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Payroll - Would you pass your Payroll WOF?
The reality is, having reliance on the accuracy of your payroll information, requires consistent and accurate information being inputted by the payroll operator.
A large part of my role is to review SME's payroll data. I have lost count as to how many reviews I have done, but what is important, is that not one has been 100% accurate.
Mostly the inaccuracies have come from lack of knowledge of the Holidays Act 2003. But sometimes it is because the systems being utilised don't always do the best job of supporting the Act.
With a over-reliance from clients using these systems, it scares me to see how many payroll operators are still getting the basics wrong, either because of user or systems errors. I recently reviewed a clients wages, where a student loan was being calculated incorrectly by the system.
There is no doubting that the Holidays Act 2003 does not assist in making payroll easy to understand or apply. What is important, is that all business owners are taking all steps possible to mitigate any risk.
It is thoroughly recommended to undertake an external payroll audit at least yearly. It also pays to have an understanding of the knowledge of your payroll processor. These are both services which I can offer and I would be happy to provide more information if required.
Just like an insurance policy, as providers of a critical business service, we need to be constantly asking ourselves ... How? Why? What if?...