Running payroll can be one of the most time consuming and error prone tasks for business owners. There are labor regulations that must be followed, deadlines to be met, records to be kept etc.
PAYROLL ERRORS CAN BE VERY COSTLY.
Fortunately, payroll errors can be avoided with proper planning and the right help.
Mora Business Solutions Inc.Provides full-service payroll services packages from payroll set up, filing payroll taxes, setting up employees for paychecks or direct deposits from salary, hourly and commission positions.
AVOID PAYROLL ERRORS!
SOME OF THE MOST COMMON PAYROLL ERRORS ARE:
Misclassifying employees and contractors
It’s very important to make sure you understand the difference between an employee and a contractor.
Tracking employee hours and overtime incorrectly
Tracking employees time correctly is very important to run payroll correctly.
Timesheets or timecards are some of the tool’s businesses can use to track employee’s time.
Not meeting Payroll Taxes Deadlines
Different states have different guidelines and deadlines. The most important rule is to pay payroll taxes promptly and avoid paying penalties.
Not Keeping Payroll Records
Payroll records should be held for at least three years in case the IRS requires proof to correct a payroll error.
Forgetting to send out tax forms
W2s must be sent out to employees, by January 31 each year or you could face some penalties.
Running payroll is a very complex task, even for small businesses.
Don’t let payroll mistakes take away time from running your business.
Get the right help at the right place.
CALL US TODAY FOR A QUOTE 831-290-6011.
Mora Business Solutions Inc. can also help you with Bookkeeping Services and Financial Analysis