Proper Payroll Processing involves many tasks and takes highly skilled and experienced professionals to ensure that it is done accurately and timely.
Below is a simplified process;
1. Ensure the selected pay period and payroll services provider are the best solutions for your company and your employees.
2. Confirm all employee information is correct and up to date such as;
address, payroll deductions, state income tax information, medical and retirement plan sections and deductions as well as others.
3. Collection and review of all employee timesheets and importing them in the payroll software by classification (Regular time or Overtime) and by type (Vacation/Sick/Job Code/Etc.).
4. Review paychecks and payroll reports to verify information is accurate and complete.
Then there are all the other tasks related to payroll such as setting vacation and sick leave policies and tracking balances. If you work with the government or unions there are even more layers of difficulty to take into account. It is essential to have an experienced professional that can help set policy, streamline the process and ensure that your payroll is completely accurate and on time.