Automated payroll award interpretation accuracy is a must today to relieve stress.
Accurate payroll interpretation can be time-consuming and error-prone if the process includes off-system calculations to get it right. Payroll process can be so stressful for payroll team members.
Digitalization of the Payroll Award Interpretation from the employee-approved Timesheet will improve accuracy, and efficiency reducing the time and cost of payroll processing.
“For business leaders looking to unlock performance, there’s something to be learned by observing the companies at the top of the productivity heap”. “They capture value from digitization.” Charles Atkins, Asutosh Padhi, and Olivia White HBR Contributors.
The appropriate practice for getting Payroll right is outlined in the Fair Work Ombudsman (FWO) Web site.
The broader requirements include the need to:
Provide the employee with their roster, usually at least 2 weeks in advance, and
Track and monitor their working times and hours each shift, and
Produce a timesheet with the Start and Finish times. Unpaid Breaks are taken, and
The Timesheet is to be authorised by the supervisor and accepted by the employee
Maintain the timesheets for at least 6 years, and then
The payroll to be Award Interpreted from these employee Timesheets.
Digitalisation of an integrated process from Rostering to full Payroll production is that way to improve efficiency and automated compliance of the processes.
The key to compliance of payroll is to have the digital system take the Timekeeping records and apply the Award Interpretation to produce the Payroll outputs.
The best design of the system is on one data base for the record of truth. This will automate the flow of information from the different times worked each shift applying the appropriate rates of pay for each component based on the award conditions without the need for supervisor and payroll manual intervention.
Apply the process of information flowing between the management and employee delivers efficient communication of Rosters, Timekeeping, and Timesheet information to the employee device.
The digitalisation of Payroll :
Reduces time and $ cost of payroll processing
Improves compliance of payroll to awards and agreements
Reduce the potential of payroll error back pays and penalties
In some jurisdictions reducing the risk of criminal charges
A digitalised system in one system includes all the processes from Rostering, Timekeeping, Award Interpretation, Timesheet and Payroll outputs in one system on one database.
This structured system with interfaces to the business digital HRM, Onboarding, Learning and performance management drive additional efficiency.