What Are the Top Payroll Mistakes & How To Avoid Them?
Payroll is one of the biggest expenses for most small and medium-sized companies. Make sure to go with an experienced provider that offers you options and helps you avoid the costly pitfalls. PrimePay wants you to know the top payroll mistakes and how you can avoid them.
Top Payroll Mistakes & How to Avoid Them
1. Missing Deadlines
Managing payroll on your own can be time-consuming and requires that you stay on top of important deadlines so that you do not get penalized. Working with PrimePay as your payroll services provider ensures that you'll never pay late fees again since we manage this aspect for you.
2. Misclassifying Workers
Do you have temporary employees, consultants, and other outside contractors? If so, their classification needs to be defined properly so that you can accurately report important tax information to the IRS. Your payroll specialist at PrimePay can help you determine the right classifications.
3. Forgetting to Send 1099s in Time
All independent contractors who earn $600 or more each year are supposed to receive a 1099 form. Forgetting to send these in time can result in penalties and late fees. Avoid these expensive fines and outsource your payroll processing to PrimePay.
4. Poor Payroll Reporting & Record Keeping
Regulations vary from state to state, however you should hang on to records like time-sheets, cancelled checks, and W-4 forms as well as other important payroll information. With PrimePay as your payroll provider, we can help you manage these details.
Unique Business & Payroll Solutions for All Industries
We are not just your payroll services provider. We offer total solutions to complete your business model. Besides offering one of the industry's leading payroll processing programs, we can integrate related business services to help you operate better. Find out more about PrimePay's business services.