Payroll Pitfalls: Avoiding Mistakes That Can Cost Your Business

Payroll Pitfalls: Avoiding Mistakes That Can Cost Your Business

Many small and medium-sized business (SMB) owners assume payroll is merely a matter of plugging in numbers and cutting checks. All too often they find that’s a costly assumption.

Payroll Pitfalls Avoiding Mistakes That Can Cost Your Business-call-out

PAYROLL PITFALLS 

LURK EVERYWHERE.

Trinet’s HR platform has built-in triggers that proactively find and alert smbs of potential errors or missing data
Two loop arrow side green.pngTrinet’s HR platform has built-in triggers that proactively find and alert smbs of potential errors or missing data

Mistake 1: Onboarding oversights

Mistake 2: Entering and tracking pay incorrectly

Since we started working with TriNet in 2014, I haven’t had to worry if payroll processed properly, about our payroll taxes nor benefits. It’s a one stop shop; I love having one place to go.” 

Co-Founder and CEO, Dagne Dover

Other pitfalls associated with entering pay:
Failure to pay overtime wages can incur penalties, fines, back wages, interest, and damages.
Two loop arrow side green.pngFailure to pay overtime wages can incur penalties, fines, back wages, interest, and damages.

Mistake 3: Entering and tracking hours correctly

TriNet knows the employment laws and rules for every location and that gives me a reason to be able to sleep better at night. It’s very difficult to know what each location requires, so the compliance issue is huge.

 

Adrienne Giannone

President and CEO, Edge Electronics

Mistake 4: Improperly entering extended leave

With TriNet-sponsored health benefits, you receive timely annual prompts to update your benefit strategy solutions for open enrollment to account for any changes
Two-loop-arrow-light-magenta.pngWith TriNet-sponsored health benefits, you receive timely annual prompts to update your benefit strategy solutions for open enrollment to account for any changes

Mistake 5: Improper benefit deductions, including retirement

Payroll Pitfalls Avoiding Mistakes That Can Cost Your Business -Mistake 5 Improper benefit deductions

Mistake 6: Improper payroll tax withholding and payments

Mistake 7: Improper employee termination procedures

Payroll Pitfalls Avoiding Mistakes That Can Cost Your Business - Mistake 7 Improper employee termination procedures

The Solution

A Full-Service HR Platform Backed by Experience and Industry-Specific Expertise