Payroll Errors and How to Avoid Them
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  • 1. Payroll Errors and how toAvoid ThemSynerion Workforce ManagementSolutions
  • 2. What is Payroll?• In most general terms payroll refers to the amount paid to an employee in a particular pay period for their given service to the employer• The primary tasks of the payroll department in a given organization is to ensure that the company’s employees are paid the correct amount based on their wage, hours worked and deductions2
  • 3. Determining Payroll• In an ideal world determining payroll for an employee would involve simply taking the number of hours worked in a particular pay period and multiply it by the employee’s hourly wage• However the real world is much more complicated • Organizations must take into account: • Sick days • Vacation days • Provincial/State taxes • Federal taxes • Benefits • Retirement Plans • Unemployment Insurance • Etc3
  • 4. Impacts of Determining PayrollIncorrectly• Statistics have shown that nearly 33% of employers have made significant payroll errors• There are a variety of impacts this has on the organization and its employees such as: • Possible legal conflicts • Decreased morale • Lower workforce productivity • Higher levels of attrition • Etc4
  • 5. The Solution to Avoiding Payroll Errors• An automated time and attendance solution is a great way to ensure that your organization’s payroll is 100% accurate and complies with all labor and governmental regulations5
  • 6. What is an Automated Time andAttendance Solution and How can it help • An automated time and attendance solution uses hardware and software to accurately calculate payroll • Employees punch in to work using a time clock and punch out when they are leaving • The time clock is connected to software which stores the days and hours worked and other employee information • At the end of a pay period the system automatically calculates the appropriate amount to pay each employee including all applicable deductions (taxes, insurance, etc) 6
  • 7. For more information on workforce management solutionsvisit: http://www.synerionwfm.com/