04:05
ISSUE 5
Implementing solutions that complement your core payroll systems enhances operational efficiency by automating error detection and highlighting outliers, eliminating the need for manual exception testing. This shift reduces the reliance on a dedicated compliance manager and allows payroll teams to focus on strategic tasks rather than sifting through spreadsheets and managing adjustments. “Adding governance and compliance controls from the start adds significant value to your business, whereas relying solely on implementing a new system overlooks critical aspects of regulatory adherence and risk management.” Additionally, these solutions help reduce overpayments, which are as prevalent as underpayments, effectively balancing discrepancies. Most importantly, they eliminate the need for costly retrospective audits and remediation payments by recalculating each employee’s shifts in real-time against relevant industrial instruments during the pay run. By adopting a proactive approach, you safeguard your business from costly post-implementation fixes and position yourself favourably with
Fair Work. This proactive stance not only mitigates financial risks but also strengthens your reputation with regulators.
Author: Duncan Stone
Duncan Stone - Co-Founder & Chief Product Officer at PaidRight - was formerly PwC Director of Innovation & Disruption. Duncan has expertise in industrial relations and advanced payroll analytics, and has led some of Australia’s largest and most complex payroll compliance projects. To contact Duncan email: duncan.stone@paidright.io
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