Payroll Accounting Reconciliation and Why it matters

Payroll accounting reconciliation is a crucial aspect of any business that involves the management of payroll records. This process involves comparing payroll records prior to the transmitted for the final process and before the data is recorded on the company’s financial statements. In this topic, we will explore the importance of payroll accounting reconciliation and why it matters to your business.

Do you have an effective and thorough reconciliation process to catch payroll errors? Are you withholding and reporting all no statutory and statutory deductions correctly? As a payroll professional it’s our responsibility to have an effective payroll reconciliation process to verify and to ensure employees are paid timely and accurately. If not managed correctly, it can be costly to an employer and in some cases, it can lead to internal and external audits. 

An effective reconciliation process will allow you to catch and correct errors before the employees are paid. As accounting and payroll professionals we must also withhold, reconcile and report the appropriate payroll taxes to the various tax authorities.

By attending, you will learn how to perform payroll accounting reconciliation accurately, which will help you avoid costly mistakes and legal troubles. This knowledge will also help you in creating a more efficient and effective payroll system for your business.

The main objective of this session is to provide attendees with a comprehensive understanding of payroll accounting reconciliation. We will cover key concepts, best practices, and common mistakes to avoid. By the end of the session, attendees will be equipped with the knowledge and tools needed to perform payroll accounting reconciliation effectively.

• Definition of payroll accounting reconciliation
• Importance of payroll accounting reconciliation
• Identify Reconciliation Control Deficiencies
• How to Utilize the Payroll Registers to Validate and Report Payroll Taxes
• The Best Approach to Test and Confirm Payroll Withholding Tables for the Appropriate Set-up
• How to Immediately Rectify Any Payroll Withholding Issues With the Various Tax Authorities
• How to Utilize Trend Analysis Approach to Identify Overpayment of Wages
• Best Approach to Reconcile Payroll Data to the General Ledger
• The Effective Way of Dealing With the IRS and State Tax Authorities
• Best Approach to Develop an Effective Internal Controls Process to Ensure 100% Error-Free Payroll and Reporting

• Financial Manager
• Payroll Professionals
• Accountants
• Business Owners
• HR/Benefits Professionals
• Human Resources Professionals