article thumbnail

Missed Payroll in the Wake of Bank Collapse: Implications, Strategies, and Minimizing Risk

Proskauer's Employee Benefits & Executive Compensa

In the wake of the recent news of bank failures, businesses—and their investors—are rightly concerned about the implications of a missed or delayed payroll. Let’s look at those implications, and strategies for minimizing risk. Here, however, the issue is likely not one of computation—but of availability of funds.

Banking 52
article thumbnail

Why Are Businesses Shifting From Manual Payroll Processing To Automated Payroll Software?

Qandle

When we speak about payrolls, we are referring to payments, salaries, wages, overtime, double-time, commissions, taxes, bonuses, raises, salary deductions, and other aspects of compensation all at the same time. Additionally, there is no need to make as many visits to the bank or pay any costs associated with cashing checks.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

How Salary Agreements are made in Australia

Global People Strategist

Common practice in Australia states that annual salaries may be paid as long as these salaries satisfy minimum weekly wages, overtime hours, weekend pay, and any other penalty rates or annual leave as specified by the Australian labor code.

Salary 52
article thumbnail

Employee Files: What to include, what to leave out, and what’s confidential

Business Management Daily

For example, the Equal Employment Opportunity Commission (EEOC) requires that employers must keep personnel records for one year. That’s not even mentioning all the paperwork involved in the onboarding process, such as employee handbooks , contact information, and direct deposit/banking information — just to name a few. Why is that?

article thumbnail

Reasonable accommodation can require additional leave

Business Management Daily

Taken all time in her Paid Time Off (PTO) bank? The Equal Employment Opportunity Commission (EEOC) has won large settlements against employers for failing to consider leave as an accommodation. You can use several PTO bank strategies to manage paid time off as an accommodation. Has she used all eligible FMLA leave ?

article thumbnail

A payroll processing checklist for small businesses

Genesis HR Solutions

Do your employees qualify for overtime? Commissions. If you are printing live checks, be sure you have positive pay information if required by your bank. (Keep in mind that states often have requirements for the timing of the pay date after the end of the pay period.) Are your employees hourly or salaried?

Payroll 40
article thumbnail

What are the top features and benefits of payroll software?

cipHR

Saves time – Payroll software automates the payroll processes, which means the system can perform all types of payments for your employees including hourly pay, overtime, commissions, bonuses and more – reducing the risk of errors – and allows cut-off dates to be closer to pay day. The key benefits of payroll software.