Halftime in sports is a time to pause, regroup, and consider how the team can improve. Likewise, a middle of the year review of your payroll and HR processes can be equally beneficial.
As an employer, invest time this summer in an internal audit of your records and procedures which will allow you to correct any weaknesses before the end of the year.
Misclassification is an expensive mistake. State agencies are cracking down looking for infractions. Make sure you have proper documentation to back up your classifications.
Review your timekeeping system and records for accuracy. This includes employee bonuses, commissions, and comp time. Look for new methods to improve timekeeping.
The summer is the perfect time to review your employee handbook to ensure compliance with updated labor laws or company policies.
Employees often update their withholding after tax season. In addition, take note of any minimum wage laws and make sure you are addressing them accordingly.
If cash flow is a concern, consider a pay-as-you-go (PAYG) policy.
Under FLSA, you should maintain payroll records for at least three years and documents used to compute wages for at least two years. Form I9 retention is also important.
Answering these questions can help put your organization in a winning position for the second half of the year. If you need payroll, timekeeping, or workforce management assistance, contact us at Abacus Payroll.
Empowering business owners and individuals in South Jersey and Philadelphia to feel confident through proactive accounting and advisory solutions.