Most Common Mistakes In Payroll Accounting?
Can you find anything more worse than making ordinary mistakes in carrying out your payroll
? You keep thinking how the mistake happened and now you have to match the hours worked with the payroll. Where is the mistake? Now you have a disgruntled employee waiting for you to correct the mistake. Now you are probably wondering about your payroll software.Simple miscalculation of hours worked is one of the common mistakes in carrying out your payroll. Summing up fractions of hours can indeed become confusing. 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?
Overtime can throw a wrench into payroll accounting. Depending on the company policy an employee normally gets time and half for any hours worked past forty hours a week. Again you find yourself working with fractions of time worked. Many times in payroll accounting instead of logging overtime pay regular pay is logged instead. You may not at all times notice the mistake especially if the error slips past your payroll software, 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.
Company paid time can also be one of the causes of payroll accounting glitches. Maybe your company had mandatory meetings that were company paid and they were not logged into your accounting system. Unrecorded reimbursements can also cause some problems. Reimbursements may include tolls, scales, uniforms, postage or anything that a company will repay an employee who has paid for something out of his own pocket.
Horrible mistakes in your payroll accounting may also be caused by a simple transposing of numbers. For example, you may mix 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. An overpaid employee will not be too pleased if he has to return the excess to you or have it deducted from his future paycheck. If on the other hand, you have shorted an employee of his paycheck, you will find him suddenly at your door demanding that the correction be immediately made. In both ways, it is such a horrible place to find yourself in. Payroll accounting must be perfectly accurate and is not merciful towards errors.
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