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Common Mistakes In Payroll Accounting | A Business Article
Is there anything worse than common mistakes when carrying out your payroll? You keep wondering what went wrong and now you have to work again, matching up the hours worked with the payroll. Where is the error? Now you have a displeased worker waiting for you to make the corrections. You may already be pondering about your payroll software.
One of the common mistakes in carrying out your payroll is the simple miscalculation of hours worked. It is indeed sometimes confusing when you are adding up fractions of hours. There might be times when the logged hours of an employee is not the same with the number of hours which an employee thinks he has worked. Did an hour or a fraction of hours worked not get recorded on your payroll software?
Your payroll accounting will also experience some blows when there is an overtime. Normally, an employee gets time and half for every hour worked past forty hours a week, unless there is a different company policy. You find yourself working with fractions of time worked once again. Most of the time, in payroll accounting, instead of overtime pay, regular pay has been logged. You may not at all times notice the mistake especially if the error slips past your payroll software,pioneer headset, but you can be sure that the employee who has long been expecting additional income will certainly see the mistake and will soon be at your office asking for an explanation about his wage shortage.
Glitches in payroll accounting may also be caused by company paid time. It might be that you had company paid mandatory meetings that were not logged in your accounting system. Reimbursements can also cause problems when they are not recorded. Reimbursements can include anything from tolls, scales, uniforms, postage or basically anything that your company will pay for an employee if they paid for it out of pocket.
Horrible mistakes in your payroll accounting may also be caused by a simple transposing of numbers. For instance, you might have mixed two numbers like twenty-four and eighty-four. You don't catch the error and you tabulate your payroll. You now find yourself with either an over payment or you have shorted someone on their paycheck. In case you have overpaid an employee, he will not be pleased if he has to return the excess or he finds that it has been deducted from his future paycheck. In case you have shorted an employee of his paycheck, you will certainly see him at your door demanding for the immediate correction of the mistake. Whichever way, it is not a wonderful situation to find yourself in. Payroll accounting must be perfectly accurate and is not merciful towards errors.
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