We are going to give you some tips with which, as an payroll professional, you can ensure that your company is protected from sanctions for non-compliance. This also keeps employees happy with a correct and on-time salary.
Accurate Personal Records
This may seem obvious, but we must ensure that employees’ personal information is correct. It is our responsibility to keep employee records updated throughout their employment period.
Personal data that affects quality payroll & benefits may change from time to time, but all changes from payroll to promotions, retirement plans or maternity leave have to be processed correctly and work like clockwork. We must always keep everything up to date.
Employee Expectations
We must ensure that workers understand their obligations regarding regulations and their compliance. For example, adhering to the expense policy or keeping overtime records accurately. To do this, we will have to explain to them how to correctly document the expenses and overtime so that it does not give rise to unwanted problems.
We can create a set of policies and practices for staff payroll issues. This way, employees will have helpful guidance when asking about increases or deductions from their pay.
Pension Plans
Depending on the size of the company, we may have to include employees in a pension or health benefits plan. We may also voluntarily offer new employees a profit-sharing option.
In any case, we will have to keep proper records of the contributions made by us and by employees. Government websites are a good place to start when we want to check what plans we should include employees in and the respective contributions.
Audit Trails
Audit trails are really useful tools to protect our business and its reputation in the event of an investigation. This is because it allows us to link each transaction to its supporting documents (such as invoices or purchase orders). Thus, we will validate those payments that may seem unusual.
As well as protecting us against fraud, they ensure that accounts are as accurate as possible and provide information on the strength of the business. In fact, audit trails are likely to be demanded by investors or creditors. Therefore, it is worth checking that our payroll management system that, offers this functionality.
Stay up to Date with Local Legislation
Payroll legislation is constantly changing. Classifying an employee in the wrong category can result in missing overtime, making incorrect wage payments, and other violations of the law.
There are solutions, such as time and attendance management software, that we could use to help us better capture and track our workers’ work data.
Understand International Law
If our company operates in different countries, we will have to manage the complexities of an international payroll process. Each country has its own rules and regulations regarding salaries, deductions, payments and communication of information. Our responsibility will be to be up to date with these regulations.
Likewise, more and more countries are adopting real-time declaration procedures, presentations and collection of taxes electronically. Additionally, currencies, practices and time zones make this process more complex.
Ask your Company’s Experts
Our company’s accountant will likely have a deep understanding of payroll compliance and will be familiar with any necessary regulations, major changes or updates. It can help us find solutions to record discrepancies or give us useful payroll advice.
Ask the Employees
Companies should be alert to complaints and actively ask for employee input on how to improve the process. When we identify the problem, the payroll service can perform a workflow analysis to identify bottlenecks or areas where errors are occurring.
If our employees feel comfortable bringing their concerns to us, managers will be informed of issues before they get out of control. In this way, we confirm to workers that we care about their interests and thus help to maintain a happy and committed workforce.
At My Quality Payroll we have a wide variety of professionals trained to study the particular case of your business and offer you the best solution to your needs. Fill out the form without obligation and contact us!