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Payroll administration is often a pain point for businesses of all sizes, but nowhere is this more true than in the mid-sized sector. Most businesses of this size simply can't afford to hire a team and pay them a yearly salary just to handle payroll, but their payroll is too complex to be done properly by hand.
Businesses, especially smaller ones, often have difficulty with their payroll administration process. An inefficient payroll process can lead to costly mistakes and a lot of wasted time. Here are a few of the most common payroll administration mistakes we see and some tips on how to avoid making them.
Payroll is not something your business can afford to mix up, especially in a competitive job market where your employees are constantly receiving offers to go elsewhere.
Your human resources team has a lot on its plate, which creates opportunities for payroll errors to be made. Here are five common payroll administration errors that will cost you your employees (and potentially your business too):
For many small business owners, finding the right balance for handling payroll is a challenge.
For those companies that are still handling payroll in-house, they may find it to be a very costly and time consuming process, which would make it worth their while to outsource this and focus on more strategic matters. According to the latest data, 58 percent of companies with fewer than 500 employees choose to outsource payroll. This is likely because these small to mid-size businesses lack the staff, time, and expertise to handle payroll adequately.
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