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Today's Business Tip
2019 Federal Payroll Record-Keeping Laws
[And What Your Business Needs To Know]

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No matter how many employees you have on staff, your organization needs to follow all federal laws. Unfortunately, each state/locality has their own requirements; therefore, you should know what is required of your organization to ensure you keep proper payroll records.
 
What Are The Federal Laws Governing Payroll Records?
 
The Fair Labor Standards Act (FLSA) requires an employer to keep certain records for each non-exempt worker. 

The Act requires no particular form for the records, but it does require the records include certain identifying information about the employee and data about the hours worked and the wages earned. Additionally, the law requires this information to be accurate and stored on-site or at a secure off-site facility.
 
Important Links To The U.S. Department Of Labor's Website


The Details To Your Payroll Records:

  • An employee's first name, middle initial, last name, and Social Security number.
  • Daily or weekly earnings.
  • Hours worked per week.
  • How an employee's wages are paid, e.g., $15.25 per hour, $780 per week, piecework, etc.
  • If applicable, an employee's hourly rate.
  • Overtime pay for the week.

Employers Must Keep Payroll Records For 3-Years.
 
The FLSA requires every employer to preserve, for at least three years, its payroll records, collective bargaining agreements, sales, and purchase records. Records on which wage computations are based should be retained for two years, i.e.:

  • Piecework documents/tickets.
  • Records of additions to or deductions from wages.
  • Time cards.
  • Wage rate tables.
  • Work and time schedules.

Other Key Points:

  • If an employee performs both tipped and non-tipped work during a workweek, an employer must keep separate records for hours worked for each job classification.
  • These records must be open for inspection by the Division's representatives, who may ask the employer to make extensions, computations, or transcriptions. The records may be kept at the place of employment or in a central records office.

More About The FSLA.
 
The Fair Labor Standards Act (FLSA) establishes a minimum wage, overtime pay, record-keeping, and child labor standards affecting full-time and part-time workers in the private sector and in Federal, State, and local governments. That being said, the Act does dictate how an employer compensates employees as well as files/stores its payroll records.  
 
Two Final Notes: 

  • It is vital to protect the confidentiality and privacy of an employee's information.
  • Each state has specific laws governing payroll records; therefore, it is imperative to research what is required by each state(s) (where you have employees).  
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Other Tips For You
4 Ways To Strengthen
Your HR Skills

Strengthening your HR skills can also improve your recruiting skills. Here are four ways to improve:

#1: Be Creative – Fun and flexible work cultures are quite appealing to existing and potential employees. Unique corporate culture is a huge draw to top talent.

#2: Enhance Interviewing Skills – Have a dynamic plan for interviews. Read books and studies on interview techniques.

#3: Spotlight Employees – Create employee profiles on your site. This boosts morale internally and draws interest to your website from possible recruits.

#4: Strong Manager-Employee Relationships – Healthy manager-employee relationships are crucial to your business’ success. Study leadership training and encourage open and honest employee feedback.
4 Tips To Reduce
Workers’ Comp Premiums

Below are four tips for keeping workers’ comp costs down:

#1: Check For Patterns – Review your claims and determine reasons for any patterns. Encourage safe behavior to reduce the number of claims.

#2: Disabled Employees – Bring a disabled worker back sooner versus later, even if their job is modified. The longer someone is out, the more benefits are paid out, and your cost goes up.

#3: Review Payroll – Incorrect payroll calculations will affect your premiums such as tips, independent contractors, and other misreported information.

#4: Watch The Cost – Check your premiums (know exactly what you are being charged for).
3 Steps For Conducting
Performance Reviews

Hardly anyone enjoys doing annual employee performance reviews. Here are three steps to make things easier:

#1: Be Consistent – Adopt a uniform assessment scale that applies to all employees such as using a range of unsatisfactory to exceptional. Provide this scale to employees in advance.

#2: Employee Self-Evaluations – Create a form for employees to fill out to review themselves. This will give both of you an idea of what to expect in the formal review.

#3: Prepare – Do not rush through employee reviews. Schedule them in advance and prepare an agenda. Know what you want the employee to take away from this review.
More About Quickpay Payroll
Quickpay Payroll offers a full suite of best-in-class payroll processing and administrative services that provides a single-source, comprehensive solution designed to assist all types and sizes of businesses. With decades of experience, our team streamlines the payroll process and complements it with leading-edge tools and resources that make us the trusted partner to clients in the banking, construction, restaurant and retail industries among others.

And the industry, our community and clients are taking notice. We are proud to make investments in our company that help protect yours and are honored to be recognized for our unmatched client service and innovative products and services.
Copyright © Drip Marketing, Inc. All rights reserved. Any information in this publication is solely meant to provide general information for the reader and is not intended to constitute HR, financial, insurance or legal advice.