Does your payroll measure up?
Do you clearly understand the risks associated with payroll and whether your system can effectively
manage them? It’s important to know what’s happening in your payroll and evaluate the major risks.
Technology is important in maintaining security, but even more critical are the security measures in place at both a system and staff level. If not treated correctly, data security can be easily breached.
System or data loss
Backup and disaster recovery processes are extremely important when it comes to managing the risk of system or data loss. However, implementing these processes aren’t enough.
Loss of corporate knowledge
In most organisations, payroll staff are critical to ensuring your employees get paid smoothly. This is a resource risk because only a small number of people know how your specific payroll function works.
Fraudulent activity in payroll is a significant concern for organisations. Fit-for-purpose, risk aware processes need to be created, embedded and evolved as your company grows.
Tax compliance is a major focus for organisations when selecting a payroll system. If an organisation relies on manual processes it increases the risk of making a mistake or manipulating data.
These are costs created by payroll processes not designed to maximise the operational efficiencies of your workforce. These costs can’t be seen but your profit line feels their impact.
A system or process that is no longer fit for your business means you’ll be unable to effectively manage labour costs, increase profits, improve your efficiency and seize opportunities.
Understanding your payroll will help you avoid major challenges due to fraud, non-compliance, loss of key resources or worse.