Jenner's Tax & Business Advisers’ Post

How many steps to closing down a payroll??? I asked this question and put a little poll together and the results were interesting! 1-2 Steps - 20% vote 3-4 Steps - 40% vote 5-6 Steps - 40% vote It was a little unfair as it may depend on the software you are using, we pulled out the main points as following ( we would say that it takes 5 steps): ✅ Review and Prepare Payroll Data Verify employee hours, overtime, time-off, and other payroll inputs. Confirm any necessary adjustments (bonuses, commissions, etc.). ✅Calculate and Verify Payroll Process pay calculations, including deductions and taxes. Ensure accuracy of all payroll components (gross pay, taxes, benefits, etc.). ✅ Approval and Processing Submit payroll for any required approval. Disburse payments to employees via direct deposit, checks, etc. ✅Tax Filing and Compliance File necessary tax documents and make timely tax payments. Confirm compliance with all tax obligations and payroll regulations. ✅Finalize and Archive Reconcile payroll accounts with bank records and accounting. Archive payroll records for future reference and close the payroll period. Nobody admitted to not knowing. Payroll can have several hidden implications that business owners may not initially consider. Some of these can significantly impact a business’s finances, legal compliance, and employee satisfaction....more about that to follow in another post. If you are needing help with your payroll, we are more than happy to help, advise and do it for you....you just need to let us know, as one thing we aren't is mind readers :) Just drop me or the team a message.

 In this video you will find the latest version of the payroll input validation tool designed to enhance the data validation process across multiple worksheets that can include reports or single inputs to be processed, ensuring efficiency and accuracy. This tool automates the comparison of values across different sheets, quickly identifies discrepancies, and highlights errors for easy resolution with. Key features include: Customizable Parameters: Users can input specific reference columns and set pension deduction percentages, allowing the validation process to be tailored to unique payroll requirements. Additional wage codes to be checked can be easily to the list of pay codes to be checked. User-Friendly Interface: The tool provides clear feedback through message prompts and error counts, ensuring an intuitive user experience. Speed and Accuracy: The validation checks are performed within seconds with 100% accuracy. Errors are highlighted in red, and the tool includes an unmatched data detection feature that flags any data present in the G2N sheet but missing from the input sheets. Automated Decision-Making: By automating the comparison of values and detection of discrepancies, the tool replicates the decision-making process a human would undertake, significantly reducing manual effort. Benefits: This tool reduces stress and overtime for the payroll team while improving payroll accuracy. It ensures that payroll inputs are validated efficiently, helping teams maintain high standards of accuracy and compliance. Please find below the link for my previous videos: https://lnkd.in/dja5WH6q for the first version https://lnkd.in/dT3b_frb for version 2    

The conversation around payroll policies often gets clouded by misconceptions. For instance, many believe that all payroll policies are created equal, but in reality, they can vary significantly depending on the organization and its unique needs. It's also a myth that payroll compliance is solely the responsibility of the HR department; in fact, a collaborative effort involving finance and operations is crucial for successful adherence to both federal and state regulations. Understanding these nuances can pave the way for more effective payroll strategies. The complexities of payroll policies are worth exploring, and this article does a fantastic job of clarifying common myths against facts. For anyone looking to enhance their understanding of payroll frameworks, checking out this insightful piece could be a great move! https://lnkd.in/e_GVnE8k People Managing People

Ensuring payroll accuracy is crucial to prevent errors and disputes. Here are some effective strategies: 1️⃣ Automate Payroll Processes Use reliable payroll software to automate calculations, deductions, and payments. This minimizes human error and ensures consistency. 2️⃣ Regularly Update Employee Information Keep employee records up to date, including changes in salary, tax withholdings, and benefits. 3️⃣ Understand Payroll Regulations Stay informed about local, state, and federal payroll laws to ensure compliance with tax and labor regulations. 4️⃣ Double-Check Entries Review payroll entries for accuracy before processing. Cross-check hours worked, overtime, and deductions. 5️⃣ Maintain Detailed Records Keep comprehensive records of all payroll transactions, including pay stubs, timesheets, and tax filings. 6️⃣ Conduct Regular Audits Perform periodic audits of payroll processes to identify and correct discrepancies early. 7️⃣ Train Payroll Staff Ensure your payroll team is well-trained and updated on the latest payroll practices and regulations. 8️⃣ Communicate with Employees Provide clear and accessible payroll information to employees. Encourage them to review their pay stubs and report any discrepancies. 9️⃣ Use Direct Deposit Implement direct deposit to reduce errors associated with manual check handling. 🔟 Have a Contingency Plan Establish procedures for handling payroll errors promptly to resolve any issues swiftly and maintain employee trust. 📞 Contact Us Need assistance with payroll management? Contact us today for expert payroll services to ensure accuracy and compliance! 📧

