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Summer Vacation: One More Reason Why an Accurate Payroll Matters

Summertime generally is the season when most of your employees will want to use some of their accrued vacation time, should that be a benefit you choose to offer.  Whether it is a long weekend or a two-week vacation, your business will need to take the time they take away from the workplace into consideration.

This balancing of employee vacation time with your business needs can be a challenge.  One challenge in particular is keeping accurate track of exactly how much time your employees are taking and when they are taking it.   This important information has a direct effect on your payroll accounting and balance sheet liabilities for pay periods each month. 

SourceOne Payroll understands how important this issue is, and how vital it is for a business to efficiently and accurately manage this aspect of employee management without it taking valuable time away from business development.   Our Complete Payroll Services include a Vacation Accrual Reporting service that tracks and maintains the accuracy of vacation and sick time accruals for all employees.  As a business owner, you will have live access to the reports 24 hours a day, 7 days a week. 

In addition to the monthly accounting issues for payroll, it is vital that a business owner have an accurate accounting of time taken by an employee for other reasons:

  • Knowing whether an employee is entitled to a vacation time request, and how much time they are entitled to, is not possible without a detailed and accurate listing of time taken each year. 
  • If your company offers accrual of vacation over the full period of employment, not just on an annual basis, this information becomes crucial in determining how much vacation has accrued over an extended period of time. 
  • Should your business offer payment for vacation time unused in the event of an employee leaving your business, an accurate recording of time taken allows you to know what your financial liability may be to that particular person. 

Having accurate information about your employees and their payroll is a critical component to running your business well.  Accessing that information efficiently and accurately is key.  SourceOne Payroll can help you make sure that you are always in control of these important issues. 

 

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