In this episode, we talk about the techniques that can be used to improve the closing process for payroll. Key points discussed are:
When the commission structure is more complex, calculate commissions just before the close, and complete the calculations for the final day of the month during the close.
Require employees to enter their hours worked into an online timekeeping system, and remind them to do so several times as the month-end approaches. Then accrue an estimated wage amount for anyone who did not enter their time for the last few days of the month. This results in a fairly accurate overall wage accrual.