One of your employees has informed you that they did not receive their payroll direct deposit. What happened? What will happen to the funds that you have sent them? There are several reasons why this employee may not have received their funds but the most common reason is they may have overlooked informing you of a change in their banking or personal information.
Here are some best practices that may help to reduce the risk of this happening to your employees.
Send Out Quarterly Reminders for Profile Updates
Sending out quarterly email reminders to employees with a read-receipt request allows them ample time to update their banking or personal information and will keep you in the loop as to who has read the email and who hasn’t for easier follow-up. Also, for security reasons, accepting a change of information via email is not recommended.
We would like to congratulate and welcome Kevin Sokolowski as he assumes the role of President, here at Telpay!
Kevin has spent over two decades in development and operations roles at local and global organizations, including leading Development, Information Technology, Information Security, and Labs teams at Payworks. Kevin will be bringing his wide breadth of experience in innovation, security/privacy, and electronic payment processing and technology to our leadership team in this new role.
It’s that time of year again – when most of the leaves have fallen from the trees, a distinct chill is in the air, and you’re approaching your corporate year-end. If you are dreading the accounting and bookkeeping that year-end entails, or are not sure where to start, you are not alone.
Five Tips to Prepare for Your Accounting Year-End
We’ve compiled a list of five tips to help make the process easier for you.
- Record All Transactions
- Do a Bank Reconciliation
- Review Your Financial Statements
- Check Your Accounts Receivable and Invoices
- Ensure employee and supplier information is up-to-date in Telpay
Check Employee and Supplier Information in Telpay
Periodically, but even more so when approaching year-end, check to ensure that the following information you have in your Telpay software is correct.
If you’re like most business owners, you’ve been hard at work building your business, and as a result, some of your workflow and processes may have taken a backseat. But let’s face it – as an owner, the lack of organization may have resulted in lost money (do you remember if all invoices were paid?) and quite a bit of frustration (exactly how long did it take to find that sales receipt last week?). Plus, every receipt-less deduction and lost invoice could be setting the stage for an audit and no one needs any extra attention from the CRA.
It’s time to clean house and get organized, so it no longer has control over you.
Here are 3 tips to help you not lose sleep and to see that come tax season, you’re not frantically searching for those misplaced gas receipts.
1. Get Familiar with Telpay’s Amazing All-In-One Payments Solutions
As you may or may not know, Telpay has live webinars every week to show our clients how to get the most out of their Telpay software. They’re FREE and all you have to do is register to attend on our website! All webinars are 30 minutes long and give you the ability to ask a real, live person any questions you may have after the session. As the shooting star says, “The More You Know”!