PAYROLL


Employee Satisfaction - Timely and accurate payroll processing is essential for fostering employee satisfaction. By ensuring that employees are paid promptly and accurately, you demonstrate your committment to their well-being and reinforce a positive work culture.

Compliance - Compliance with labor laws, tax regulations, and payroll-related statutes is non-negotiable for businesses of all sizes. Proper payroll management ensures adherence to legal requirements, mitigating the risk of penalties.

Financial Reporting - Payroll represents a large portion of business expenses, and accurate payroll accounting is essential for maintaining accurate financial statements. By tracking payroll expenditures and liabilities, you can manage costs effectively.

Payroll Costs & Pricing - Payroll data can be a goldmine of information. Use it to track labor costs, identify trends, and make better management decisions. Knowing your payroll costs in different areas of your business is necessary for computing product costs & sales pricing.

Included in this session to help you develop a solid understanding of Payroll:

  • categories of employees and why to separate them
  • an explanation of payroll taxes
  • the impact of employee benefits on your payroll costs
  • why you should compute your labor cost rates
  • a worksheet to help you compute your labor cost rates
  • importance of employee training
  • the difference between a payroll professional and a human resources professional
  • employees versus independent contractors - avoid the trap
  • which reports management should review on a regular basis
  • document organization
  • a template to help you develop and document your standard processes

ALL CONTENT IS PURELY FOR EDUCATIONAL PURPOSES ONLY AND DOES NOT INVOLVE PERSONALIZED ADVICE OR SERVICES.