Ignorance is no excuse when it comes to payroll.
Employees are often the most valuable asset of a business. You don't want anything to jeopardise the trust your staff place in you to do right by them when it comes to payroll.
When was the last time your business took a close look at its payroll processes to ensure they were healthy and operating smoothly? Have you recently checked if your payroll software is set up correctly to meet National Employment Standards and Industrial Relations requirements? And, most importantly, are you confident that your system is paying employees accurately and consistently?
If you’re not sure, it might be time for a payroll health check.
The Importance of Payroll
With the economic pinch and high interest rates, employees are paying more attention than ever to their wages and entitlements. Employers are under close scrutiny to make sure no one is underpaid, and even small payroll mistakes can lead to big financial, trust and reputational risks. Strong internal controls are your best defence against these potential pitfalls.
A well-operating payroll system is also important when it comes to employee happiness and retention. Building and maintaining trust with your team rests upon getting their payroll right. Making payroll mistakes is embarrassing and creates uncertainty with staff.
HR: The Payroll MVP
Keeping payroll running smoothly and ensuring compliance with payroll-related regulations all relies on the skills and abilities of your HR team – they are the payroll MVP!
As the bridge between employees and the business, HR not only handles hiring, onboarding, and staff performance but also is responsible for:
- Ensuring payroll aligns with employment contracts
- Guaranteeing payroll follows award rates
- Considering leave entitlements in relation to payroll
- Maintaining accurate employee records
- Communicating changes or updates to payroll
- Addressing any questions or concerns about pay
By working closely with payroll and finance staff members, HR helps establish strong internal controls, minimises errors, and ensures employees are paid fairly and on time – building trust and morale within your team.
Payroll Health Check Service
Our Payroll Health Check Service, led by our expert assurance team, provides peace of mind to your business by:
- Conducting an independent assessment of your payroll systems and internal controls: This Identifies any potential risks and provides tailored recommendations for best practices.
- Verifying that your payroll calculations are fully compliant: This ensures you abide by the rules with key obligations like superannuation, leave entitlements, and termination payments.
This initial review gives you a clear, actionable view of your payroll’s health and may indicate if a more in-depth assessment is needed.
Everything in business needs a regular “health check”, including your payroll. The Cutcher & Neale team can help you keep your payroll on track, so you can operate your business to its full potential.
Jodie is an Associate in Cutcher & Neale's Specialist Medical Services Division. She is an expert in the financials and taxation field, with a niche specialisation in advising medical professionals.
With a wealth of knowledge and experience, Jodie enjoys building close relationships with her clients. She is passionate about supporting and educating clients to help them achieve their financial goals.
