End-of-Financial-Year Checklist for Businesses
Don’t let the end of the financial year catch you off guard. Use our EOFY checklist to get organized, stay compliant, and plan for growth. Read More…
Getting pay or payroll wrong is a major risk for any business. Errors can be costly not only in terms of money and time, they could land you in seriously hot water, legally.
Business owners and management are ultimately responsible for any pay mistakes and their consequences, which could be a hefty fine from a Fair Work Ombudsman Inspector, or the Australian Taxation Office, as well as any interest and legal fees.
Mishandling pay can also harm employees’ trust and confidence in the business, which can end up sapping morale and damaging your reputation. Unfortunately, pay errors aren't rare. A 2018 study estimated 2.4 million Australian employees could be affected by payroll underpayments, at a cost of $3.6 billion.
The combination of good payroll and HR systems will help reduce mistakes and non-compliance, and will make it quicker to identify and resolve any issues.
Here are some common pay errors to watch out for:
The process of calculating pay and paying people can be complicated and extensive, but having sub-par payroll practices can be costly, ineffective, and a major risk for your business. Having a robust payroll system can help with accuracy, automation, and record-keeping (you need to keep accurate records of all payments for at least 5 years).
Contact your WDF Professional team member if you would like to discuss further how we can help you with your payroll processing. Phone 02 6921 5444 or email accountants@wdf.com.au
End-of-Financial-Year Checklist for Businesses
Don’t let the end of the financial year catch you off guard. Use our EOFY checklist to get organized, stay compliant, and plan for growth. Read More…
What makes a business expense tax deductible?
The ATO recently published some ‘wild claims’ that business owners had tried to make for business expenses. But what CAN you claim and what CAN’T you claim? Read More…
Training vs Trial & Error: Why teaching your staff to use software properly pays off
Trial and error might feel easier, but proper training gives you clean data, confident staff, and the ability to use your software to grow your business. Read More…