🚀 Transform Your Small Business Payroll with Decimal! Payroll can be complex, but it doesn’t have to be stressful. Our new blog post, “Payroll Support Guide for Small Businesses,” offers you a clear path to mastering payroll management with ease. Inside This Guide: - Understanding Payroll Basics: Gross wages, deductions, and net pay simplified. - Employee Classifications: The key differences between exempt vs. non-exempt employees and contractors vs. full-time staff. - Compliance Made Simple: Navigate federal, state, and local payroll regulations effortlessly. - Effective Payroll Setup: Step-by-step tips for creating a smooth payroll process and avoiding common errors. Why struggle with payroll when Decimal can help? Our advanced technology and expert support ensure accurate, timely processing, freeing you up to focus on what matters most—growing your business. 🔗 Dive into the full guide now: https://lnkd.in/g9G5tUwp #SmallBusiness #Payroll #Decimal #BusinessGrowth #Compliance #PayrollSupport

Effectively navigating payroll processing is crucial to maintaining compliance, security, and accuracy. From ensuring timesheet submission, correct withholdings and deductions, and navigating unions and local regulations, processing payroll can be very complex and time-consuming. Learn a breakdown of processing payroll in 5 steps, plus helpful tips from UKG https://lnkd.in/d6fdchag #PayrollProcessing #UKG #HCM #UKGReady #Payroll

Struggling with payroll errors? Learn how payroll cancellation can rectify mistakes and ensure financial accuracy. IceHrm offers comprehensive HR solutions to streamline your payroll processes. https://lnkd.in/gQpq3xRM #blogs #payroll #hr #documentation #icehrm

Effective payroll recordkeeping and reporting are essential for ensuring compliance with tax laws, providing accurate financial information, and managing employee compensation. Here's a comprehensive guide to maintaining accurate payroll records, generating payroll reports, and retaining records in compliance with recordkeeping requirements: 1. Maintaining Accurate Payroll Records   - Employee Information: Keep detailed records for each employee, including their full name, address, Social Security number, employment start date, and tax withholding information.   - Hours Worked: Record hours worked by each employee, including regular hours, overtime, vacation, and sick time.   - Earnings and Deductions: Document each employee's earnings, including wages, salaries, bonuses, and commissions, as well as any deductions for taxes, benefits, and other withholdings.   - Pay Periods: Keep track of pay periods, pay dates, and any adjustments or corrections made to employee pay.   - Tax Withholding Forms: Retain copies of Form W-4 for each employee to document their federal income tax withholding allowances.   - Benefits and Deductions: Maintain records of employee benefits, such as health insurance, retirement contributions, and other deductions.   - Time Off Accrual: Track accrual and usage of vacation, sick, and other paid time off for each employee.

Payroll Reconciliation and Review: Ensuring Error-Free Staff Remuneration (#Part_1) Payroll reconciliation plays a pivotal role in ensuring that staff are paid accurately and on time, reducing errors that could impact both the organization and employees. Even with advanced payroll software or ERP systems, regular reviews are essential to maintain accuracy. Below, we’ll explore the key areas of payroll reconciliation, common checks, the consequences of errors, and strategies for preventing mistakes. Understanding Payroll Reconciliation Payroll reconciliation is the process of ensuring that payroll records match the actual payments made, by verifying the following critical details: Basic Check: Ensure that Total Deductions + Net Pay = Gross Pay for each employee. This simple but crucial check verifies that all deductions, taxes, and net payments align with the gross salary. Monthly Gross Paycheck: Another useful reconciliation method is to add the Gross Pay in the previous month to new payments in the current month but not in the previous month (Joiners, upward salary review, new bonuses etc.) then, deduct payment in the previous month but not in the current month (Leavers, downward salary review etc.) to arrive at the Gross Payment for the current month. Any difference from this simple process represents an error that needs to be corrected. This check ensures that any changes in staff headcount or salary structure are reflected correctly in the current payroll. Consequences of Payroll Errors Payroll errors can have serious implications for both employees and the organization. The main consequences include: Employee Discontent: Underpayment or overpayment can lead to dissatisfaction among employees. Underpayment may affect morale, while overpayment requires recovery and could cause legal complications. Compliance Risks: Incorrect statutory deductions, such as tax or pension contributions, can expose the company to penalties, audits, or legal action from tax and other regulatory authorities. Reputation and Trust Issues: Payroll errors undermine confidence in the finance team. Continuous errors damage the credibility of finance professionals, making it difficult to rebuild trust. #Payroll #Management #ASC #Accounting #Reconciliation

MY APPROACH: EFFICIENT PAYROLL MANAGEMENT Managing payroll efficiently is one of the most important responsibilities in accounting, as it directly impacts employee satisfaction and organizational compliance. In my experience, ensuring that payroll is accurate and timely requires a mix of organization, technology, and staying updated on labor laws and tax regulations. To streamline the process, I’ve implemented automated payroll systems that handle everything from calculations to tax deductions, minimizing human error and saving time. Staying informed on changes in labor laws and tax regulations is also critical to ensure compliance and avoid costly mistakes. Setting clear deadlines for payroll submissions has been a game-changer in preventing delays. By creating a structured schedule, the process runs smoothly, and employees receive their payments on time, which boosts morale and trust within the company. Automate where possible and set clear deadlines for each stage of the payroll process to ensure efficiency and accuracy.