With the calendar year ending many of us are presented with the opportunity to take stock of the year that was. It’s time to analyse our business’ progress and plan for increased success in the coming year. For most of us this means analysing our financial function and in particular our payroll support.
If you’re trying to determine the strength of your payroll processes, or you feel you may not be getting the support you need, why not take a few minutes to ask yourself these simple questions;
- Does my payroll run on-time every time?
- Is it always accurate?
- Are my organisation's payslips presented in my preferred format?
- Does my team have to commit a lot of time in payroll administration?
- Am I re-keying HR or Timesheet data between systems or spreadsheets to make the process work? Has this caused errors to creep in?
- Could my time or my teams time be better utilised on core business duties?
- How well qualified are the individuals entrusted to run my payroll? Have they completed their CIPP qualifications?
- Is my process resilient? Am I relying on one key member of staff, or is my payroll provider running my payroll with a similar single point of failure? What is the fallback plan?
- Is my IT up to scratch? Do I know if there is a fallback in place should the payroll software, or server fail? Again, if outsourced, ask the same question.
- What are the Disaster Recovery arrangements? Can the payroll be run in the event that I cannot access my usual place of work? Likewise, if managed by a third party, check what arrangements they have in place
- Where is the personal data for my employees kept in regards to payroll? Is it secure? Is it in line with GDPR regulations? Is this backed up and if so, to where?
- Does my accountant carry out my annual year end audit? Have they also completed the payroll they are auditing? Payroll fraud accounts for one of the biggest threats to any business, why not separate the two processes and add some additional peace of mind?
If your answers to any of these questions are less than favourable or have raised concerns, then now is the time to take action and put that New Year’s Resolution in place.
Please get in touch with Paycheck Plus today to discuss your requirements, it might be the best resolution your organisation ever makes.