Companies of all sizes are finding clear advantages in leveraging new technologies to support competitive workforce strategies. Business processes are incorporating new technologies at every turn. Payroll is no different. Payroll departments are leveraging technology for the easier completion of day to day payroll tasks & Payroll professionals are being asked to use modern technology to improve process, save money and increase business productivity.
It is very critical for payroll professionals to have the skills to analyze a process and build standards on how those processes should function. You must be able to not only understand a process but also measure the results in relation to industry standards.
This webinar will provide you the tools necessary for identifying the root cause of errors so you can update processes to ensure errors only happen once. We will also review the commonly made errors reported by the IRS and the Federal Department of Labor.
Objectives of the Presentation
Why Should you Attend
- How to effectively audit your payroll processing system
- What should be a payroll manager's job - and what should be IT's job
- Payroll irregularities that are often overlooked in payroll processing systems
- How to oversee employee inputs into the system
- Top 10 payroll management mistakes - how to avoid them
- Best practices so you can rest easy at night
Running payroll can be a complex process made more so by the need to be in full compliance with both state and federal labor and tax laws. A mistake could cost you the trust of your employees, perhaps resulting in resignations of reliable, talented individuals. But what could go worst & even more painful, it could cost you thousands of dollars in IRS penalties and hours upon hours of time correcting it.
Statistics show that roughly 40 percent of small businesses incur an average of $845 a year in IRS penalties. In 2016; The IRS assessed 5.9 million civil penalties amounting to over $6 billion additional dollars for employer payroll tax issues.
This session will help you to identify common payroll mistakes, explain the repercussions, and show you how to avoid them. The webinar benefits you to add value to your organizations and to avoid costly common mistakes.
Root Cause Analysis Tools
- Types of Benchmarking
- How to Benchmark
- Metrics? What Are They and What Is the Value?
- What to Measure
- Importance of the Customer
Common Payroll Errors and tips to avoid them
Who will Benefit
- Worker Misclassification
- Properly Calculating Overtime
- Overpayment Corrections
- Timing of Payment
- Termination Errors
- Proper State Taxation
- Taxing Fringe Benefits
- Obtaining Proper Substantiation
- Proper Processing of Received Garnishments
- SUI Tax Practices
- Payroll Professionals
- Payroll Apprentices
- Accounting Professionals, Accounting Department
- Compensation Professionals, Benefits
- Legal Staff
- Human Resources Professionals, HR Department
- Risk Managers, Operations Managers, Compliance Managers
- Senior Management
- Small to Medium Sized Business Owners
- Start up Entrepreneurs
Payroll mistakes can seriously hurt your business. Payroll plays a large role in companies for a reason. It's the cumulative sum of all of the financial records for employee salaries, which includes their work wages, deductions and any bonuses. Payroll issues go hand in hand with compliance, which is essential for protecting yourself from lawsuits. Payroll errors can be very expensive for the company, not just in terms of money but also reputation.