Course Objectives
Payroll: Preparation, Analysis and Management - Virtual Learning
Course Objectives
By the end of the course, participants will be able to:
Explain how the HR and accounting and finance functions contribute to their success
Prepare the monthly payroll and review it for accuracy
Calculate employee benefits, loans vacations and End of Service Benefits (EOSB)
Reconcile payroll with accounting and audit the supporting documents for payments
Develop monthly and annual payroll budgets
Design periodic payroll management reports and analysis
Target Audience
Payroll staff, payroll accountants, account assistants, payroll supervisors and managers, HR professionals and team members who handle payroll as well as employees interested in understanding and applying payroll best practices.
Target Competencies
Controling employee costs
Preparing and producing payroll
Analyzing and reporting payroll
Reconciling payroll
Budgeting for payroll expenses
Budgeting for department expenses and needed assets
Course Outline
Payroll: the important link between human resources and accountingIntroduction to the HR functionIntroduction to accounting functionIntroduction to finance functionPayroll as a link between HR and accounting and financeUnderstanding the hiring process documentationManaging payroll process for:Contract professionalsFull time employeesTemporary helpOutsourcing
Preparing and calculating payrollLooking for the right controls before startingDetermining the right calculation basis for payrollElements of risk leading to payroll mistakesManaging increments and deductionsPayroll approvalsPreparing payroll schedules
Employee loans and benefitsAccess to employee benefitsControlling access to loansReporting on loans statusCalculating end of service benefits for company and employeesReporting on benefit plans
Accounting and auditors roles in payroll processRecording payroll expense and liabilitiesRecording payroll and benefits costs to assets or inventoryRecording payroll related contributions and liabilitiesReconciling receivables from and payables to employees with payroll departmentReconciling liabilities with social security and other governmental agenciesReconciling payments with bank accounts transactionsIntroduction to internal audit and external auditAuditing the payroll
Payroll budgetingBudgeting for payroll department expensesPreparing the yearly budget for payroll and contributions for the companyBudgeting for employee loans and other benefits
Reporting payroll and contributionsDetermining contribution expense for individualsDetermining corporate contributionsReporting results to the accounting departmentCoordinating with accounting department regarding payment process and controlReporting to ministry of laborReporting to social security authoritiesReporting to other regulatory agencies