Payroll Webinar: Streamlining Payroll Operations and Efficiencies
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Payroll is often the largest expense for a business and can be even more costly because of non-compliance, inefficient processes, lack of controls, and outdated technology. A missed deadline or incorrect tax filing can result in hefty fines and even jail time. Manual entry of HR/payroll records is time-consuming and prone to human error. Not having controls in place, whether you are a public or a private company, can increase the risk of fraud. Outdated technology can be complex and tends to add more administrative burden to HR/payroll teams, causing unwanted stress and frustration. In this session we talk about the many ways that companies can stay compliant, streamline payroll operations, and optimize efficiency. We’ll share best practices and current trends to help improve your overall payroll operations and keep things running smoothly.
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Payroll Webinar: Streamlining Payroll Operations and Efficiencies
- 1. Organize. Humanize. Maximize. Streamlining Payroll Operations and Efficiencies March 24, 2021 Tonya Kemp, CPP
- 2. Organize. Humanize. Maximize. 2 Recruiting & Onboarding Talent Management HR & Benefits Payroll Time & Attendance Ascentis Ascentis provides: • A-la-carte HR technology • Industry-leading time & attendance • Easy dashboards for actionable insights • Unsurpassed support 30+ Years of experience growing with you as an HR professional throughout unprecedented change in the role of HR and expectations of employees.
- 3. Housekeeping Organize. Humanize. Maximize. 3 Questions Today’s topic Speaker
- 4. Organize. Humanize. Maximize. 4 Housekeeping - How to earn credit Stay on the webinar, online for the full 60 minutes Be watching using your unique URL sent to you from GoToWebcast Program codes delivered by email, to registered email, approximately 30 days following today’s session
- 5. Housekeeping Organize. Humanize. Maximize. 5 Questions Today’s topic Speaker
- 6. Organize. Humanize. Maximize. 6 Today’s Speaker Tonya R. Kemp, CPP is currently the Director of Payroll Operations for Dave & Buster’s, Inc, an industry leader in the restaurant and entertainment business. Prior to her role at Dave & Buster’s, Mrs. Kemp was the Director of Payroll, HRIS, and Benefits Administration at the CBC Restaurant Corp better known as Corner Bakery Café. She is a published payroll educator with over 18+ years of payroll experience and a long-time member of the APA’s Board of Contributing Writers for the PAYTECH magazine. Mrs. Kemp has also served on other APA committees in the past including the Certification Advisory Board and the Strategic Payroll Leadership Task Force (SPLTF) Hospitality Industry Subcommittee. She has been a featured APA Congress Speaker on an ADP Hosted Panel – “New Technology – What It Means for You and Your Workforce, and How to Embrace It. Outside of the APA, she serves on ADP’s AVS Client Advisory Board for Wage Payments, helping to improve and define ADP’s wage payment offerings. Tonya Kemp, CPP
- 7. Agenda 1. Stay compliant 2. Simplify payroll processes 3. Keep pace with emerging technology 5. Create controls, checklists, & audits 4. Automate workflows & payroll processes 6. Implement paperless pay
- 8. Stay Compliant Keep up-to-date with federal, state, and local payroll regulations – Federal Wage & Hour Division (WHD) – agency within the Department of Labor (DOL) that enforces regulations surrounding, minimum wages, tip credits, overtime rules, requirements of meal/rest breaks, child labor work hours, white collar overtime exemption rules State - Each state has its own WHD governing office that administers/enforces their state-specific wage & hour regulations. These laws are separate from federal laws. Some states have adopted few state regulations, deferring instead to the FLSA. Fair Labor Standards Act (FLSA) – a federal law that establishes minimum wage, overtime pay eligibility, recordkeeping, and child labor standards. Ex: Condition of FLSA include a min wage of $7.25 per hour Other states have more extensive wage and hour laws and have set a higher min wage then the FLSA dictates, requirements for min paid rest periods, meal breaks, or overtime restrictions
- 9. Stay Compliant continued… States also regulates: Payment of Wages – pay frequency requirements, wage payment methods & pay statements, deductions from wages, termination pay, etc. Child Support & garnishments – determines when the time periods within which the employer must implement the support or garnishment order State Disability Insurance & Paid sick leave Local – Remember to check local regulations as well. Any violations or failure to abide by federal, state, local regulations can result in hefty fines and in some cases unwanted litigation.
