You might be thinking to yourself how you know all about this. You know all about checks and a paycheck is just but a payment order from you to the bank, but do you? Are you curious to find out if there’s more than meets the eye in this subject? Are there things so common that people take them for granted? Stick around to find out! Here are a few facts you shouldn’t take for granted.
Always give your employee the paycheck.
It might be tempting to delegate the work to someone else. How easy is it to delegate work to others when you have the money? It’s like having a ‘people remote control’ where you can just press play, pause, rush to the mall in five minutes and it will be done for you. A magical experience wealthy people get to enjoy. Don’t be fooled. This can’t always work for you especially when you’re paying your employees. You need to ensure that your employees are given the check in hand loans on payday Also, make sure you retain a soft copy of the check for safekeeping. This is to ensure that you minimize the risk of having employees taking advantage of using a conflict of interest strategy to make you pay them more for work not done. This can be through false complaints made to make you write another check.
Always ensure you have money before paying
It’s that time of the month where you have to pay your employees and your busy writing checks. It might be tempting to write future checks in preparation for this day as future planning. Even though you’re the owner of a large company, you need to first check whether there’s money in the account before issuing checks. This is important to avoid bank overdrafts if not failed transactions which might make you suffer high interest which might hurt your profits. Well, you might have done business for quite a while and you are so sure there’s money in your account. You still have to be careful as all the checks from your client might not yet have gone through.
Always confirm that the dates are accurate
You might have done everything correctly but you wrote the date for the previous year or even worse, a year to come. This means your account might be debited in the future without your knowledge if you don’t keep proper records. A date for the previous year might mean that the check is outdated and is highly likely to bounce. This means you have to go through a complex process of finding out what happened. To avoid this, confirm that the dates are accurate.
Always confirm that the names are accurate
You might be paying your employee, its normal, the end of the month, but you put in the wrong names. This means that the check won’t go through or worse, you’re account will be debited in favor of the wrong person. This isn’t something you’d like. To sum this up, confirm the details on the check are correct.