In light of another publicized incident of duplicate payroll deposits into employee accounts, the question arises again: is your payroll processing provider accurate?
Error prevention hinges on your payroll provider’s organizational structure and regulatory safeguards.
What to look for:
• Do they have SOC I Type 1 & 2 audits?
• Can you review the tax filings they’re making on your behalf?
• Where do they keep your money that funds payroll?
• How do they comply with NACHA guidelines?
• Do they have a secure, dedicated cloud hosting infrastructure (AWS, other)?
Avoiding errors is also dependent on their processing system’s functional integrity. Is your provider’s service configured to your specific processes and culture to cover from biometric facial recognition time clock to payroll and tax processing? With this facet of Human Capital Management the cornerstone of your operations, components encompassing payroll should be automated through an established, actively maintained and regulatory-compliant HCM system.
4 Questions You Must Ask Your Payroll Company identifies the crucial areas concerning payroll security and accuracy – see this for mishap prevention, protecting you and your company from reputation complications, regulatory fines and litigation cost.