Is your company contemplating changing your payroll frequency? Maybe your company has grown too large to handle a weekly payroll now, or perhaps a certain payroll cycle has become the norm in your industry. No matter what the reason, changing the payroll frequency can be a daunting and more than slightly harrowing idea if it is approached without careful planning. Of course, legally changing payroll frequencies is permitted by the states in most cases unless it is done strictly for the purpose of avoiding overtime already worked. However, it is an arduous task and should be approached with care and a tremendous amount of research and preparation. The compliance issues that need to be addressed before making the decision to change payroll frequency include such items as: Does the state permit the frequency? And Are there any employee notifications required prior to the change being made?
In addition to compliance issues there are issues that deal with timing, systems, and employee earnings and fringe benefit accruals. For example, deciding when to implement the pay frequency change can impact a myriad of other issues including the impact on issuing Forms W-2 if done prior to January 1; the effect on salary employees if done mid-year; and calculating fringe benefits if they are based on a time frame such as a per payroll period. Has the impact on the tax deposit timing been considered as well as the cost in terms of the payroll system? These and numerous other considerations should be discusses when considering or implementing a payroll frequency change.
Why Should you Attend:
Attend this 90 minute presentation to better understand the requirements under federal and state law when contemplating or implementing a change in payroll frequency. The best practices, practical points as well as legal requirements discussed will assist in making the transition as smooth as possible for your employees and your department.
Objectives of the Presentation:
For the attendee to learn and understand the background of the law, what must be considered and who must be included when contemplating or implementing a change in payroll frequency. This includes:
Who can Benefit:
- Understanding the need for the change
- The choices available
- Compliance issues involved
- The change’s impact on payroll
- The change’s impact on employees
- The change’s impact on systems and procedures
- Key communication factors to include at all stages of the change
- Formulating the plan to implement the change
- Testing the change before implementation
- Implementation and the outcome
- Payroll professionals
- Human Resources
- Accounting Personnel
- Business Owners
- Any individual or entity that must deal with the complexities and requirements of changing the payroll frequency for his or her employer