Payroll: Preparation, Analysis and Management

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. Having these costs processed and reported properly is key for analysis and decision making. This course enforced the knowledge of controls and proper processes in the workflow to achieve better efficiency in the department. It also 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. Upon completion of this workshop, participants will be able to:

• Explain how the HR and accounting and Finance contribute to their success
• Calculate employee benefits, loans vacations and End of Service Benefits (EOSB)
• Reconcile Payroll with accounting and audit the supporting documents for payments.

Content

Overview of Payroll

• Introduction to the HR Function
• Payroll as a Link Between HR, Accounting and Finance
• Managing Payroll Process
• Hiring Process Documentation

Payroll Budgeting

• Budgeting for Payroll Department Expenses
• Budgeting for Employee Loans and Other Benefits
• Preparing the Yearly Budget for Payroll
• Contributions for the Company

Employee Loans and Benefits

• Access to Employee Benefits
• Controlling Access to Loans
• Repaying on Loans Status
• Calculating End of Service Benefits for Company and Employees

Preparing and Calculating Payroll

• Preparing Payroll Schedules
• Payroll Approvals
• Managing Increments and Deductions
• Elements of Risk Leading to Payroll Mistakes
• Looking for the Right Controls Before Starting

Reporting Payroll and Contributions

• Determining Corporate Contributions
• Reporting Results to the Accounting Department
• Reporting to Regulatory Agencies/Government
• Coordinating with Accounting Department Regarding Payment Process and Control

Accountants and Auditors Roles in Payroll Process

• Recording Payroll Expenses and Liabilities
• Auditing the Payroll
• Reconciling Payments with Bank Accounts Transactions
• Introduction to Internal and External Audit

For Whom:

Payroll Staff/Accountants, Account Assistants, Payroll Supervisors, Directors, Managers, Union/Team Leaders, HR Professionals and others team members who handle payroll and as well as employees interested in understanding and applying payroll best practices.