Best practice process for a streamlined payroll
In a world where an outsourcing provision is sought in order to reduce the burden on internal processes, leaving you and your teams the time to concentrate on growing your business, it is important that tight processes are adopted and adhered to, to ensure a smooth, speedy and accurate payroll provision.
Further to the collaborative relationship between our payroll teams and you, it is fundamental the data received is accurate and the exchange of this data managed correctly. What is the best practice to achieve this?
Incorporating an HR system within your business can provide you with the perfect place to store your 'Golden Data'. The more data captured in this one central location the more focused and driven your business can be; storing your holiday schemes, sickness records, employee training records, employee contracts and much more.
Aside from capturing this crucial information in one location, it opens your business up to implementing an integration direct to a payroll system, therefore not having a requirement for duplication of data entry and/or manual updates.
Managing your data in your HR system efficiently, and ensuring it is updated and correct, allows the data to flow through your business, feeding into other platforms such as finance and payroll. Having your HR systems as the hub of your business, storing your 'Golden Data', ensures the removal of duplication of effort which saves on time, resource and money.
Internal processes for Data Management
It is very important that there are clear and strong internal processes for data management.
If multiple departments are feeding into the system, the question you should ask is who is ultimately responsible for this data? It would be prudent to have limitations on the total number of users who have key ownership, to ensure that the collated information is managed, entered correctly and confidential data is kept secure.
Ideally users that are supplying data should have the appropriate training to ensure that they are aware what is required and when. This would be cover all the business platforms at all stages of the process so that anyone that works on any touch points knows what the correct process is and what is expected of them. This would apply to software usage and internal requirements.
In summary, by managing systems, people and processes effectively, you will find data will flow effortlessly through your business touch points. By keeping this well managed you will reduce the amount of time and resource required whilst improving overall accuracy.
For more information on how RSM can help you streamline your business, please contact Mark Holland or your RSM contact.