- 10. Stay Compliant continued… Know your withholding, deposit, and reporting requirements for tax liabilities. Federal 941 – Employer’s Quarterly Federal Tax return 940 – Employer’s Annual Federal Unemployment (FUTA) return State State Income Tax State Unemployment – State Disability Tax Worker’s Compensation Payroll Tax Family Leave Insurance Local City services School district Expense or head tax Occupational privilege tax (OPT) Transit tax Late or incorrect tax filings can result in hefty fees and even jail time. Ensure that all tax reports are reviewed prior to each Qtr/Yr end and before tax filings are submitted. Verify account numbers, SUI rates, withholding rates, and resolve all errors prior to Qtr end – Best practice is to resolve errors as soon as you are aware of them. Don’t turn your back on Compliance!
- 11. Stay Compliant continued… Additional Mandatory Reporting W2 – Employee Wage & Tax Statement W3 – Transmittal of Wage & Tax Statements 1099 - MISC, Miscellaneous Income (contractor labor) 8027 – Employer’s Annual Information Return of Tip income and Allocated Tips (Service Industry) Multiple Worksite Reporting (MWS) – Some states have mandatory reporting Year-end reporting - almost all of the states with a state income tax require employers to file an annual reconciliation return following the end of the calendar year. Earned income tax credit notices (EITC) – gives employees notice of their eligibility to receive the tax credit. Even if your payroll is outsourced to a third-party service provider, YOU, the EMPLOYER is still responsible for compliance. Do not solely rely on your service provider.
- 12. Simplify Payroll Processes Consolidate multiple pay frequencies or pay schedules Check the state regulations in which you do business in or plan to do business in Consult with all internal (especially HR, Legal, OPS, Accounting) teams to determine if the consolidation makes sense to all parties Be prepared to advance pay or provide a bonus to employees whose pay date is being pushed out to ensure no financial hardship Outsource when it makes sense to do so. Common services that are outsourced: Tax Services – tax filing and remittance Wage Payments – direct deposits, pay cards, check distribution Garnishments - administration and disbursements
- 13. Keep Pace with Emerging Technology Human Capital Management (HCM) technology – a cloud-based single software program designed to help organizations manage their HR, payroll, and talent needs. The cloud – storing and accessing data and programs over the internet instead of your computer’s hard drive Mobile solutions – an app that allows employees to login securely to review pay statements, W2 or other HR/Payroll info Employee self-service (contactless) – technology that gives employees access (at their convenience) to review/update personal info, change direct deposit or W-4 info, access employee handbooks, manage benefits, etc BIG data analytics – Advanced reporting that aids in uncovering trends, patterns, or other useful insights into your workforce
- 14. Keep Pace with Emerging Technology continued… Why chose HCM technology? Cost-effective Improves speed & accuracy Convenient for employees Provides access from any location, with any device Reduces the need for IT support Ease compliance worries Easily integrates with other third-party vendors Lifts administrative burden off HR/Payroll teams Allows multiple users to access the same application simultaneously Provides greater insight into employee time worked, productivity, and effectiveness – dashboards, advanced reporting Better employee engagement
- 15. Automate workflows Manual keying Outdated Time-consuming Prone to human error Administrative burden to HR/Payroll teams What can be auto-mated? Timekeeping Data Maintenance (personal, job, employment data) Pay requests (bonuses, missing pay, etc.)
- 16. Create controls, checklists, audits In order to successfully create controls, checklists, and audits you must first document all processes step-by-step so that you understand where the controls and audits are needed. Controls or internal controls are typically policies and procedures or technical safeguards that are implemented to prevent problems and protect the assets of an organization. They can: Detect or prevent errors Reduce excessive operating costs Reduce the risk of proprietary data loss Reduce the risk of fraud – Ex: ghost employees, overpayment scheme, diverting wages or payroll taxes, employees paying themselves Hold team members accountable to monitor assets
- 17. Create controls, checklists, audits continued… Types of controls Detective – used after the fact of a discretionary event Internal audits by audit team Regular reconciliation of the payroll bank account by a non-Payroll team member Preventive - put in place to avert a negative event from occurring Configuration blocking an EE from creating a paycheck for their own EE ID Segregation of duties - Payroll Admin performing data maintenance and Payroll Manager performing audit of payroll & finalizing Securing assets and personal data - Locking computer screens when away, locked offices/file cabinets that contains checks, personal data Backing up servers Confirming totals from timekeeping systems to what was loaded to the Payroll system Controlling overpayments - Processing salaried terminations in a timely manner Reviewing exception reporting
- 18. Create controls, checklists, audits continued… Corrective - put in place after the detective internal controls discover a problem. Disciplinary action Reports filed Software patches or modifications New policies prohibiting practices IMPORTANT! – Not having controls in place, whether you are a public or a private company, can increase the risk of fraud and be very costly to employers. We are a private employer. We don’t need controls!
- 19. Create controls, checklists, audits continued… Checklists Ensures that payroll is processed consistently and more accurately Keeps payroll tasks on schedule Guarantees no task is left undone Makes training new team members much easier Audits Implement “data entry cutoff” prior to final review of payroll High Level audits – new hires, salary changes, terminations, etc. Set thresholds and review exception reporting – Ex. Review hours over 40 in one week. Should it be overtime or straight time? Review gross pay for an hourly employee over $10k or tip income over $6K. Review members of your payroll/HR teams, EXEC team, etc. Familiarize yourself with trends – know approximately how much you spend on payroll each pay period. Consider bonuses, overtime, peak labor seasons, and new store openings. If you have a pay period that greatly fluctuates from your average payroll spend, you should investigate it. There might be an error in the calculations, or someone might have manipulated the payroll.
- 20. Implement Paperless Pay Implement paperless pay Electronic Pay – subject to federal & state wage and hour laws as well as Federal Regulation E. all of which contain significant consumer protection. Direct Deposit – employee chooses bank(s) of choice to have payroll wages deposited into Pay card – reloadable debit card that offers employees a more flexible electronic pay option and a wide-range of additional benefits; choice of bank(s) is up to employer Electronic pay statements/W2s – pay details and W2 forms are posted to a secure online portal that requires employee access credentials
- 21. Implement Paperless Pay continued… What are the benefits Safer and more reliable source of payment to employees than checks Reduce or eliminate check printing, shipping, and stop pay costs Reduce the risk of fraud and scams Eliminate the administrative burden of tracking/reporting unclaimed wages – 3rd party may provide this service Save trees and protect the environment
- 22. Stay Compliant Simplify Payroll processes Keep pace with emerging technology Automate workflows & payroll processes Create controls, checklists, and audits Implement paperless pay BEST PRACTICE TAKE-AWAYS
- 23. Questions?
- 24. Thanks for joining! For additional questions, please feel free to reach out at tonya.kemp@daveandbusters.com or LinkedIn - www.linkedin.com/in/tonya-kemp-cpp-21034489 APA compliance resources - at www.americanpayroll.org, under the “Compliance” tab.
- 26. Organize. Humanize. Maximize. 26 How Ascentis Payroll Can Help Ascentis aims to be our clients HCM partner and provide relevant information organizations need to be thinking about in order to ensure their own processes remain current and give our users the power to be the leaders in their organizations. With Ascentis Payroll You Can: • Systematically manage the different sick pay classifications discussed on behalf our customers • Perform the filing and deposits of the tax with each pay period • Correctly classify and report all values for both the 941 quarterly & annual deadlines • Correctly classify, report, and distribute data on form W2 Recruiting & Onboarding Talent Management HR & Benefits Payroll Time & Attendance Ascentis
- 27. Organize. Humanize. Maximize. 27 Contact Us info@ascentis.com www.ascentis.com 800.229.2713
Editor's Notes
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