By the end of the program, participants will be able to:
- ?Determine the needed documentation in the 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 budget.
- Design periodic payroll management reports and analysis.
- Assist the accounting department in controlling and auditing payroll payments.
IPayroll: The Important Link between Human Resources and Accounting
- Introduction to the HR Function
- Introduction to Accounting Function
- Importance of Payroll Function as a Link between HR and Accounting
- Understanding the Hiring Process Documentation
- Managing Payroll Process for:
- Contract Professionals
- Full Time Employees
- Temporary Help
Preparing and Calculating Payroll
- Looking for the Right Controls before Starting
- Determining the Right Calculation Basis for Payroll
- Elements of Risk Leading to Payroll Mistakes
- Managing Increments, Deductions and Payroll Approvals
- Preparing Payroll Schedules
Employee Loans and Benefits
- Controlling Access to Loans
- Reporting on Loans Status
- Calculating End of Service Benefits for Company and Employees
- Reporting on Benefit Plans
Accounting Department Role in Payroll Process
- Recording Payroll Expense and Liabilities
- Recording Payroll-Related Contributions and Liabilities
- Reconciling Receivables from and Payables to Employees with Payroll Department
- Reconciling Liabilities with Social Security and Other Governmental Agencies
- Reconciling Payments with Bank Accounts Transactions
- Budget for Payroll Department Expenses
- Prepare the Yearly Budget for Payroll and Contributions for the Company
- Budgeting for Employee Loans and Other Benefits
Reporting Payroll and Contributions
- Determining Contribution Expense for Individuals
- Determining Corporate Contributions
- Reporting Results to the Accounting Department
- Coordinating with Accounting Department Regarding Payment Process and Control
- Reporting to Ministry of Labor
- Reporting to Social Security Authorities
- Reporting to Other Regulatory Agencies