Accounting Standard Best Practices for Payroll

Why Should You Attend:

Accounting payroll procedures help senior managers ensure that staff-compensation amounts included in financial statements are accurate and complete and conform to generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS). IFRS and U.S. GAAP require accountants to include payroll data as expense items in the statement of profit and loss. A controller must be aware of the regulations which must be followed to ensure compliance that will prevent audits resulting in penalties, fines and interest, varying because the process is controlled by several entities on both the federal and state levels.

Some of the process such as determining gross pay is regulated by either the federal Department of Labor (DOL) or the state’s equivalent depending on which one favors the employee, while others such as when an employee must be paid is governed strictly on the state level. While still other processes such as determining taxable gross wages is controlled by the Internal Revenue Service (IRS). The employer is responsible for determining the correct regulation to follow for each process and ensure the proper accounting standards are in place. Reporting and depositing payroll taxes to the appropriate agency in an accurate and timely manner is vital to your company. Late or inaccurate deposits may result in penalties and interest charges. These complex payroll tax requirements may seem intimidating but by learning a few simple concepts, you will gain an understanding of the best practices accounting standards for the payment process.

This webinar focuses on the account standard best practices for the payroll process. It provides valuable information that will help your company avoid compliance issues and potential fines.

Areas Covered in the Webinar:

• Introduction
• Payroll Compliance Considerations
• Generally Accepted Accounting Principles
• The Internal Revenue Service (IRS)
• The Fair Labor Standards Act (FLSA)
• Withholding, Depositing and Reporting of Wages and Taxes
• Salaries, Wages, and Overtime Pay
• Payroll Withholdings: Taxes and Benefits Paid by Employees
• Payroll Taxes, Cost, and Benefits Paid by Employers
• Payroll Business Process Risks, Challenges, and Key Controls
• Questions and Discussion

Who Will Benefit:

• Controllers
• Payroll Executives
• Human Resource (HR) Executives
• Risk Officers
• Internal Auditors

Instructor Profile:

Chris, has held senior finance and controller positions at Digital Equipment Corporation, Compaq Computer Corporation, Hewlett Packard, MCI, APEX Analytix, and BSI Healthcare. She has a bachelor's degree in English, a bachelor's in accounting, a master's in business administration, and a graduate certificate in project management.

Chris is a Certified Accounts Payable Professional (CAPP), holds a Certification in Controls Self Assessment (CSA), and is a Certified Internal Controls Auditor (CICA). She had recently joined the Advisory Board of the Institute of Internal Controls (TheIIC), she chairs the Chapter Advisory Board for the Institute of Financial Operations, and she is president of the Washington DC area chapter of the Institute of Financial Operations.

Chris is currently developing a certification program for controllers for the IOFM. She is also compiling a controller’s best practices report and toolkit. Chris has written numerous articles and published two handbooks: AP Leadership Skills and Implementing a Controls Self Assessment Program for Accounts Payable. Chris presents at several conferences and provides a multitude of webinars each year.

Topic Background:

Payroll is an intricate task that requires precision to meet its objective--ensuring employees (and related taxes) are paid in a timely and accurate manner. Payroll duties typically depend on the size of the company and system used. Regardless of the size and type of company, payroll accounting requirements are critical. Improper payroll accounting standards can result in fines and company closures.

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