Manage the risks in payroll system

As a business leader or the head of HR department, whether business owners have never self-assess the risk level of the payroll system or process of your business? What would happen if a certain month now no payroll? How do entrepreneurs identify their company are paid in accordance with regulations? Either solution would be if employees were paid salaries to lack or excess? Time, effort and cost to correct it affordable is not a small figure, while enterprises can completely autonomous finding solutions to concentrate on more important tasks.

Manage the risks in payroll system


Mange the risks

There have been many similar questions business owners and HR managers wondered to find solutions to the risk of payroll processes. However, most companies today are only implementing measures “fighting” for emergency situations, while prevention and risk management is extremely important, saving business support a lot of costs and time to ensure the sustainable operation with an investment of effort and money extremely reasonable.

Below are some sample questions to help businesses not only identify risks, assess the level of risk in the payroll system / process, but also ensure that the system or process payroll is always done one professionally. Process safety is the correct and most importantly, help businesses reduce risks and prevent incidents may harm the reputation of the business, reduced work motivation and commitment attached bunch of staff.

1. Enterprises set up payroll processes ensure compliance with the provisions of the current law is not?

2. Enterprises with curator update changes in laws related to personnel not?

3. Room information technology system data backup it?

4. policies assign permissions and password settings to secure the files related to salary and benefits not?

5. Is there a reliable payroll system for warning that payments need to modify or unusual payments not?

6. Someone check payroll or internal audit / external audit to ensure that salaries and other payments are paid correctly?

7. Errors in payroll each month with less than 1% not?

8. The enterprise has paid to employees on time 100% commitment in labor contracts?

9. Enterprises with backup plans substitute for wage specialists in professional case wages or vacation leave not unexpected?

10. The process of handing over the work of enterprises with detailed and reliable enough to ensure that the handover is complete, avoid loss of information / data?

11. Enterprises can ensure correct sending each paycheck to employees?

12. The question of employee wages and benefits have been part of wages answered quickly and on time?

Some answers “NO” will directly proportional to the level of business risk. What matters more is that if the answer is “NO” to the question of 1,2,3,4 then processes the payroll of the enterprise are high risk.

If the risk level is low or medium, enterprises can consolidate payroll process internally. However, for high risk levels, currently on the market, most companies and organizations have chosen to resort to external consulting firm to help them with reasonable adjustments. This is the optimal solution than the businesses themselves, “corrective” for solutions to help them instantly convert low level of risk to the accuracy and the fastest time. Furthermore, the consulting firm has the special equipment for your payroll system with the expert team of experienced wage predictions and accurate prevention to mitigate risk and timely Consistency.

Therefore, depending on the business situation, the business needs to consider carefully to make the right decisions for internal payroll or hiring external service companies to manage risk and enhance Business Credit