Celebrating National Payroll Week with Payroll Tips

National Payroll Week is September 7-11, which was founded by the American Payroll Association in 1996 to celebrate America’s employees and the payroll professionals who pay them. Their slogan is “America Works Because We’re Working for America.” Through payroll withholding, 70% of the U.S. Treasury’s annual revenue is collected and reported totaling approximately $2.4 trillion per year. This federal revenue helps fund several initiatives, such as public education, national defense, national parks, health and human services, social security programs, and interstate highways.

Tips to Help Your Payroll Processes
Create an annual payroll calendar. The calendar should include payroll process and direct deposit deadlines, pay dates, dates that all taxes need to be processed and their due dates. Make sure all managers and payroll personnel and/or payroll processing company receives and follows the schedule.
Reconcile every payroll looking at taxable wages. Look at new deductions and earnings to make sure they are set up and being taxed correctly. Reconciliations should be performed at least quarterly.
Keep up with federal and state changes. All state taxes and requirements differ. Make sure you are following all state rules. Always use the most updated forms and keep a personnel file for each employee.
Develop a payroll policy handbook for employees. Include period end day, pay cycle, benefits, timelines, or other standards. You can also include Fair Labor Standards Act and state requirements.  
Choose a payroll provider that will make your life easier. Make certain your payroll provider is experienced, understands your company and policies, communicates essential federal, state, and local updates, and demonstrates confidentiality and professionalism.
For more details, contact your ACT client service representative or email us at info@actcpas.com.