Business owners juggle many important things and are under a tremendous amount of pressure to ensure consistent business growth. While ignorance might be bliss, it won’t help you get through labor law penalties or new payroll legislation rules.
Compliance is one of the biggest challenges that human resources and finance departments face. Unfortunately, there are no automatic reminders to help you adhere to compliance regulations and laws. It is up to you to keep all the paperwork and records in order.
While a solid payroll can be encouraging to employees, errors in record-keeping can result in major penalties. To protect your company from costly fees and fines, it is critical that you stay informed about reporting rules, workforce compliance issues, and employment laws.
Here are 10 rules that HR and payroll professionals can follow to ensure they protect themselves and their employees from non-compliance penalties:
1) Accurate personal records. Ensure the right information is obtained and maintained for each employee.
2) Employee expectations. Ensure employees understand their responsibility of remaining compliant such as documentation of overtime and expenses.
3) Workplace pensions. If you hire one person, then you have obligations under the pension laws.
4) Audit trails. Linking each transaction with supporting information will help to protect your business and reputation.
5) Keep up to date with local payroll legislation. Payroll legislation is always changing; therefore, it is important that you seek out opportunities to gain the knowledge you need in specific areas.
For any business to stay productive and profitable, it must take care of its people and their money. No matter the size of your business or employee force, making the effort to streamline processes and keep accurate reports and payroll will result in happier and more productive teams.
If you want to know how to stay compliant with payroll, click the link below for more information.