Page 133 - Essentials of Payroll: Management and Accounting

ESSENTIALS of Payr oll: Management and Accounting
Summary
If improperly managed, the payroll function can require an inordinate
amount of labor to run. But by using some of the best practices
described in this chapter, you can streamline the function to a consid-

erable extent, requiring far less effort by a smaller staff. Before imple-
menting any change discussed in this chapter, be sure to run cost-ben-
efit calculations to ensure that the contemplated changes will indeed
result in increased efficiencies; a number of these best practices are
expensive to implement,and so are feasible only for larger organizations
with many employees.

Endnotes

1. This chapter is largely adapted with permission from Chapter
16,“Payroll Best Practices,” in Accounting Best Practices, 2nd Ed.,
by Steven Bragg (New York: John Wiley & Sons, Inc., 2001).

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