How to Avoid the 3 Most Expensive Payroll Errors?
We totally believe that many mistakes are technical and unintentional, but they can be costly for businesses. In fact, according to the IRS, 40% of small to mid-sized businesses face IRS penalties related to incorrect and delayed payroll filing. But what, exactly, are the mistakes that happen during the payroll process? Here are the 3 most expensive payroll errors and how to avoid them.
Most Expensive Payroll Errors
- Depositing employment taxes late
- It’s important to be crystal clear on employment tax due dates.
- Mis-classifying employees and contractors
- It’s crucial to make sure you understand each classification and classify every person you hire correctly straight out of the gate.
- Processing payroll using the wrong state
- If you have employees that work in different states, keep accurate payroll records and organize your files based on the state they work at and NOT where your office is based.
We know that no business wants to spend its hard-earned revenue on payroll penalties. But when you process payroll manually, you’re leaving a lot of room for human error.
Our team at Bilflo helps staffing companies automate their back-office workload such as timekeeping and payroll to reduce these costly errors and streamline your existing processes.
Bilflo ensures that our timekeeping software handles different timecard options and is fully customizable to meet your organization’s needs, we also handle overtime calculations in all 50 states to help you stay compliant by only showing state-applicable overtime rules.
Aside from this, we take automation to the next level by combining it with Business Intelligence to provide you meaningful insights to make data-driven decisions.
Feel free to take 3 minutes for a preview of Bilflo.
- 30 sec Video Experiences of the simple user interface:
If you want to learn more about how we can help you reach your goal, please schedule a Discovery Session with our team today.
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