Payroll is vital to a company, as it is the key to compensating employees for their contributions to the company’s operations and generation of revenues. By following a payroll process flow, organizations can identify and mitigate risks related to compensating employees for their contributions related to company operations.
This process flow focuses on the payroll process and includes steps such as employee changes and updates processing, payroll processing and adjustment, and 401(k) reporting.
This document should be used as a general guide to understand and review this business process. Organizations should customize this tool to ensure that it reflects their business operations and continuously monitor the process to ensure that the steps described are accurate.