How to Learn Payroll Accounting

Payroll non-compliance can cost your business substantial amounts of money in fines and penalties. No matter who performs the payroll function it is the business that has ultimate responsibility for compliance with payroll requirements and the business owners that pay the price for payroll non-compliance. Weather payroll is prepared in house or outsourced to a payroll service it is important to have key trusted employees fully trained on payroll accounting to ensure compliance with payroll requirements.

Step 1

Visit websites for payroll service and payroll software companies (such as, Intuit, Online Payroll at https://www.paycycle.com/external/easy/ and Paychex at http://www.paychex.com/) and study the payroll information available. Many of these sites offer training and/or tutorials that teach the basics of payroll accounting. Also, there are self paced learning programs available on line for learning payroll accounting (try Education-Portal.com for free payroll training), these programs generally allow you as much time as you need to learn the various components of payroll accounting and provide materials and references to additional material that can be printed out and used as a guide if needed or to train other staff.

Step 2

Visit public or university libraries where books, journals and reference materials can be found with information about payroll accounting. Most libraries, especially university libraries will have accounting text books with sections about payroll accounting that you can read and study. If you find a book with the information that you need and it is not at a library where you can check it out there is a good chance that your local library can borrow the book from the library where you found it and then let you check it out. Information that you find in magazines, journals and/or reference books can always be copied and taken home with you for study and learning purposes.

Step 3

Visit IRS.gov to obtain information on medicare, social security and payroll taxes. The IRS provides guides and numerous online resources on small business bookkeeping which includes payroll accounting. These sources are a good way to learn payroll accounting as well as specific laws rules and regulations. The IRS provides guidance on preparing information returns (W-2s and 1099s). This is an area where many small businesses struggle and where fines and penalties are often imposed.