All companies, regardless of their line of business, several employees, services, or products offered, require the preparation of the payroll for the payment of their personnel; This process requires compliance with government guidelines, so mishandling it could bring not only monetary but also legal and labor repercussions to the company.
The person in charge of making the payroll must-have preparation, training, knowledge of labor and tax laws, as well as financial and accounting terms without counting the experience required to carry out this process correctly and in the best way; otherwise, it could have serious consequences for poor payroll preparation, some of these consequences are:
Having a person with little knowledge or expertise can generate errors that, in the long run, will become a big “snowball” difficult to mitigate, so a strategy to contain them will be practically impossible.
Surcharges and Fines:
Performing payroll calculations and tax calculations related to payroll in the wrong way causes late payments, fines, and surcharges that range from insignificant amounts to large losses for your company.
Even reporting personnel movements and tax calculations out of time, in addition to generating fines and surcharges, puts you in the SAT magnifying glass and being the target of random inspections and audits to corroborate the accounting and tax information of your company.
Refund of balances in favor of Income Tax (ISR):
If the payroll is not carried out properly and there are errors in the request for the return of balances in favor of the ISR, given which the Fiscal Code of the Federation establishes the following:
“When in a refund request there are errors in the data contained therein, the authority will require the taxpayer to clarify said data in writing and within 10 days, warning them that, if they do not do so within the said period, they will be will have the corresponding refund request as withdrawn. “
You may wonder why the fact that your payroll staff does not do their job well could affect your other collaborators’? It is very simple, simply because the rest of your staff is receiving late or erroneous payments within of their payroll will have them dissatisfied, dissatisfied and somewhat annoyed. Consequently, their work performance will be affected, your turnover rate will increase, and it will translate into economic losses and rework in your company.
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