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Payroll monthly review

Employee Compensation

Verify that all employee hours worked are accurately recorded and accounted for.

Ensure that any changes in employee compensation (e.g., salary increase, bonuses, commissions) are accurately reflected in the payroll system.

Review any overtime hours worked and ensure they are appropriately compensated.

Confirm that all employee deductions (e.g., taxes, benefits, retirement contributions) are accurately calculated and deducted.

Time and Attendance

Compare employee timecards or attendance records with payroll data to ensure accuracy.

Review any reported absences, leaves of absence, or time off requests and verify that they are correctly reflected in the payroll system.

Check for any discrepancies in employee attendance or time worked and investigate as necessary.

Tax Compliance

Review payroll tax calculations to ensure accurate withholding of federal, state, and local taxes.

Verify that all necessary tax forms (e.g., W-2, W-4) are completed and filed correctly.

Confirm that any changes in tax rates or regulations have been implemented in the payroll system.

Benefits and Deductions

Review employee benefits deductions (e.g., health insurance, retirement contributions) to ensure correct amounts are withheld.

Verify that any changes in employee benefits or deductions (e.g., enrollment, termination) are accurately reflected in the payroll system.

Check for any discrepancies in benefit deductions and investigate as necessary.

Payroll Reconciliation

Reconcile payroll bank account statements with payroll records to identify any discrepancies.

Review and cross-check payroll reports, including payroll summaries and general ledger entries, for accuracy.

Investigate and resolve any discrepancies or errors identified during the reconciliation process.

Compliance and Auditing

Ensure compliance with all relevant labor laws, regulations, and company policies.

Conduct regular audits of payroll records to identify and rectify any potential errors or fraudulent activities.

Keep updated documentation of payroll processes and procedures for internal and external audits.

Reporting and Documentation

Generate and review payroll reports, such as payroll registers, tax reports, and labor cost analysis.

Maintain accurate and up-to-date employee payroll records, including pay stubs, timesheets, and tax forms.

Ensure proper documentation and retention of payroll records in compliance with legal requirements.

Note: This checklist is a general guideline and may need to be customized based on the specific needs and policies of your organization.

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