2016-11-23 00:00:00 Payroll English Read about the importance of checking your payroll information before issuing paycheques. Consider the implications of making mistakes in... https://d1bkf7psx818ah.cloudfront.net/wp-content/uploads/2017/03/08214808/Smartphone-case-pen-and-headset-on-payroll-paperwork-near-keyboard-on-office-desk.jpg Review Payroll Before Disbursing Payments

Review Payroll Before Disbursing Payments

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Automatic payroll software can generate paycheques based on information from your scheduling or time clock program. This type of software can also take care of source deductions and other payroll tax requirements. However, you may want to spend a few minutes manually reviewing the information on your payroll files before disbursing payments.

If you make a mistake, you may have to issue a new paycheque, provide the Canada Revenue Agency with updated information on earnings and taxes, or deal with other issues. If you consistently underpay employees or the CRA, you may end up unexpectedly owing a lump sum of money, which could be hard on your business finances. In most cases, it takes less time to review your payroll information manually than it does to fix errors after issuing the cheques.

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Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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