In today’s era payroll emerges as an organisation’s lifeblood, underscored by the importance of transparency, compliance, and corporate accountability.
While payroll compliance ought to be the crowning jewel in an employer’s compliance agenda, the payroll compliance function often remains reactive and relatively unsophisticated, lagging behind other obligations like tax or financial accounts.
The heart of this complexity lies in the negotiation of pay entitlements, often struck between employers and employee bodies with distinct objectives. SW offers a holistic, multidisciplinary approach to payroll advisory, combining our expertise in payroll operations, systems, wage compliance, and processes and controls.
Our track record includes involvement in Australia’s major wage remediation programs, giving us a deep understanding of the standards required for third-party reviews and regulatory scrutiny.
Challenges in payroll
Overcomplicated payroll processes
Often, those tasked with negotiating pay entitlements might not have extensive experience in translating these into operational payroll processes. This can lead to rules that are both intricate and ambiguous.
Globally, the market for payroll and time & attendance software is not expansive. For Australian operations, many systems necessitate significant customisation to align with local requirements.
Adapting in-house payroll
As scrutiny and expectations intensify, internal payroll operations are swiftly evolving. Yet, the workforce’s upskilling to meet these advanced roles is a gradual progression.
We anchor our approach in four core pillars of risk, crafting our services to resonate with each client’s individual circumstances.
Payroll has evolved to become much more complex
Historically, the emphasis on payroll compliance has been process-oriented. However, contemporary challenges require an ability to identify risks with legal interpretation, payroll calculation methodologies, payroll systems and implementation of payroll systems, payroll processes and controls and the risks that can arise when running payroll.
Recognising the unique nature of each client’s payroll environment, we offer bespoke solutions based on:
- Technology systems in use
- Pay environment complexity
- Payroll function capability
We advocate for a co-sourced integrated service model, partnering with you for continuous improvement in the payroll function.
Our top-down approach encompasses:
- Understanding Payroll Governance | Identifying risks in people, systems, processes and pay rules
- Developing or adding to a Payroll Compliance Plan | Addressing identified risks and suggesting projects
- Co-sourcing execution | Collaboratively implementing the plan.