• Contact Us
  • Privacy Policy
BizTech Age Logo
  • Business
  • MarTech
  • Fintech
  • Technology
  • NEWS
  • Reviews
No Result
View All Result
  • Business
  • MarTech
  • Fintech
  • Technology
  • NEWS
  • Reviews
No Result
View All Result
BizTech Age Logo
No Result
View All Result
Home Business Software

3 Payroll Errors That Can Be Costly During Covid-19 Crisis And How To Avoid Them

by bloggeramit
in Software
Reading Time: 4min read
Share on LinkedInShare on Twitter

The growth of remote working is giving shape to new trends in the human resources world in many ways. Not too long ago, the emergence of the work from home policy was being welcomed by a good number of businesses in India as the beginning of a new era in employment. The thrill of not being confined to a nine-to-five job, working at one’s comfort and pace were some of the many advantages of working remotely.

Table of Contents hide
1. RelatedPosts
2. 7 Marketing Tips for Yoga Businesses to Get and Retain Clients
3. Custom Programming Software Development – Does Your Business Need It ?
4. Data Entry Errors
5. Buddy Punching
6. Incorrect Tax Rates
7. Solution

RelatedPosts

yoga

7 Marketing Tips for Yoga Businesses to Get and Retain Clients

January 25, 2023
137
Custom Programming

Custom Programming Software Development – Does Your Business Need It ?

January 19, 2023
138

At the same time, one cannot overlook the fact that HR professionals dealt with several challenges amid this new transformation. One such challenge was managing and processing payrolls correctly. Needless to say, errors in COVID times can cost a considerable amount of money to a business. No matter how small or big the mistake is, it can impact an organization both financially and legally. That being said, it is a crucial but difficult task for HR managers to ensure accuracy, especially when they are working from home.

In this blog, we will tell you about three payroll errors that should be avoided by every company during this difficult time. Also, we will give you a solution to avoid such mistakes as well. So, without any further ado, let’s dive in!

Data Entry Errors

Let’s face it, HR managers carry out a lot of routine operations. Due to this, they often end up making unintended and costly mistakes. Since humans are prone to making mistakes, we cannot blame them every time. Every individual makes typos, and any person can unintentionally enter 10 hours rather than 1. But this small typo can be acutely costly for the entire business.

Now, to avoid such mistakes, many companies go for payroll outsourcing. However, giving sensitive information of employees to a third party is always risky. Besides, outsourcing payroll cannot eliminate 100% of data entry errors as well.

Buddy Punching

For those of you who don’t know, buddy punching is when employees cover for one another and clock in for each other to steal time.

For the longest time, this has been one of the most common payroll problems. According to a study, 19% of employees have engaged in some kind of time theft that may cost organizations a minimum of 7% of their gross annual payroll. Furthermore, the average weekly “theft” of time is 4 hours and 5 minutes per person per pay period. In essence, preventing buddy punching is certainly challenging for HR managers.

Reading Suggestion: What Is An Average Mortgage Payment?

Incorrect Tax Rates

We all know that tax slabs change every year. Now, when tax rates are changed, whatever a company used to pay its employees may not be applicable after that. And, if a company fails to comply with such changes, it will ultimately lead to hefty fines, penalties, and severe legal consequences. Hence, it is an important duty of an HR manager to keep checking employee tax rates regularly and update them promptly; however, it is not as easy as it sounds to be. Fortunately, we have a solution to simplify this task. Keep reading to know about the same!

Solution

So, you have got a clear understanding of the aforementioned payroll errors. By now, you may have also understood that traditional tools and manual methods are the biggest contributors to such payroll mistakes.

It’s no news that automated software is taking over the corporate world like never before. Need to mention, more and more companies are shifting towards automation in this crisis time. If payroll errors are considered, the best way to cut them down is by implementing payroll management software.

Payroll software allows a company to automate and streamline the payroll management process. Simply put, the software takes care of the whole process with a bare minimum of human involvement. From payroll calculation to transferring payrolls, payroll software does everything automatically.

