Payroll Accounting Best Practices
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Payroll costs are the largest expense of any organization, and payroll accounting involves much more than ensuring the debits equal the credits.
A solid process for accurate and compliant payroll accounting must include knowledge and understanding of Internal Revenue Service (IRS) regulations and taxation, audit controls, and data security. Do you have a disaster recovery plan? Failure to understand these basic principles could result in fraud, penalties and interest for noncompliance, loss of reputation and even the demise of your business. Learning the regulations, knowing what data security tools to have in place (including a disaster recovery plan), and implementing audit controls are vital to the financial and employee health of your company. You will be provided with the information and tools you need to develop and maintain a solid and accurate system of controls, policies and procedures. Protect your business, your data, your money and your employees.
AuthorsTricia Richardson, CPP, SPHR, SHRM-SCP, Purposed Payroll Professional
Internal Revenue Service (IRS) Regulations
• Document Retention
• The Importance of Publication 15-B
• Resources Available From the IRS
• Security Profiles to Protect Your Data
• Checklists - What to Identify and How to Use
• Maintaining Policies and Procedures - What to Include
• Steps to Evaluate Who and What Should Be Included in the Plan
• Communicating the Plan
• Testing the Plan