The Importance of Doing Your Payroll Reporting Correctly
Reporting your payroll correctly can make or break a business, just ask any of the companies caught up in payroll scandals over the last few years.
Payroll is an integral part of a company’s operation and is required by the state government who demand that employers comply with wage and hour standards. This ensures that employees are paid accurately and on time, stopping catastrophic payroll scandals like the ones all over Australian media, from happening in the first place. The Internal Revenue Service also have an employment tax requirement that employers must comply with. With all this going on, it’s obvious why it’s really important for a business to have precise payroll reporting and compliance.
Payroll reporting is directly connected with an employees compensation, so if the payroll system you use has a weakness, it could affect pay check accuracy. Which means your employees are the ones who suffer and feel the sting of payroll compliance gone wrong. Payroll involves more than simply compensating your employees for time worked, and inaccuracy may lead to consequences other than pay check errors. Still, think payroll is simple?
In reality, there’s a lot more to payroll than people think. From taxes and wage policies to remitting to the IRS, the process can be a tricky one. Things can quickly get complicated. To ensure accuracy, the payroll process can’t be rushed and must be as compliant as possible. Paying employees consistently, on time and accurately demonstrates your company’s financial stability and has a direct impact on your employee’s morale, safeguarding their trust in your business.
That’s why Employment Hero has built a payroll system that helps you be more payroll compliant every time. Book in a time with one of our payroll specialists and get them to show you around the platform.