Common payroll mistakes
Performing payroll functions is an important obligation of any employer, with employees quick to show their disgruntlement when mistakes are made.
Here are some of the most common errors that organisations make when dealing with employee wages, as well as how investing in the right payroll software can help to overcome these obstacles.
Whether your company is large or small, it is likely you'll be employing a range of different personnel, including full-time and part-time workers, as well as contractors.
If you fail to classify these employees appropriately during the payroll process, you risk making the wrong payments due to differing tax charges and other levies.
FastTrack 360 allows you to easily categorise staff as internal employees, temps or contractors, thus streamlining your payroll operations.
Failing to include superannuation payments
Employer contributions to Australian workers' superannuation funds are part and parcel of a business's payroll duties, particularly as new Stronger Super reforms tighten up on previous procedures.
Paying the wrong amount of super is a common pitfall for some companies, while others may forget to include contributions for directors and board members.
Best-of-breed payroll software helps make superannuation processes more visible by managing contributions better and generating payslips containing the right information.
Not keeping up to speed with new legislation
Legislation is constantly evolving, with employment, tax and business law changes sometimes having a direct impact on your payroll operations.
Make sure your payroll software remains on top of any amendments to current legislation, with the best platforms having regular updates to cope with new laws.
Mishandling overtime hours
Approving overtime hours is a common occurrence in many workplaces, but making sure these are recorded properly ensures staff wages are not short when it comes to pay day.
FastTrack payroll software has simple functions that allow you to input shift allowances and any overtime worked so that your employees are adequately compensated for any additional hours.