By: Sen Nama
Pasig City, Metro Manila – July 31, 2019 – Payroll is the sum of all compensation a business must pay to its employees for a given period. Payroll can be associated with the terms like employee benefits & deductions, overtime pay, loans etc. You must keep an accurate payroll; otherwise you might have penalties, especially in government taxes.
To maintain an accurate payroll, use the following tips.
1. Correct classification of workers
– Accurate classification is extremely important in payroll process. As a payroll master you are responsible to collect and pay taxes, pay overtime wages and follow minimum wage laws. Right classification of employees will keep you on track.
2. Automate your payroll
– If you are using manual process, you will be prone to mistakes in computation. Automating your payroll can reduce the chance of errors. Payroll systems will help you leverage the process.
3. Track attendance
– Accurately track the time and attendance of employees specially those who are paid on an hourly basis. Employees should be well compensated according to their rendered hours of work in the company.
4. Keep updates related to payroll
– Payroll is frequently changing. Just like in our government, they always create new laws that might affect and be related to your payroll process. It will be helpful for a payroll master to have a payroll system that is updated with the latest government mandated laws.
5. Payroll Audits are Important
– You should conduct a regular payroll audits to verify if the payroll records are accurate. This aspect is very important to track if the money that the company releases are going to the right people that really serve the company right.
These are some of the tips we would like to share and inform you.
We would also like to introduce our payroll system and inform everyone that we are open for demos. See how Dashpayroll will provide your company’s needs.
Contact us at 687-6649 loc. 113 or send your email at inquiry@dashpayroll.com. You can also visit our facebook page https://www.facebook.com/DashPayrollStandard/.
Twitter: @DashPayroll1
Linkedin: DashPayroll Standard
Source: https://www.business2community.com/small-business/5-tips-for-running-an-accurate-payroll-02108273
