Payroll teams are trained to spot inconsistencies or problems in the payroll process and correct issues right away. But payroll compliance can be a different story – it’s not always easy to see when there is a compliance issue that could cause problems down the line. So how can you improve compliance in your payroll process and ensure your company is not at risk? Annual payroll audits can help to identify potential issues or areas for improvement to avoid penalties for non-compliance, but where do you start?
As part of the audit process, evaluating your payroll technology can help identify areas for improvement. Is your software providing reporting functionality and automating updates to HMRC requirements each year? Can you integrate your payroll software with your HR admin tool to reduce duplicate data entry by multiple teams within the organisation? Cloud-based payroll and HR software can provide automated updates to regulations and statutory requirements, reducing the need for manual updates and entry errors. If you have access to a employee self-service option, employees can make changes to personal details so your team doesn’t have to manage all of that data.
Another part of your audit should include evaluating your reporting functionality. Using manual spreadsheets to create reports takes hours and resources each month that could be used for more important projects or initiatives. By the time reports are created, the data can be outdated. You need real-time reporting to better manage payroll and compliance so your team can easily create monthly and annual reporting while reducing time spent gathering data.
Taking time to audit your payroll and HR systems can improve compliance and reduce resources spent on manual processes. Your team can create reporting that is useful for leadership to make decisions in real time, ensure data accuracy and compliance, and make it easier to view costs across the organisation. Talk to our team about improving your payroll compliance with integrated cloud-based software, customised reporting, and a CIPD-certified team to help when questions come up.
Payescape Limited is authorised by the Financial Conduct Authority under the Payment Services Regulations 2017 (register number 821826) for the provision of payment services.