An important factor for human resources (HR) and payroll businesses to adhere to, payroll compliance is essential for your business, ensuring you avoid fines and penalties. You need to make sure you’re paying your employees on time, as well as keeping on top of accurate payments. Sometimes, it can be hard to keep track of your payroll services, but luckily, there are steps you can note down and meet to ensure smooth running of your business.
Here at Payroll Worldwide, we have years of experience in providing HR solutions globally, particularly in Latin America. We cover areas such as employee of record, recruitment and labour law to ensure businesses and their employees maintain an established and trustworthy relationship. We believe in reliable, fully managed payroll services, with a heightened focus on excellent customer service and payroll solutions. Are you ready to ensure your payroll compliance is air-tight? Read our latest article below.
Keeping Employee Records and Managing Expectations
It might seem like a simple task, but keeping up-to-date information on all of your employees is extremely vital. This ranges from their address to their next of kin, and some information can affect the payroll. All information needs to be processed immediately, especially instances such as promotions and maternity leave. Failure to do so could be a compliance risk, so staying on top of your employee’s details is necessary.
Managing employees’ expectations is another important factor. Instances such as overtime need to be accurately documented, so it’s recommended that procedures are put in place to explain this to employees. These useful guides can help employees understand their pay a little bit more, to avoid confusion.
Audit Trails and Legislation
Sometimes, for whatever reason, investigations may be launched into the way your business is spending. By having audit trails, you can protect your business and its reputation by providing evidence supporting the notion that everything you have undertaken is above board. You can link payments with invoices, to prove that all payments were made legally.
Payroll legislation can change regularly. Therefore, you need to make sure you’re keeping on top of it to avoid breaching payroll compliance. Ways to keep yourself in the loop include attending seminars and conferences, as they offer advice on new payroll processes. Here at Payroll Worldwide, we provide payroll management globally, particularly in Latin America. Legislature can also change internationally, and when it comes to important instances such as wages and deductions, each country has its own legislation.
You need to have a good understanding depending on the countries you work with, so always double-check.
Submit Payroll Information on Time
Making late payroll submissions can lead to penalisation for your business. Payroll can be a confusing process, as you need to handle issues such as tax deadlines and reporting. To stay on top of your duties and ensure everything gets submitted on time, it might be a practical idea to set up an annual calendar. This could include information concerning when payments need to be made and when invoices were issued.
As a business, it can be hard to keep on top of HR tasks, such as payroll, tax and recruitment. Here at Payroll Worldwide, we can help you manage your payroll compliance to ensure full transparency with employees and external sources. If you require assistance, or to find out more, please get in touch with us today by filling out our online form.