Payroll errors frustrate your personnel, create hassles for your HR team, and can cost you significantly in unnecessary overpayment or penalties for compliance violations. In the past five years, business owners paid more than 1.2 billion in back wages due to payroll violations.
Today’s post is for SMB owners who are presently handling payroll in-house and want to increase the accuracy of their procedures.
The two most important changes you can make to reduce payroll errors:
1. Automate Employee Time and Attendance
Manual payroll methods continually present opportunities for inaccuracies—missed punches, deliberate time theft, unwitting miscalculations, failure to withhold the proper amounts, innacurate PTO tracking, and data entry mistakes. But accuracy is not the only benefit of automation. It also saves time (and money) by allowing your HR team to be more productive. Workforce Management Suite from ICON, Inc. takes the human error out of the payroll equation.
2. Outsource Payroll
Take advantage of the proficiency of a payroll service provider who has earned the trust of companies in your industry. Outsourcing will reduce your audit liability substantially and simplify HR operations at your organization. Worried that your organization can’t afford to outsource payroll? Consider the big picture. If you are currently cutting checks for workers, computing withholding amounts, reconciling data, filing the required tax forms, and tracking PTO and overtime, how much time does this take you? What is that time worth?
Perhaps you have an HR manager handling all things payroll. How much do you pay her/him? Is this person a payroll specialist? Does she/he vigilantly keep up with all changes to the myriad laws that impact your company? Do you have an effective document management operation at your organization? These are essential questions for all employers to consider.
ICON, Inc. offers WorkforceHUBÂ, the unified Human Resources portal that makes it easy to optimize the performance of your managers, employees, and company.
WorkforceHUBÂ includes TimeWorksPlus, TimeSimplicity, and TimeWorksMobile. We’ve just added onboarding, benefits enrollment, performance reviews, and employee engagement! WorkforceHUBÂ is established for busy employers like you who need to streamline scheduling, automate time and attendance tracking, maintain regulatory compliance, and reduce labor costs.
How much can you save? Check our ICON, Inc. ROI Calculator.
We can get you up and running with Workforce Management Suite in minutes. Contact us today to set up a demo.