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5 Post-Payroll Best Practices in our HCM

Posted by Amber Walton on Apr 15, 2021 11:37:10 AM

You have just finished processing payroll for the week. You’re thinking about starting another project or maybe take a quick break. But before you move on, there are few things you can do to improve your overall post-payroll process. Here are some best practices you can follow that will optimize your post-payroll submission experience. 

1. Lookout for Key Communication. 

There are three primary emails that will come from our system after you have submitted payroll. You should keep an eye out for the following three communications: 

     Payroll Has Been Finalized Email - When we finalize your payroll, the administrator indicated as the payroll contact on your account can receive a “Payroll Has Been Finalized” email. This email will instruct you to review your Payroll Recap and Funding Report, so be sure to check for any errors.

     Funding Email: Once payroll has been finalized, check your email for any funding notifications. If funding has not been received by 4:30 p.m. ET on the day your payroll is completed, our team will reach out to your payroll contact. The best course of action would be to contact your bank and verify that the funding request is being processed.

     Shipping Provider Email: Your designated shipping provider will notify you once your payroll package has been prepared. You should receive the shipping label confirmation email by 4:30 p.m. ET the day after your payroll is finalized.

2. Review your Payroll Recap and Funding Report. 

The Payroll Recap and Funding Report displays all payroll payments by funding source and provides an overview of any given payroll. You should review this report as soon as you receive the payroll finalization notification email. The report will tell you the final amount that is needed to fund your current payroll and tax liabilities. The report will display the general ledger summary with debits and credits. You can also view easy-to-read charts comparing Gross Wages to the previous pay period and the Gross Payroll plus Employer Taxes over a rolling 12 month period.

3. Review your Payroll Package.

Once you receive your payroll package, open it right away! It is imperative that you review your package to ensure all checks have printed as expected. If you locate any discrepancies, reach out to CSP immediately and we will work with you to resolve any issues. Remember not to hand out paychecks before the pay date so they are not presented for early cashing.

4. Utilize Your Tax Wage Details Report.

The Tax Wage Details Report is a crucial resource, especially after each payroll submission. This report shows all current payroll tax wages and liability. Adding this report to your payroll checklist will keep your payroll data clean and balanced. It will also reduce any payroll surprises, especially at quarter and year end.

5. Rotate Data Validations Reports after each payroll.

Data Validation Reports are used to review your company’s payroll data. These reports will help you locate current data discrepancies or setup issues. Adding these to your after payroll process will help your account’s data stay accurate. We recommend that you run data validations each month to confirm your data is compliant and balanced. 

These are just five ways you can improve your payroll processing experience. With CSP, there are a myriad of tools and resources available to you. To learn how each component of our system can benefit your business, visit us at www.csphcm.com

Topics: HCM, HRTech, HR, Payroll

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