Last updated on 2024年8月5日

How do you track and report payroll expenses for different projects and clients?

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If you work as a staffing coordinator, you know how important it is to track and report payroll expenses for different projects and clients. Not only does this help you manage your budget and cash flow, but it also ensures compliance with tax laws and contracts. In this article, we'll show you some tips and tools to help you set up and maintain an accurate and efficient payroll system for your staffing needs.

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1 Choose a payroll software

When selecting a payroll software to track and report payroll expenses, it is important to consider the features that best suit your business needs. Automating and streamlining the payroll process can reduce errors and save time. Look for a payroll software that integrates with your accounting, time tracking, and project management software, as well as one that can handle different pay rates, taxes, deductions, and benefits for employees and contractors. It is also beneficial to find a payroll software that can generate and send invoices, payslips, and reports to your clients and staff while also complying with local, state, and federal payroll laws and regulations. Finally, make sure the payroll software has security measures in place to protect your data and provide backup options.

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Hoisington Molly

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In my experience, it is good to do a lot of research before selecting a payroll company. If your state requires taxes on contractors for example does your payroll company handle this? Or do you think you'll need to take another step? Does your payroll company file your federal taxes, and handle year-end reports? Can you access any report or paystub as needed for backend audits?

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2 Set up your payroll system

Once you have chosen a payroll software, you need to set up your payroll system according to your business structure and policies. This includes registering your business with the IRS to obtain an Employer Identification Number (EIN), setting up a payroll calendar and schedule, collecting and verifying employee and contractor information, creating pay codes and categories with rates for different projects and clients, as well as setting up payroll taxes, deductions, and benefits. You should also test your payroll system and make adjustments as needed.

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3 Track and report your payroll expenses

After setting up your payroll system, you need to track and report your payroll expenses for each project and client. This requires recording and approving the hours worked, expenses incurred, and reimbursements requested by your staff. Additionally, you will have to run your payroll software and calculate the gross and net pay, taxes, deductions, and benefits for each staff member. You must review and approve the payroll results, making any corrections or adjustments as needed. You also need to pay your staff via direct deposit, check, or other methods, as well as send invoices, payslips, and reports to your clients and staff. Furthermore, you must file and pay payroll taxes and forms to the IRS and other agencies. Finally, it is essential to monitor and analyze your payroll expenses and budget performance for each project and client.

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4 Use payroll reports and analytics

A payroll software can generate various reports and analytics to help you track and report your payroll expenses. These include a payroll summary, which shows the total payroll expenses for a given period; payroll by project, which shows the breakdown of payroll expenses by project; payroll by client, which shows the breakdown of payroll expenses by client; payroll trends, which shows the trends and patterns of payroll expenses over time; and payroll benchmarks, which compares your payroll expenses to industry standards or best practices.

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Alexey Anshakov

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From an SME perspective, I'd add one more important thing: utilize payroll reports and analytics for accurate budgeting and forecasting. By understanding payroll expenses and trends, you can plan for future costs,set realistic financial goals (align with OKRs), and make data-driven decisions. With accurate budgeting, you can align payroll expenses with business strategy and establish achievable targets. By leveraging payroll reports, identify areas for cost reductions, evaluate hiring decisions, and assess workforce expansion.

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5 Improve your payroll process

Finally, you can use the data and insights from your payroll reports and analytics to improve your payroll process and optimize your staffing coordination. To do this, you should identify any errors, inefficiencies, or bottlenecks in your payroll system. Additionally, review and update your payroll policies and procedures to ensure compliance and accuracy. It's also important to negotiate and communicate with your clients and staff to ensure clarity and satisfaction. Furthermore, explore and implement new payroll solutions or features that can enhance your payroll system, as well as train and educate your staff on how to use it.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you track and report payroll expenses for different projects and clients?

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1 Choose a payroll software

2 Set up your payroll system

3 Track and report your payroll expenses

4 Use payroll reports and analytics

5 Improve your payroll process

6 Here’s what else to consider

Staffing Coordination

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