What should be done the day after payroll has been submitted?

After payroll has been submitted, it is essential to verify payroll for accuracy and initiate the next payroll cycle. This step is crucial for several reasons. First, a verification process ensures that any potential errors in the payroll processing—such as incorrect hours, miscalculations in deductions, or issues with employee classifications—are identified and corrected immediately. This helps maintain accuracy and compliance with both company policies and labor laws.

Starting a new payroll cycle promptly also ensures that the payroll process remains on schedule. This forward momentum is necessary for financial planning, budgeting, and ensuring employees receive their payments on time. By verifying the completed payroll and preparing to move on to the next cycle, you lay the groundwork for a smooth and efficient payroll operation in subsequent periods.

While preparing reports for management and archiving payroll data are important tasks, they typically occur after verification and the start of the new cycle. Contacting employees with updates might also be necessary, but it is contingent upon having the payroll verified first to provide accurate information. Therefore, verifying payroll accuracy and preparing for the next cycle is the most critical action to take immediately after payroll submission.