Introduction
A client with a non-compliant payroll system approached King & Co. after identifying issues in their in-house payroll audit. They sought expert assistance to validate their findings, rectify discrepancies, and establish a system that adhered to New Zealand payroll legislation.
Challenges Faced
- Inaccurate Leave Entitlements: Employees experienced over- and under-accruals of annual leave due to a faulty payroll system.
- Legislative Non-Compliance: The existing payroll system failed to meet New Zealand’s legal standards, posing risks of penalties and disputes.
- Discrepancies in Audit Calculations: 3.An internal payroll audit revealed inconsistencies, raising concerns about financial accuracy and potential losses.
Solutions Implemented
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Audit Validation and Error Correction: - Conducted a detailed review of the in-house payroll audit.
- Identified and corrected discrepancies to ensure accurate payroll calculations, protecting the client from financial risks. -
Transition to iPayroll: - Recommended and implemented iPayroll, a compliant and user-friendly system aligned with New Zealand’s payroll laws.
- Managed the migration process to ensure a smooth transition. - Ongoing Compliance Audits: Established a schedule for regular payroll compliance checks to maintain accuracy and address issues proactively.
- Employee Contracts and Policy Overhaul: Updated and rolled out revised employee contracts and policies, providing clear communication of rights, responsibilities, and expectations.
Results & Achievements
- Full Legislative Compliance: Transitioning to iPayroll eliminated risks of non-compliance, safeguarding the client from legal and financial repercussions.
- Operational Clarity: Revised employee contracts and policies streamlined internal operations and improved employer-employee relationships.
- Enhanced Payroll Functionality: iPayroll offered features like intuitive leave application processes, streamlined reporting, and compliance assurance, reducing administrative burdens.
- Improved Financial Security: Corrected discrepancies and regular audits ensured financial accuracy and minimised risks.
Conclusion
King & Co.’s expertise played a pivotal role in addressing the client’s payroll challenges. By validating audit findings, implementing a compliant payroll system, and revising employee contracts, we laid a robust foundation for their payroll operations.
This case exemplifies the importance of professional intervention in navigating payroll complexities, ensuring compliance, and fostering long-term operational security. The client now operates with confidence, fully compliant with New Zealand regulations and is equipped for future challenges.
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