Payroll errors have been a severe problem for businesses, which can cost them a great deal to their books and their brand’s reputation. Identifying problems hidden in payroll technology, data, and methods can be tricky as payroll is a complex process. Organisations often ask how to avoid massive payroll errors as they are accidental and a longer-term issue. Thus, it is incredibly challenging for HR managers who aren’t trained in payroll, to know where to start looking or what questions to ask.
Large employers often experience payroll issues that start with a small problem, for example, not paying superannuation on an allowance they should. As a result, Superannuation backpay could cost medium-sized employers millions. Read below to know how to avoid massive payroll errors.
What can you do?
It is essential to have a payroll team of the right size with the proper knowledge and skills. Understanding the basics of a payroll report is crucial for HR managers. As a result, they will be able to determine what data to examine and how to address any potential problems. Every company must conduct a payroll audit – and not with an accounting firm. You should have someone who understands how to audit your payroll system’s setup and can check that all codes are set up correctly.
Get In Touch
VeiraMal Consulting is an expert in conducting Compliance audits and streamlining payroll systems that help identify underpayment and overpayment risks. So, getting in touch with us can help you achieve payroll compliance. You can view all of our services and packages here.
The information contained in this blog is general in nature. Therefore, if you are unsure how this applies to you, please contact us at VeiraMal Consulting. Our HR consultants would be happy to guide you through this.