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Registering new employees is a vital part of any hiring process, but it can also be a breeding ground for accounting errors that can have negative consequences for the company.
In this blog, we’ll explore the crucial steps in accounting when registering new employees and highlight the common pitfalls you should avoid to maintain your company’s financial health. Check!
Learn how to register new employees
Advance Preparation
Before you even bring a new employee on board, it’s critical to prepare for the accounting process to come. Having an organized system to collect these documents and information will help prevent delays and errors later.
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Collection of Financial Information
When registering a new employee, you’ll need to collect all the information to make sure taxes are calculated correctly. This includes the number of dependents and other relevant information. Mistakes here can lead to incorrect tax withholdings and future problems with tax authorities.
Setting Up Benefits and Deductions
Properly configuring the benefits offered to employees, such as health insurance, retirement plan, and other benefits, is also a critical part of the registration process.
In addition, you should consider deductions the employee may have, such as union discounts or savings plans. Make sure that all of this information is correctly reflected in the accounting records.
Integration with the Payroll System
Accounting and payroll are closely intertwined. Any incorrect information transferred to the payroll system can result in problems, from incorrect payment of wages to the issuance of wrong checks.
Make sure there is seamless integration between accounting and payroll systems to avoid errors.
Tax Monitoring and Compliance
After the registration of the new employee, the accounting work does not end. It is critical to continuously monitor withholding taxes, social security contributions, and other aspects of financial compliance.
This will help prevent unpleasant surprises during tax audits and keep your company in good legal and financial standing.
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Headquartered in São Paulo and Fortaleza, but operating directly in several states of the country, we are sure to be adding value to new customers, helping them through business accounting to further develop their business. We have a select team composed of more than 25 accounting professionals, continuously trained and post-graduated in various areas of activity to better meet the demands of our Clients.
If you are having difficulties in the accounting of your company, do not waste time and talk now with our service. Be another company positively impacted by our service.
