It is in every company’s best interest to prepare their payroll system in advance in order to maintain regulatory compliance and risk management. When it comes to the scrutiny of business processes, payroll is one of the first to come under the microscope because it contains the largest method of company-specific data. Taking this into account, many companies are beginning to implement an HR cloud-based software that can integrate several different tasks such as time and attendance, benefits administration, and project management so they can operate through a single access point.
What Is Statutory Compliance?
Statutory compliance are the rules and regulations that companies need to follow when they are dealing with their employees. While smaller businesses will be responsible for actions such as obtaining a business license and meeting health department guidelines, larger businesses will have more complex measures to oversee from payroll and benefits administration to hiring and firing protocol. A company needs to meet all its legal operations to decrease the risk of fines, penalties or lawsuits, and ensuring that you have a secure and accurate payroll system is an important step in that direction.
Whether there are a hundred employees in a company or a thousand, HR payroll software can not only automate admin-intensive tasks such as data inputting but reduce inaccuracies, streamline record keeping and increase overall efficiency come tax time. When implementing this advanced framework in your company, you need to make sure that it comes equipped with robotic process automation, which will ensure compliant payroll runs according to your specific set guidelines. This will allow your b business to process accurate and timely payroll results and achieve greater accountability.
A little competition at work is healthy, but payroll systems are quickly proving that transparency is allowing for stronger company culture. Companies today are becoming more transparent as they share the methodology behind employee benefits and project management. When you request for a payroll system that includes a central, online dashboard where your staff members will be able to input their personal information as and when required and senior managers will be able to objectively track their team’s progress and supervise project work hours, you will be able to deliver transparency across your entire enterprise.
As businesses are transcending boundaries, it is becoming more difficult to protect employee data. In most cases, this information is extremely valuable and sensitive, including employee bank account details, religious affiliations, and even medical conditions, and mismanagement of this data can result in numerous problems. However, an integrated payroll software system is allowing both large enterprises and small multinationals to meet statutory compliance requirements consisting of a central database which is highly encrypted and is equipped with the self-service mobile application where employees themselves can input and update employee information and reduce the risk of security breaches.
Meting statutory compliance requirements is an essential move for all businesses to run smoothly and expand without fear of facing penalties and lawsuits. As more and more companies are heading towards implementing cloud-based payroll systems, it is important to be aware that factors such as accurate calculations, higher transparent and enhanced security measures, can ensure consistency with compliance activities.