Payroll reconciliation is a vital process in which we meticulously compare the contents of our payroll register with the intended payouts to employees, ensuring alignment and accuracy.
In any organization, payroll processing is not just a necessity but a legal requirement, and payroll reconciliation plays a pivotal role in this aspect. Though the process may appear labor-intensive, its benefits span from simplifying tax preparation to effectively tracking business expenses.
Adhering to the payroll reconciliation process is of utmost importance as it guarantees correct and timely employee compensation, shields against penalties, and upholds precise financial records. It also involves the integration of data from various general ledger accounts, including payable payroll, expenses, and liabilities.
At BnC, we bring extensive experience to the table, addressing all aspects of payroll reconciliation while prioritizing employee well-being. Our services encompass meticulous record-keeping, penalty avoidance, and precise employee compensation.
Steps of the payroll reconciliation process
Scrutiny of Pay Rates (determining gross wages for employees)
Here's how our payroll reconciliation services enhance business management, saving time while upholding accuracy, security, and accountability:
Verification of Payroll Register (cross-checking employee details such as name, DOB, and employee number)
Validation of Employee Time Cards (ensuring accurate entry of work hours)
Timely Submission (monthly or weekly payroll tax submissions)
Confirmation of Paycheck Deductions (comprising social security, Medicare, local taxes, health insurance, etc.)
Accurate Recording in General Ledger or Ledger Entries (comprising assets, liabilities, revenues, and expenses)
The best accounting software that we use for your bank and credit card reconciliation are: