How To Avoid Payroll Leakage

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How To Avoid Payroll Leakage
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• As a business owner, how often do you review your
  bonus and overtime pay programs? While these may
  be expected expenses, they are often the source
  of payroll leakage that unless examined
  regularly, can lead to a loss in revenue and
  productivity.
• What businesses are susceptible to payroll
  leakage?
• Organizations that have fallen behind where
  workforce technology is concerned and on
  developments that could curb such leakage, are
  the most at risk. Payroll leakage is often deeply
  ingrained in the payroll process, and is
  difficult, if not impossible to spot during
  audits. However, as time passes, these leaks can
  mount up and cause serious problems, especially
  if they go on to trigger legal, compliance or
  regulatory complications such as fines and
  investigations.

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• As a company grows, it becomes even more
  susceptible to such leakage as independent
  contractors, seasonal workers and remote and
  virtual employees with hourly, fixed and variable
  pay schedules, come into the picture.
• What can a company do about payroll leakage?
• Organizations can undertake cost-benefit analyses
  on the effects of overtime and bonuses to help
  give them a better understanding of whether these
  types of payments are effective when it comes to
  their bottom line. In doing so, the ways in which
  overtime and bonuses are inextricably linked to
  output and efficiency will also be revealed, and
  all sources of leakage should become clearer.

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• Data analytics give businesses a chance to
  define, identify and quantify payroll leaks and
  make the context in which they occurred, much
  clearer. As the costs of such leakage are
  quantified and the root causes are identified,
  businesses can begin to integrate labor cost
  optimization, or LCO, programs to mend the
  problems at their source.
• What are LCOs and how can they help?
• These programs are designed to focus on root
  problems and eliminate the symptoms and may
  involve structural repairs that integrate process
  and policy changes, and which give businesses the
  ability to monitor a maintenance schedule to
  optimize outcomes.

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• Businesses would of course need to look closely
  at whether they can afford to invest in an LCO
  program, but chances are that doing so would lead
  to benefits that far outweigh the initial costs
  and disruptions.
• If youre concerned about payroll leakage at your
  own company, then it might be worth talking to a
  payroll specialist who can give you the guidance
  you need. Outsourcing your payroll may be one way
  of killing two birds with one stone you get an
  expert team to run payroll, which will save you
  time and money, and you get their advice and
  guidance on any other payroll issues which might
  be affecting your company.

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• Apollo Payroll is one of the premier small
  business payroll services companies in Miami and
  Coral Gables. Apollo Payroll is dedicated to
  delivering expert advice, responsive service, and
  highly accurate payroll processing and reporting
  to ensure the success and growth of the business
  that we serve. Our services include comprehensive
  payroll services in Homestead and other cities in
  Miami-Dade County, employee background check and
  group health insurance in Miami Coral Gables