Transcript of "Payroll Errors and How to Avoid Them"
Payroll Errors and how toAvoid ThemSynerion Workforce ManagementSolutions
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
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
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
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
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
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