This webinar discusses 4 Key Payroll Practices that will be crucial to the department in 2021. These practices will increase efficiency, cut costs, prevent fines and penalties for errors and help the department identify areas to focus on for improvement in 202 and beyond.
2021 will be a crucial year for payroll in four key areas. The IRS and Social Security Administration are cracking down on reconciliation errors when submitting the Forms W-2. They must match what has been submitted on the Forms 941 or fines will be issued. Key area number one will help ensure you are reconciled not just at year end but at each quarter end. But it isn’t just Forms W-2 that are being scrutinized by the IRS it is also fringe benefits and all tax practices.
The IRS isn’t the only game in town when it comes to audits—the Department of Labor and the states have a stake in this game as well. Despite the activity on the federal level, audits are continuing unabated. But no matter what happens on the federal level, the states will surely be auditing furiously to find discrepancies in payroll practices. This is where our key practice number 2—self audits will assist you in finding those “discrepancies” before “they” do.
There is constant pressure to increase efficiency and decrease costs, perhaps even more than in previous years. Our third key aspect discusses this trend by advocating that payroll tap into an already free source—technology. Not just yours but everyone else’s. The COVID-19 pandemic has forced businesses and everyone else to embrace electronic communications than ever before. Almost all government entities that payroll must interact with are moving to paperless means. States are accepting and even mandating deposits and submissions electronically. Child support orders are now available in an electronic version and your own payroll system can even offer solutions that are affordable. 2021 is the year to jump into this trend and follow it to increase efficiency and save money.
Our final key area is internal. To move forward you must know where you are. You can’t improve a system, practice, or procedure until you know where it stands right now. This is where benchmarking is key to being successful. Is your direct deposit program at its peak or do you just think it is? How much does it really cost you to process a manual or off-cycle check? And how do you compare with other payroll departments? Are you ahead of the game or lagging behind? Benchmarking is the key to answering these and many more internal questions to improve your department in 2021.
Areas covered in this webinar:
- Reconcile Forms 941 to Forms W-2 on a quarterly basis
- Conduct internal audits to find compliance issues before an external one finds you
- Go paperless to decrease costs and increase efficiency
- Benchmark your payroll: find out where you are and determine where you want to be
Who can Benefit:
- Payroll Professionals
- Human Resources
- Accounting Personnel
- Business Owners
- Attorneys, or any individual or entity that must deal with the complexities and technicalities of ensuring compliance within the payroll process