Payroll errors are incredibly common, with a recent study indicating that employers make an average of 15 corrections per pay period. If these errors get fixed before the payroll is processed, everyone involved can breathe a sigh of relief. But when that doesn’t happen, mistakes can cost thousands, both in the time spent to resolve them and the increased risk of fines and legal penalties.
Part three of this series (Five Ways WorkforceHub will Provide a Better Experience for You and Your Clients) covers how WorkforceHub can help in reducing these costly errors and improving payroll processes for companies of all sizes.
Common Payroll Errors
Did you know the most common errors are related to incorrect or missing time punches? Other frequent payroll errors include incorrect earnings for PTO or vacation time, missing expenses, requesting PTO that hasn’t been accrued or is otherwise unavailable, and failing to update shift availability.
Some of the most expensive errors made by employers include:
- Failing to enter the employee into the timekeeping or payroll system
- Failing to enter sick time
- Visa status updates
- Standard deductions
- W-4 setup
Companies spend nearly $300 in direct and indirect costs on each payroll correction. This cost translates to $4,500 per pay period when making the average of 15 corrections. Of course, smaller companies may not have as many employees on their payroll, which reduces the total. But for a small business, even a single $300 mistake per pay period could wreak havoc on the budget.
WorkforceHub now includes Payroll Review, a new feature that can help eliminate errors before payroll gets processed while also speeding up the processing time. Your clients can review timekeeping data, including employee punches and schedules, to ensure that everything is accurate before submitting it for processing.
Payroll Review makes it easy for administrators to review timecards for each employee. Missing punches and timecard errors can be corrected on the fly. Our step-by-step wizard takes you through the process in an organized approach to help ensure you review each critical area before submitting to payroll.
Advantages of Payroll Review
What does this mean for you, as the partner? Well, it’s easier for you to process payroll faster, with fewer errors. This improves client satisfaction, saves your company time, and ensures that employees are within compliance standards. It’s a win all around.
Ready to get started? Reach out to our team to learn more about our flexible Swipeclock Partner Programs. We’ll be happy to show you a demo of WorkforceHub, answer your questions, and show you how we do partnership better!
Our next post will cover how WorkforceHub allows you to empower your clients and take charge of their own data.
Missed one? Here are parts one and two.