PPT-Payroll User Group

April 5 th 2017 Meeting Overview Changes to our Payroll Services team Summer Benefits Grad Student Processing Payroll Document Schedule and Important Deadlines Hourly Adjustments Direct Deposit. Objectives. Calculate gross payroll using multiple methods. List and compute withholdings. Compute net pay. Prepare payroll register. Explain distribution methods. Record payroll transactions in the general journal. Employees who arrive late, take longer than permitted for their lunch breaks or slip out of work early, can cost your business dearly, with up to 20 hours of productivity being lost in some cases. So, what can you and your business do to help prevent this and get back all those lost hours? The solution is to make your employees more accountable by implementing an effective time and attendance management system. Seminars. October 2017. Overview of Single . Touch Payroll . The benefits . The legislative Framework . How it works . What data is reported . Corrections Framework / Reporting a fix. Deferrals and Exemptions. Human resources departments within most companies are responsible for much more than simply processing payroll or handling the open enrolment season every year. Whether a business is large or small, human resources can play a large and often essential role in developing company strategy and handling all aspects of the employee-centred activities of an organisation. Contrary to what some non-business minds may tell you, when put in place effectively, outsourcing payroll can be a fantastic way of cutting costs and giving a business an even better return on their investment. Read on to know more: General Accounting. To record transactions. Prepare financial statements. Cost Accounting. Determine the cost of producing a product or providing a service. Identify areas to control costs. Budget. Project costs and revenues associated with business activities. If you’re the new owner of a business, or of a business that has grown to take on a workforce of employees, you may want to know more about workers compensation insurance. When it comes to purchasing group health insurance for your small business, the rules are very different to individual or family coverage, and you may not even know if your business qualifies for it. Outlined below are a few basic questions, that when answered, should help to point you in the right direction if you’re buying group health insurance for your employees: Every business owner must start somewhere, and even if you have grown up around business owners or your family runs a business that you are involved in, going it alone can be a whole different kettle of fish. While it’s highly advisable that new business owners seek professional help and guidance when setting up their company and preparing to take on and pay a workforce, there are a few basics that it can be helpful to understand before you begin intake proceedings. The rules surrounding background employment checks often change, and in recent years, the process has gotten more and more complex. If you’re an employer or work for a background screening company, you need to ensure that you’re up to date with the latest laws and new guidelines to avoid incurring penalties for non-compliance. The government have of course made many changes to tax laws over the years, and with the current reforms, it can be difficult to stay on top of all the alterations, adjustments and revised regulations. When it comes to retirement, the changes to contribution limits can be hard to stay abreast of, but it’s essentially good news for retirement savers in 2019. Changes to individual retirement accounts such as 401(k) plans, traditional IRA’s and even ROTH IRA, are all part of the annual inflation adjustments recently made by the IRS. Lower tax bills naturally come as a result of larger retirement contributions and can also mean more income in retirement: Small businesses are said to employ almost half of all workers in the U.S. and if you run a business with employees, then your payroll is likely to be a little different this year; here are the top 10 changes to payroll for 2019: The Affordable Care Act, or ACA, continues to be scaled back as we progress into 2019, raising many questions about changes to the law. Read on to find out what you need to know as an employer, to comply with the ACA in 2019: Naturally, as an employer it’s your responsibility to ensure that your employees are paid accurately and in a timely manner, irrespective of how many workers you have. You must be aware of all laws pertaining to payroll and stay up to date with the myriad changes to these laws that can occur throughout the year. You also need to understand payroll taxes and be sure to file accurately and on time to avoid costly penalties. For most employers, payroll can be a minefield and the sensible solution would seem to be that of hiring a payroll professional to help you get it right.