Employee costs from payroll and other benefits are among the largest costs in any company other than the Cost of Goods Sold (COGS), rent and depreciation. If you are in a goods producing organization and this cost is part of your COGS or part of your operating costs it means the effect on you will be doubled. Having these costs processed and reported properly is key for analysis and decision making. This course starts with introductions to the departments of HR and 'accounting and finance' and then focuses on the payroll function. The course goes through the process of preparing and calculating payroll which includes the controls needed and the pre-checks necessary to make sure correct data is used. The course enforces the knowledge of controls and proper processes in the work flow to achieve better efficiency in the department. The course then discusses employee benefits and their effect on the corporation and explains how to conduct analysis on payroll and benefits using Excel. In addition, the course highlights the topics of accounting, internal and external audit relations with HR and payroll specifically, and what data could be required by them. The course then stresses the need for confidentiality in the payroll department and the importance of sharing data with others on a need to know basis or as per corporate policies. The course ends with a how to prepare a budget for the department and a bigger budget for payroll and benefit costs in the corporation.
By the end of the course, participants will be able to:
- Describe the needed documentation in completing a payroll cycle
- Prepare and reconcile the monthly payroll
- Calculate contributions based on different assumptions for employer and employee
- Perform 'what if' analysis related to employee benefits
- Develop monthly and annual payroll budgets
- Design periodic payroll management reports and analysis
- Assess the accounting department in controlling and auditing payroll payments
- Planning, budgeting and cost control
- Payroll preparation and production
- Payroll analysis and reporting
- Payroll accounting and account reconciliation
Payroll staff, payroll accountants, account assistants, payroll supervisors and managers, HR professionals and team members who handle payroll and any employees interested in understanding and applying payroll best practices.