Question

Discuss with your peers your experience with performing payroll, if applicable, and the things you believe are important when setting up a payroll system or in preparing a payroll process. If you have never performed payroll for a business, discuss some challenges you believe you may face the first time you are asked to use QuickBooks payroll to process payroll for a company.

Answer 1

I have never performed payroll for a business but if I ever perform it, I may face these following challenges:

1. Payroll system should be accurate and up to date. If it does not happen, company and HR may face issues.
2. There is heavy investment required in setting up payroll system. Company has the challenge whether to set up its own payroll system or hire third party for the same.
3. Payroll system should be secure enough, no information should leak out of the organization. This is also a challenge for HR management and company.
4. Sometimes there are chances for payroll fraud, there may be falsified salary slip, wages and commission etc. To stop the fraud, company should set up a good internal control system.