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Solo-preneurs Don’t Fall Prey to Payroll Menace

 
By : Nimisha Gupta on 01 November 2017 E-mail Comments     Print Print  Report Abuse
 



Are you on your journey..

Which started as a solo-preneur?

Which started from an individual desk and has now reached to a multiple of them?

Which gave many unexpected nightmares?

If you are such a company of one, you must have experienced at payrolls are no less than a nightmare to handle. Those endless invoices, timesheets, taxes, last dates, month ends are such a hassle.

The catch is, the more you grow, so does the burden, leaving you with no grounds for error. The more you add on employees the chances of your excuse ‘I am just new to this’ gets bleak. You cannot afford to mess-up the payroll needs.

Let’s walk through some costly payroll mistakes, which your nascent business will find hard to fix.

 

# Did you classify properly?

It is very important to get familiarised with the rules which govern the classification of the employees according to the prevalent statute. You should stay updated with the current rules or consult an HR or a Tax expert.

Categories like a contractor or part-time, exempt or non-exempt, etc. create a lot of issues if not classified properly. The statutory watchdog's pin points for such mistakes which may lead to underpaid payroll taxes.

Draw out the ambiguity and mark the difference right.

 

# Are you still stuck in Conventional ways?

The conventional payroll system i.e. the paper- based system might leave you at ease. You are comfortable with it because you have been compiling it since forever and things have been in place.

However, it’s no less than playing with fire. What happens a page gets misplaced? Torn? Shuffled? Or Thrown away deliberately?

It’s time to adopt new technology, become computer savvy. An electronic accounting system will not only minimise such paper issues, rather will reduce the manual effort, time invested will also make calculations easy.

 

Go ahead to become a successful Entrepreneur and Incorporate your Company

 

# ‘I am a beginner’ is no plea!

Have you ever encountered a situation of late payments, or not knowing what to pay or unintentionally missed payments or missed payroll taxes?

You are already in trouble. The payroll rules are complex to leave any obvious signs of mistakes.

There is no defence available that you were new, or a mere beginner. Don’t hesitate to look out for professional accountants or payroll automated software or payroll services to avoid such mistakes.

 

# Did you calculate the schedule correctly?

Mostly, its the over or under scheduling of the shifts not only proves to be costly to you but creates an unhealthy work environment. It causes negative employee satisfaction.

Such over and under scheduling is caused by human errors. It is, therefore, necessary to move on from working on a paper or erase boards or spreadsheets to an automated tracking machinery.

Such offline manual systems will end up creating rooms for errors.

 

# Managing Paid Leaves becomes a pain?

Do you plan to revise your policy of paid leaves, just because it is tedious to manage?

You don’t have to indulge in such acts. Breaks are essential to revive the productivity of the members.

At times tracking, calculating the unused, accruing such leaves becomes quite difficult, especially when done manually. Adopt digital means to solve such issues.

 

With such payroll hacks in place, solo-preneurs will now be left with nightmares one lesser than before.

Source : https://www.quickcompany.in ,
Views: 108

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