Having a global payroll checklist provides you with improved visibility, compliance, and consistency. When looking at payroll, there are a number of pain points such as strict processes and regulations, and can be enhanced on a global scale. Other benefits include holding accountability and improved efficiency. Having a checklist that coincides with your company regulations and should cover elements for paying wages is important. This includes, but not limited to, entering and coding regular and overtime hours, making wage adjustments, paying bonuses, commissions, severance pay, salaries and company benefits, such as vacation leave and sick pay.
With that in mind, we have compiled a list of our top tips to keep your basic
payroll checklist in line for June to decrease room for errors!
1. Deduction Processing
Verifying that all mandatory taxes and deductions have been calculated and withheld correctly
Ensuring that tax filings and social security contributions are submitted within the deadlines established by labor and tax laws in each country
2. Wage Processing
Responding to employee questions and inquiries regarding payroll, as well as resolving any payroll-related issues that may arise
Managing the payment of all employees such as processing payroll and transferring funds to employees’ bank accounts
Ensuring that the attendance and absence records of all employees are up-to-date and accurate, including vacation leave, sick pay, and maternity/paternity leave
3. Data and Security
Analysing and evaluating the performance of the payroll system, identifying possible improvements, and implementing changes to increase the efficiency and accuracy of the payroll process
Verifying and validating all payroll information to ensure they are accurate and up to date. This includes salaries, bonuses, overtime, and benefits
Processing any changes or updates related to payroll, including salary changes, promotions, terminations, or transfers
4. Reporting
Verifying that all payroll information has accurately been recorded in the company’s accounting and human resources systems
Ensuring that all payroll reports are generated and submitted within established deadlines
Global payroll has proven challenges, so we hope to have helped you simplify the process. We can also help you with our own technology – As1® is a world-class automated solution that connects all your data sources, HRIS and existing payroll systems or providers allowing you to manage your global payroll as one. Manage many data sources and multiple payroll systems with one solution. Read more about our solution here.
