GeekMBA360

When you receive your paycheck each time, do you check and make sure it’s correct?

I know some folks who never bothers to check — their paychecks are automatically deposited into their bank accounts. But, let me tell you that I have run into all sorts of payroll errors throughout my career:

• Travel expenses were not reimbursed correctly. 
• I told the payroll to suspend 401K deduction, but they forgot.
• Medical premiums were deducted incorrectly
• The second half of my signing bonus was not deposited to my bank account when I became eligible for the bonus
• This is the most incredible one — I once interviewed with a large publicly traded software company. They offered me a job, but I never took it. This company kept sending me a paycheck for six consecutive months. Of course, I never deposited the checks, and kept calling them to let them know that it was a mistake.

I also had the opportunity to making improvements to an internal accounting system for one of my employers. Here is what I learned: Accounting and Payroll professionals are humans. They make mistakes!

Everyone should take a close look at your paycheck to make sure you’re paid correctly. I have find the free PayCheckCity.com Paycheck Calculator to be fairly accurate — at least in my case, its calculation is very close to what I’m supposed to get paid.

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