Payroll Processing
Payroll is the process of paying a company’s employees, which includes tracking hours worked, calculating employees pay and distributing payments via direct deposit to employee bank accounts or by check. Payroll may be run weekly, bi-weekly or on monthly basis as per the requirements.
True Reckoner Advisory Services (TRAS) has a prepared team of payroll experts who can assist you to manage your payroll on software program of your choice.
Range of industries
Trading and Manufacturing
Healthcare and Technology
Transport & Logistics Consulting
Law and CPA firms
E-commerce
Food and Hospitality
1. Payroll Setup
True Reckoner Advisory Services (TRAS) assist in setting up of company’s payroll in the relevant software using the below process:
- Understanding the requirements of the client by collecting the relevant documents/information;
- Draft and share the list of requirement to client like EIN Number, State Tax information, Payment Schedule, Form W-4, Employees Database;
- Setup payroll database including pay period, wage rate, leave policy, deductions, workers compensation, etc.
- Setup reminders for payroll schedule, payment of taxes and payroll tax forms;
2. Payroll Processing
True Reckoner Advisory Services (TRAS) provide assistance in processing/running the payroll on weekly, bi-weekly or on monthly basis using the below process:
- Checking the category of employee whether fixed rate or hourly rate;
- Review the time sheet if payroll is run on hourly basis and get it approved by the client;
- In case of fixed pay employees, take confirmation if there is any change in the salary component or if any additional amount such as bonus or commission needs to be paid;
- Check the pay check date and process the payroll accordingly;
3. Payroll Accounting
True Reckoner Advisory Services (TRAS) provide assistance in recording the pay check in the relevant accounting software both on accrual or on cash basis whichever is required using the below process
- Review the pay stubs generated on weekly, bi-weekly or on monthly basis;
- Record the journal entry for accrual of payroll liability;
- Record the disbursement of payroll including federal and state tax withholding portion, Social Security portion, Medicare portion, FUTA portion, SUI portion and deduction for employee benefit portion;
- Reconcile the disbursement with bank statement;
4. Payroll Reporting
True Reckoner Advisory Services (TRAS) provide assistance in the preparation of payroll reports. TRAS team is well trained in preparing and filing the below forms
- Form 940 – This form is filed by employer to report their annual FUTA;
- Form 941 – This form is filed by employer on quarterly basis to report Income Tax, Social Security Tax and Medicare Tax Withheld from employees paycheck;
- Form W-2 – This form is also known as Wage and Tax statement. This document is required to send to each employee and IRS at year end;
