Payroll processing is an essential for pretty much all companies. A smooth payroll process is necessary, and can be seen as somewhat of a backbone to an organisation. With that being said, payroll can be a challenge for the Human Resources (HR) Department to process. Payroll errors can anger and frustrate employees, and may even expose a company to legal action if not carried out properly. Most of the time, mistakes in payroll processes are a result of either inexperience or carelessness. Given the vitality of smooth payroll processing in order for a company to run smoothly, here are some common payroll mistakes and how JuzTalent can help your company avoid them.
Human error is perhaps the most common reason for hiccups in the payroll process. This can be caused by anything from fatigue or carelessness, to a simple oversight. In today’s fast-paced working world, it is common for payroll executives to miss out on some crucial details. Mistakes can range from inaccurate tax contributions, to miscalculating an employee’s overtime hours. Not only will inaccurate payroll processing anger employees, doing so can also mean that the company can be hit by a multitude of penalties and fines, all of which are detrimental to a company’s finances and overall image. Furthermore, this error can also result in payroll not being processed punctually, which only serves to further frustrate employees. Human error is one of the main contributing factors to HR Mistakes, so why not eliminate the probability of it altogether?
Automated payroll systems like JuzTalent ensures that your payroll is accurate, timely and compliant. The ePayroll function is automated and ensures that payroll is processed both quickly and accurately. Eliminating human error altogether will ensure a more efficient, less troublesome payroll process. Ultimately, this reduces the risk of mistakes and helps your company achieve a more seamless workflow.
When fulfilling an employee’s payroll, one has a variety of responsibilities and contributions to consider. In most countries, there are mandatory tax contributions or deductions for citizen funds. These contributions may vary based on the amount an employee is working, and even at a flat rate, can be a challenge to calculate for individual employees who all earn different salaries. If left in the hands of someone with insufficient knowledge on government regulations, this can lead to many errors. Non-compliance with government regulations can lead to hefty fines, penalties and in some cases, lawsuits. Not only will this do major damage to your company’s finances, it does so to your reputation as well. If compliance is kept manually by HR, it is easy to oversee little details or changes in legislations, especially so if you have multiple offices overseas.
JuzTalent ensures regulatory compliance in all countries whereby we operate. Contribution rates and policy changes are regularly reviewed and updated should there be any changes. Our ePayroll function automatically calculates all mandatory contributions for each employee, and generates relevant reports needed for submission. As such, the burden of having to constantly update yourself on government regulations and calculate contributions is taken off your hands.
A pertinent component of having a good payroll system is punctuality. Employees want to be paid on time and failure to do so can lead to frustration and dissatisfaction on their end. Many countries also have cut-off dates by which employees have to be paid by. Failure to keep to a consistent deadline can result in the loss of trust and lowered opinion of your company on the employees’ end. Regularly missing a country’s pay frequency requirement can also result in fines and other penalties for your company. With all these in mind, it is no secret that punctuality plays a vital part in having an efficient, functional payroll system.
JuzTalent’s ePayroll system serves to generate both detailed and accurate payroll in a quick and timely manner. Payroll can easily be processed and viewed with just the press of a button. As such, your payslips and reports will be ready in no time at all, and as such, helps you stay compliant with any deadlines that need to be met. This ensures that your company is compliant with the law, and your employees are satisfied.
There are many common and prevalent mistakes when it comes to payroll processing. It is vital for a company to function efficiently. Luckily, automated payroll software such as JuzTalent’s ePayroll system makes the complexity of payroll processing a thing of the past. With JuzTalent, you can ensure that your payroll is processed accurately, compliant with all legislations and in a timely manner.