Bookkeeping: Payroll And Expenses 2 CPE

Critical areas of responsibility for a bookkeeper to be engaged with are the management and recording of payroll as well as business expenditures.  Payroll is a high risk area that impacts not only the company but also the employees, while expenditures are a pivotal component of how the organization operates and can manage its profits. 

First, this course reviews the many processes involved in payroll management including timekeeping, payroll withholdings, and calculating and executing pay.  An employer, regardless of number of workers, must maintain all records pertaining to payroll taxes (income tax withholding, social security tax and federal unemployment tax). Twenty different kinds of employment records must be kept just to satisfy federal requirements.  As you can see, this is a critical and complex area for the bookkeeper.

Next, this course covers the concept of expense management and the many categories of expense including fixed, variable and periodic. Business expenses are costs incurred in the ordinary course of business. They apply to companies of all sizes. On the income statement, business expenses are subtracted from revenue to arrive at a business's taxable net income. It is important to ensure that expenses incurred are “valid” business expenses to be deductible for tax purposes.

This course compliments the other Bookkeeping Basic courses on the Illumeo.com platform.  

Whether you are a business owner or want to develop the skill of bookkeeping to begin a career, there are critical accounting and bookkeeping concepts that are important to learn. These courses have been developed by a CPA who has both small and large business accounting experience and background. The full curriculum of bookkeeping courses will provide you with the ultimate foundation to a career as a bookkeeper.  

NOTE: This course is one of a series of courses developed for the Professional Bookkeeping Certification program on Illumeo. The full curriculum of courses will provide you with the ultimate foundation to a career as a bookkeeper. 

Note: Information within this course comes from readily available public domain documents and is utilized by the trainer as a supplement for relaying the course content.

Prerequisites

No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the other courses in the series prior to completing this one.

Learning Objective

• Explore the payroll process.
• Discover types of payroll taxes and methods of calculation.
• Identify payroll risks to avoid.
• Explore business expenses and deductibility.

Last updated/reviewed: March 22, 2024