as the data and information is entered correctly, your payroll system will take care of the calculations and deductions for you. It will also track benefits, vacation and attendance time.

The integration:

As we have explained, the payroll must not only cover the salaries of employees. It can become your most effective tool for tracking time and attendance. With a clock in and clock out system, employees won’t have to retrospectively enter their hours worked. In addition, your payroll allows you to collect data and information on how you pay your staff.

When you need to make decisions about business structure and pay in the future, this data will be crucial. With an automated system, the reports and data you need will be ready for you when you need them.

Accessibility:

With a cloud-based payroll suite, everything everyone will need is in one portal. This means that staff can retrieve their payslips. Check whether salaries and attendance hours have been entered correctly. Collect and access their W-2. See how much they paid in taxes. Apply for vacation, benefits and more.

Accessibility means transparency. Transparency ensures everyone in your business has the most up-to-date information they need.

We go into even more detail in our Top 10 Payroll Software Features blog!

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