Ever thought why payroll mistakes cost your business big money? Whether you are a business owner, a part of a startup that processes payroll manually or you belong to a mature organization with systems and software in place, payroll matters will always concern you. Whether you are an HR Generalist or a Payroll Specialist, payroll accuracy is of utmost significance to you, day in and day out…

A perfect pay roll must always be error free and depict reality. It should be a true and fair picture of the financial data of employees at all times. It must also be ready periodically so that people are paid on time. Here are some tips to ensure that your payroll is nothing short of ensuring accuracy timeliness!

If you own the business and run the payroll too, its time you understand that you can better focus on running the core business areas and growing the trade if you hire a specialist for the payroll job.

A large company can opt for an in-house department with employees best suited to making payroll. The services of an HR firm can also be sought by outsourcing the payroll process. Whatever you choose, be sure to inquire about their previous work experiences and the software they have worked on. Remember that it is a bundle of solutions that you are seeking at an optimal cost.

Data accuracy is of utmost importance when making a payroll. Data can be compiled on a daily, weekly, fortnightly or monthly basis based on the company’s policy. This may include information regarding salary like taxes and deductions. If you give your employees additional benefits like medical reimbursements, provident fund, loans or advances and gratuity, then be sure not to miss them out.

Gross wages, allowances, hourly rates, overtime payments and employment period should also be considered alongside any increments, bonuses, joining and employment termination dates.

Never forget to recheck and reconcile data before reporting it. Also, payroll data is best kept confidential from people who are not linked to it. An effective software or a professional team will ensure that the payroll not only maintains accuracy but is also always on time.

For further information on payroll, contact the team at ABJ Business Solutions or email admin@abjsolutions.com.au