There’s nothing worse than a good week for your business only to discover you didn’t do the math as well as you thought. That a single error led to several more and faulty data remained uncorrected and generated more of the same. Through no entire fault of a business owner, payroll errors are a prevalent issue in running a business. That being said, they don’t have to be a staple of your own. Let’s take a look at some common mistakes to watch out for.
Incorrect data entry
Older software systems might not have the accuracy checks installed to catch errors.Through the absence of a safeguard, a number of inconsistencies can occur from paying your employees too much or too little, making a typo on your paystubs, paying contractors but not employees and vice versa, and even being late on payments. Here are a couple more distinct issues that result in skewed data and data collection.
There are a lot of ways payroll can be heavily impacted by miscalculation. As an employer you may miscalculate overtime pay or the wrong total hours for your employees. There’s also the possibility of both miscalculating an employee’s gross pay, which impacts your payroll taxes, and misconstruing an employee’s tax withholdings.
Miscalculation can also happen as a result of an employee being incorrectly identified and being either underpaid or overpaid as a result. It all comes down to classification and whether your employees are being considered so within the right categories. An employer needs to be able to correctly distinguish an employee from a contractor in addition to whether or not an employee qualifies as exempt or nonexempt and what that entails financially. Click here for more information on how to distinguish between different types of employees.
With Paywow, your data has never had a better home.
The software is as thorough and accessible as it gets, providing access for both employers and employees as well as contractors.
With Paywow as your payroll service of choice, your business needs can be managed at your fingertips. It not only files payroll forms ranging from W-2s, 1099s, 940’s, and 941’s but it also makes your deposits for you on time so you never miss a deadline.The software stays up to date even as tax rates change and is capable of doing the heavy lifting where it counts. Check out this blog about staying up to date with Form 941.
It ensures accurate calculations, identifications, and catches errors as they happen. Transfers have never been easier and checking systems never more airtight. It significantly reduces the time needed to run payroll and deduce payroll tax calculation.
PayWow also helps you stay up to date with the latest tax deadlines and, in many ways, helps you to integrate the software with your business and get the most for your investment when change is around the corner. Check out this blog for more information on payroll updates for this year.
As private information stored within software systems is vulnerable to hacking, it’s vital that security risks are weighed and considered.
Paywow’s features include built-in tools designed to notify employees of malicious activity on their account and even offers a team of support to help you step by step with prevention
It stores your information safely to such an extent that you never have to be concerned with your data getting lost or whether or not your personal information is privy to the wrong pair of eyes.
To run payroll, it’s essential that you meet tax compliance requirements in addition to having the ability to gage payroll tax calculation. In order to meet these requirements, forms need to be filed in a timely manner and workers need to be classified appropriately. More often than not, failure to fulfill these requirements properly tends to contribute to a number of payroll errors.
Paywow does it all
PayWow’s remarkable capabilities ensure that it is the only payroll software you need on the road to solving your payroll problems.
Whether you need to make a quick paycheck calculation or file payroll forms on time, it’s a payroll solution that caters to your individual needs no matter how tall the order may seem.