Payroll Headaches: A Small Business Guide To Smoothing The Process
1. Inadequate Record-Keeping One of the most common payroll headaches for small businesses is inadequate record-keeping. This can lead to a variety of problems, including: Incorrect paychecks: If you don’t have accurate records of your employees’ hours worked, you may pay them the wrong amount. Missed deductions: If you don’t track your employees’ deductions for taxes, insurance, and other benefits, you may miss these deductions and end up paying more than you should. Audits: If you can’t provide the necessary documentation during an audit, you may face penalties. To avoid these problems, it’s important to maintain accurate records of your employees’ hours worked, wages, deductions, and other payroll information. You can use a variety of methods to keep your records, such as: Top Payroll Services For Your Vancouver Small Business – Valley Timekeeping software: Timekeeping software can help you track your employees’ hours worked and automatically calculate their pay. Manual time sheets: If you don’t want to use software, you …