Payroll Reconciliation and Reporting Guide
1 hour 30 minutes
Learn best practices to create a process and procedure for developing payroll audit and reconciliation tools.
Most employers have several different types of earnings, fringe benefits, health insurance deductions, garnishments, etc. Each of these payroll pieces are guided by legislative, regulatory and reporting requirements. Payroll errors can cost an organization thousands of dollars. Payroll professionals are processing a huge amount of numbers and data each payroll cycle. Without a solid segregation of duties, fraud can occur. Even if strong segregation of duties are in place to ensure integrity and prevent fraud, several individuals will be entering and processing the information, leaving room for error. Payroll costs are the largest expense of any organization. Implementing solid audit controls, reconciling your payroll, and discovering the source of errors and correcting them is key to a cost savings and a correct paycheck.
• You will be able to define the benefits of an audit and reconciliation process for your organization.
• You will be able to describe a process and procedure for developing payroll audit and reconciliation tools.
• You will be able to identify corrections needed to ensure proper segregation of duties.
• You will be able to recognize errors in payroll processing and how to correct them.