18 Feb Is It Really Important To Meet The Payroll Deadline?
Do you ever think about how important deadlines are when it comes to payroll? What would happen if your payroll department decided not to stick to their payroll processing deadlines? You guessed it; nobody gets paid! Below are some simple reminders to keep in mind each time your payroll department sends out that friendly “payroll reminder” email. They aren’t doing it to nag you… they are working toward the “deadlines” in place to ensure employees receive timely and accurate pay checks!
- Review timesheets daily. If you can’t review daily, plan to review a couple times per week. It is much easier to fix missed punches and adjustments as they occur than to wait to make all the changes at the end of the pay period.
- Make sure your employees review / submit their timesheets at the end of each pay period. This is a critical step that is typically missed. It is extremely important to retrieve that electronic signature from your employee each pay period to ensure the time being paid is accurate and correct. It also helps minimize any adjustments or corrections on the back end.
- Be sure to submit any payroll changes (ex: new hires, terminations, pay rate changes, transfers, tax adjustments, etc.) to the HR/Payroll department by the deadline in place so the change can be processed and double checked prior to submitting payroll.
Payroll has two very important goals:
- Get reports to Accounting by the deadline in place so funding can happen on time; and
- Pay each and every employee accurately
The only way to accomplish both goals is to hold employees and Managers accountable to meet the deadlines! Situations arise that challenge our ability to meet all of our deadlines, but if you plan accordingly and notify payroll in advance of not being able to meet a deadline, a lot of payroll & paycheck frustration can be avoided.
Dana Mork, Payroll Director at Resource Alliance
Dana shares her opinions, not legal advice, about increasing performance and limiting liability.