Understand the necessity of the reconciliation process.
It is important to understand the purpose and taxability of all items that impact gross and net pay. Gross pay items should be identified by type and by taxability. Deductions should be identified as taxable and non-taxable, as well as given a priority. This video reviews whether you are processing payroll in-house or with an outside vendor, it is your responsibility to have internal controls to ensure that each processing period’s data is properly added to your QTD and YTD accumulators. You usually do not find out if data is missing until after the fact, and at that point, the cost to reproduce the data can be very expensive! It is more difficult to reconcile if the errors cross quarters/years. Bottom line – you are responsible for your data!
Beverly M. Willis, MBA
- Senior Manager, Payroll at Inovalon, Inc.
- Strategic management and compliance professional with extensive experience in finance, possessing competencies in all phases of payroll compliance and taxation, general ledger/accounting, Human Resources, and HRIS
- Highly qualified and focused on continuous process improvements to increase departmental compliance and processing efficiencies
- Proven to be successful in reorganizing, streamlining and strengthening business operations to maximize organizational performance and profitability
- Practice emphasizes over 20 years’ experience in all aspects of payroll management payroll tax and accounting
- B.A. degree in human resource management, cum laude, Notre Dame of Maryland University; Graduate Certificates in proactive leadership and change leadership, Cornell University, School of Industrial and Labor Relations; Graduate Certificate in leadership development, The Johns Hopkins University Carey Business School; M.B.A. degree, with a concentration in organization development, Johns Hopkins University Carey Business School
All of your training, right here at Lorman.
Pay once and get a full year of unlimited training in any format, any time!
- Live Webinars
- OnDemand Webinars
- MP3 Downloads
- Course Manuals
- Audio Recordings*
- Executive Reports
- White Papers and Articles
- Sponsored Live Webinars
Additional benefits include:
- State Specific Credit Tracker
- Members Only Newsletter
- All-Access Pass Course Concierge
* For audio recordings you only pay shipping
Questions? Call 877-296-2169 to speak with a real person.