While it’s normal for a human to make mistakes, people often frown upon payroll errors. Payroll has to be accurate and efficient. After all, a paycheck helps secure the livelihoods of your employees. It’s best that you instill the best payroll practices in your company. Otherwise, a lot can go wrong. Keep reading to learn about the top payroll errors and what you can do to fix and avoid them.
1) Payroll is Often Set Up Improperly
Taxes are complicated, but it’s essential to make sure that you get things right. Why? You don’t want too much money coming out of your employees’ paychecks. This tax season, a lot of people discovered that they received less money than previous tax seasons. One main reason was because of how some employers set up their payroll. Less money was withdrawn from employee paychecks, resulting in a reduced tax return. Here at Malden Solutions, we have highly trained professionals that will help small businesses or large businesses alike have adequate payroll processes.
2) Companies Sometimes Fall Behind on Taxes
Once again, taxes can cause payroll errors. When a business doesn’t pay or file their taxes on time, this can lead to significant problems. Late payments accrue interest, so you want to be aware of the time constraints that come with filing or paying your taxes. It’s also vital to obtain a state identification number so that you can properly file your taxes on time.
3) Not Submitting Payroll on Time
If you own a small business, it may be challenging to keep up with daily tasks. However, payroll is pertinent and should be a priority. When payment is processed too late, this leads to disgruntled employees. Your small or large business is only as successful as your employees are happy, so make sure that they get paid on time.
You also don’t want to spend time rushing to submit payroll, because this can lead to errors. When errors occur, it takes time out of your already busy day to fix it, which is annoying. Also, it’s helpful for any small or large business to look up termination requirements for their state. Not only will you have a short amount of time to get an employee their last paycheck but severance packages are also a part of the payroll process.
Partner with Malden Solutions Today
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter,Facebook, and Linkedin.