Payroll and expense reporting without adequate documentation can often result in the need for extra-strength Advil. For some organizations, this annual financial anxiety can easily become a lifetime of grief when a few simple details are overlooked in order to meet the filing deadline.
In the United States and Canada, businesses are required to make deductions on the amounts paid to employees and remit those deductions along with a report to the government. In general, if requirements are not complied with, the business owner may be assessed a penalty, interest, or incur other consequences-possibly even criminal charges. Additionally, according to the Canada Revenue Agency’s website, employers “are required by law to keep adequate records.” Furthermore, records must be supported by original documents.
If your organization is using a manual expense tracking system-one with basic paper-based submissions or simple spreadsheet entries-you are risking the loss of information or inaccurate reporting due to human error. These systems can also cause redundancy in administrative work by having to duplicate the information from the employee expense reports into a separate program for tracking purposes.
A time and expense tracking program, like Replicon's Web TimeSheet, allows employees to track onsite time and expenses in an easy-to-use program that enables administrators to effortlessly retrieve the data and run reports. Employees have the ability to submit and track information in real-time, including expenses and receipts, eliminating the year-end pile up for administrative staff and reducing any incidents of missing records. Receipts can also be scanned and stored electronically through the software for processing purposes, eliminating the endless paper piles of the past. Originals are simply stored in a secure area, for auditing purposes, while digital data can be used for all year-end reports.
Governments are now using more sophisticated software to determine discrepancies in tax reporting. Companies without an adequate time and expense tracking solution run a greater risk of being audited due to inaccurate record-keeping. Web TimeSheet helps over 6700 companies in over 60 different countries around the world avoid payroll and expense reporting discrepancies. Companies such as HP, Nike, Amazon, and Ferrari trust this simple-to-implement, easy-to-use system to help them avoid big headaches at tax time.
