Is it time for a Payroll Audit?

Companies are always looking for improvements in operations, but sometimes the largest functions within the organisation get overlooked. Payroll and HR admin are two of the biggest line items on any company budget but how often is the efficiency of the tools being evaluated? As the new year gets underway, it might be time for a quick audit to see what is working and what can be improved.

Start with your software – is your team using any manual processes or is there redundancy between teams using the same employee data? Using a cloud-based platform that integrates with other company systems can be the first step in simplifying data management and security and reducing duplicate processes within the organisation. Cloud-based software can also provide automated updates to regulations and statutory requirements, reducing the need for manual updates. Employees can make changes to personal details using a self-service portal, and have access to real-time data to view costs and identify potential issues.

Another challenge companies face with manual processing is lack of reporting functionality. If your team is spending time creating reports, the data is outdated by the time the reports are completed. Cloud-based payroll software provides custom reporting so you can create monthly and year-end reporting, track trends and manage compliance, provide leadership with timely reporting, and integrate with other teams.

Take some time to do a quick audit of your payroll software to see what improvements can be made. It will save your team time and resources, ensure data accuracy and compliance, and make it easier to view costs across the organisation. Your software should be able to scale as your business grows, integrate with HR and time management, and help ensure compliance. Talk to our team about improving your payroll with our cloud-based software, customised reporting, and integrated resources.