Processing payroll is a time-consuming, tiresome process, whether manual or computerized. Chances of error are pretty high if payroll is processed fast-tracking without attention to detail.
One should be aware of all existing laws and legislations while keeping oneself updated with changes. Inability to comply with any statutory or tax regulation can make you face penalties or a fine.
With manual or computerized payroll processing, personnel must record and maintain a high volume of information, thus raising the chances of inaccuracy.
Payroll fraud like ghost employees, falsified wages and commissions, or even fake insurance claims can impact your organization and lead to high costs. Also, these affect your organization's reputation.
Most organizations do not have a team, or a person dedicated to payroll processing. Thus, the finance department handles the payroll responsibility, which hampers their efficiency.
Payroll processing is also quite costly as one needs to invest in payroll software and human resources. The absence of either one will reduce overall payroll processing efficiency
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