Covid-19 and the accompanying quarantine have hit North Texas and the Dallas area hard. Some workers have been furloughed or let go. Others are working from home for the first time. Still others are working on site, but with fewer team members and more demands. This can wreak havoc on a company’s ability to handle basic duties. Most especially, it can lead to problems with payroll processing.
As always, payroll accuracy is important to businesses. Even ones that are teetering on the verge of bankruptcy must keep paying their employees. Equally important, they must do it right or risk backlash if federal withholding has been done improperly.
The virus has knocked the economy for a loop. There’s no doubt that it will take some time for life to return to normal. For some, it may never be the same as it was. While this has been extraordinary, it does point to a reality of business life. There are economic ups and downs. There are problems that come out of nowhere. It is essential to have a contingency plan in place for these times, whether the crisis is natural or manmade.
Outsourcing Payroll Processing Covers Your Obligations
When you outsource payroll processing, you have more flexibility when a crisis hits. This is true especially if you outsource locally to a firm such as Slaton Financial Services. We can be your partner when the going gets rough.
Our payroll processing team keeps a sharp eye on the details, making sure you aren’t spending a dime more than you promised. We are also focused on withholding the proper amounts for such things as federal taxes and retirement funds. Accuracy is key to everything we do for you.
As bookkeepers, we know the importance of maintaining a sense of normalcy even when there’s chaos in the economy. Payroll continuity is central to that effort.
Covid 19 and North Texas Business Concerns
Businesses are dealing with a lot right now. They are experiencing delayed payments, delayed shipments, and missed contractual obligations, according to Bloomberg Tax news. At the same time many have reduced staff, the remaining staff is dealing with technological and communication difficulties as they work from home.
Employee morale and productivity have suffered as much from the quarantine as the fear of the illness itself. Difficulties at home, such as dealing with children while trying to work, has taken its toll. Unpaid furloughs, however temporary, can be financially difficult for even the best-paid workers.
Dallas area owners and managers have been caught off guard like the rest of the world’s population. There’s a need to find resources and find them quickly. Owners and managers need to give up burdens that others can carry. When they do that, they are freeing up their time and energy for the fight ahead.
How a Crisis Directly Affects Payroll Processing
Payroll processing is a dynamic process. There are different requirements for salaried employees and hourly employees. Calculating overtime is essential when certain types of workers may be putting in more than their regular shifts. Then there are workers who are cutting back hours, taking unpaid leave, or waiting out a furlough.
Despite all the confusion that this can cause, this crisis doesn’t allow employers to retreat from any regulatory obligation. This brings up issues for both FLSA-nonexempt and FLA-exempt workers. Each type of worker must be paid correctly, according to the Fair Labor Standards Act.
Furthermore, in natural disasters, such as the tornados and hurricanes that have plagued Texas and the U.S. South, employers may lose their business and with it, their entire computer database, including backup files. Contingency planning can mitigate these losses.
If you utilize our services, our team will have all of the data and information that you could need. We provide regular reporting, keeping you informed about payroll matters. Since we are a team of professionals, we can act quickly to deal with changes in salary or hours as well as alterations in employment status. Considered an essential business, due to our work with health care, our team has been working when others have not.
Ready to lift a burden from your shoulders? Get expert payroll processing help by outsourcing locally. Contact Slaton Financial Services for professional advice and short-term or long-term assistance with your payroll needs.