One of the most time-consuming aspects of business operations is payroll processing. It's complicated, too, when you take into consideration the many payroll and tax laws involved, like Wage & Hour, FLSA, State/local regulations, and IRS, to name a few.
One mistake can put your business in jeopardy.
So, not only do you have to make sure your employees get paid on time, but you also have to make sure you are in compliance with laws and regulations without a hitch or mistake. YIKES! Not quite as easy as you thought, right?
When you partner with a PEO like FrankCrum, you gain access to a team of payroll experts who know the risk factors to look for in your payroll to ensure everything runs smoothly. In this blog, we'll highlight the top 3 things you may not even realize your PEO payroll coordinator does for you.
But First, What is a PEO Payroll Coordinator?
A payroll coordinator is a client's point person for everything related to payroll, and they partner with our Account Management team to become the primary liaisons between one or multiple departments in the PEO organization like benefits, human resources, risk management, and workers' compensation.
Payroll coordinators connect with their clients during each payroll cycle, so they get to know them very well. They understand the client's preferences and adapt payroll services to accommodate them whenever possible. Because of the close relationship, payroll coordinators are often in a position to help their clients take advantage of the services and benefits of the PEO.
1. They Handle the Paperwork
A payroll coordinator manages the process of paying employees. They are responsible for understanding each clients' payroll preferences like how they want to report employees' hours and onboard their future hires.
At FrankCrum, we have a separate New Client Implementation team to get new clients started, up to and including processing and auditing the first payroll to ensure everything is setup and paid correctly. Once a client’s account is setup and ready to transition, FrankCrum assigns a dedicated Payroll Coordinator to work with you on all future payrolls.
Your coordinator keeps track of when payroll is due, sends friendly reminders as needed, and once payroll is submitted, the coordinator audits the payroll to identify any compliance issues, such as, employees paid below minimum wage requirements.
At FrankCrum, clients can report payroll through various methods such as via desktop or for some users, mobile, though our online HR Information System (HRIS) called MyFrankCrum, an Excel spreadsheet, fax, phone call, etc.
2. Compliance Assistance
Staying in compliance with federal/state laws and regulations is one of the most challenging aspects of being an employer. It is also one of the most important things to stay on top of in order to protect your business from lawsuits or hefty fines. Your payroll coordinator is part of a team of subject matter experts who can advise you on a wide variety of challenging topics such as:
- Overtime pay requirements
- Classifying exempt and non-exempt employees
- Payroll taxes (federal and state)
- Accuracy of employee W-4s and I-9s
- Calculations of discretionary and non-discretionary bonuses and other types of additional pay
3. Run Payroll Accurately and On-time
Before a check is issued to an employee, the coordinator audits the payroll for accuracy and to ensure it balances with the original client submittal. Employers are provided a final opportunity to review their payroll before check processing begins.
After payroll has been cleared for processing by the employer, the coordinator finalizes payroll. Payroll then works closely with Logistics to ensure client packages are shipped/released timely.
In all, payroll coordinators do much more than just enter time and print paychecks. They are an extension of your professional HR team. They look out for you and your employees and advise you on compliance matters. They listen to you and adapt to your preferences and needs. And they relieve you of routine burdens associated with important paperwork.
They also help you get the most out of your PEO partnership investment by connecting you with resources in benefits, risk management, human resources, and workers' compensation. By being your dedicated partner, your Payroll Coordinator is able to provide the very best personalized service to your company. And they do all this, so you have more time to focus on what you do best – growing your business.
Join us in honoring all of the payroll professionals during National Payroll Week and contact us today to learn more about FrankCrum's payroll services.