Here are some features of such systems that make payroll management error-free:

  • Fully-Automatic Interface

  • Employee Self-Service- Employees can edit their personal & financial details on their own, thereby avoiding any chances of mistakes

  • Automated alerts- The software sends timely notifications to the company whenever a tax slab is changed

  • Cloud-based Interface- Data will be stored in the cloud, thereby eliminating payroll mistakes due to paperwork

  • And much more…

We hope this blog helped you to understand what is payroll errors as well as payroll management software.

Manual methods cannot change, so technology has to. Having said that, it is the responsibility of employers to switch to one of the top-notch payroll management software and decrease the possibility of mistakes, save money, and improve productivity in their businesses.

A digital switch can be a little tough but if considered its advantages, it is, undoubtedly, worth the effort.

So, what are you waiting for? Take a step ahead and find out an efficient payroll system as soon as possible!

Previous Post

Essential Tips For Mastering The Project Execution Phase

Next Post

What Episode Does Itachi Die – Why Did Itachi Kill His Clan

bloggeramit

bloggeramit

Amit Kumar is a passionate blogger. He likes to help businesses stay informed and up to date with established and emerging technologies like SAP Business One, IoT, AI, HRMS System, and others. He had done masters in E-Business & working with a leading technology organization as a Digital Marketing analyst.

Related Posts

yoga
Small Business

7 Marketing Tips for Yoga Businesses to Get and Retain Clients

January 25, 2023
137
Custom Programming
Software

Custom Programming Software Development – Does Your Business Need It ?

January 19, 2023
138
screen recorder
Software

Software for Linux: the screen recorder Simple Screen Recorder

December 31, 2022
139
web hosting
Software

How to choose a web hosting provider?

December 28, 2022
137
Translation Management Systems
Software

What Are Translation Management Systems & How to Pick One

December 11, 2022
136
Event Management Platform
Software

How to Choose the Best Event Management Platform for Your Event?

November 28, 2022
147
Next Post
What Episode Does Itachi Die

What Episode Does Itachi Die - Why Did Itachi Kill His Clan

Leave Comment
Role of Artificial Intelligence in Business

The Role of Artificial Intelligence in Business: Opportunities and Challenges

January 25, 2023
139
yoga

7 Marketing Tips for Yoga Businesses to Get and Retain Clients

January 25, 2023
137
Performance marketing Analytics

Evaluating the Impact of Performance Marketing and Analytics

January 23, 2023
143
Technology Improve Your Dog

How Can Technology Improve Your Dog’s Life?

January 22, 2023
136
Development

Native vs Hybrid App Development

January 20, 2023
135
Networking Equipment

6 Tips For Choosing The Right Networking Equipment For Your Business

January 19, 2023
139
Sportsurge
Website

Sportsurge – Watch Live Sporting Events for Free

July 17, 2021 - Updated on November 13, 2022
AnimeDao
Reviews

AnimeDao – 13 Questions Answered

November 27, 2021 - Updated on November 13, 2022
Find The IP Address Of A VoIP
Technology

How Do I Find The IP Address Of A VoIP Phone?

June 11, 2021 - Updated on September 27, 2022
NFLbite Review
Website

NFLbite Review

August 4, 2021 - Updated on November 5, 2022
Performance marketing Analytics
Digital Marketing

Evaluating the Impact of Performance Marketing and Analytics

January 23, 2023
sneakercool Review
Reviews

Sneakercool Review – Is Sneakercool Legit?

November 13, 2022
Facebook Twitter LinkedIn Pinterest RSS
BizTech Age Logo

BizTech Age explores business and technology issues that IT leaders and business managers face when they’re evaluating and implementing a solution.

Follow Us On News Platforms

BizTechAge on Google News

Quick Links

  • Home
  • Jobs
  • Contact Us
  • Write for Us
  • Privacy Policy
  • HTML Sitemap
  • Advertise With Us

© 2021 BizTech Age Magazine for latest and trending news in Business and Technology Age

No Result
View All Result
  • Business
  • MarTech
  • Fintech
  • Technology
  • NEWS
  • Reviews

© 2021 BizTech Age Magazine for latest and trending news in Business and Technology Age

error: Content is protected !!
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.