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ISSUE 2
the proper checks but did not do so. It is simply not worth it to have inadequate compliance systems in place,” said Justice Robert Bromwich, Judge of the Federal Court of Australia. Clearly, there is a pattern here. It’s loud and clear that the way payroll has been managed for the past few decades isn’t going to cut it anymore. “It’s loud and clear that the way payroll has been managed for the past few decades isn’t going to cut it anymore.” Overcoming poor payroll governance If Australian organisations are to overcome these challenges, they need to streamline and modernise their payroll function. The proper investment and tooling must be sourced to create structured and organised payroll operations, otherwise you might be restricting payroll’s ability to meet adequate governance and compliance expectations. The good news is that the industry is changing! To help, Paytools, the specialists in payroll operations tech, has come up with 8 essential requirements for payroll governance. If you can demonstrate you’re doing these, then you’re in a good place for managing payroll risk.
8 essential items for Australi Payroll governance is the systems, mechan define how payroll operates. Using tools an and practice good governance.
Here are 8 items every organisation should payroll governance:
1. Work schedule : A calendarised schedule of payroll recurring activities and deadlines.
2. Process documentation and checklists : Documented processes and checks to ensure accuracy and consistency of how things are done.
3. Payroll controls and proof of work : Controls are mechanisms to monitor activity, reduce risk, errors and perception of fraud. Proof of work is providing secure, auditable evidence work has been done.
4. Reviews and hygiene checks : Calendarise and SOPs for proactive maintenance, checks and reviews.
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