Introduction
King & Co. collaborated with a client who had undertaken an in-house payroll audit on their non-legislative payroll system. Seeking a second opinion and potential solutions, the client approached King & Co. to leverage their expertise in payroll and legislative compliance.
Challenges Faced
- Inaccurate Leave Entitlements: The client's non-compliant payroll system led to employees over and under-accruing annual leave entitlements, causing significant discrepancies.
- Non-Compliance with Legislation: The payroll system in use did not adhere to New Zealand legislative requirements, posing a risk of legal and financial repercussions.
- Discrepancies in Payroll Audit Calculations: The client discovered inconsistencies in their in-house payroll audit, raising concerns about potential financial losses and the accuracy of their payroll data.
Solutions Implemented
- Audit Validation and Corrections: King & Co. conducted a comprehensive review of the client’s in-house payroll audit. Through meticulous analysis, we identified discrepancies and implemented corrective measures to rectify errors, safeguarding the client against potential financial losses.
- Implementation of iPayroll: Recognising the importance of compliance and ease of use, King & Co. transitioned the client to iPayroll. This system ensured alignment with New Zealand legislative standards, streamlined payroll processes, and mitigated risks associated with non-compliance.
- Discrepancies in Payroll Audit Calculations: The client discovered inconsistencies in their in-house payroll audit, raising concerns about potential financial losses and the accuracy of their payroll data.
- Employee Contracts and Policy Update: Alongside addressing payroll concerns, King & Co. worked closely with the client to update and roll out new employee contracts and policies. This step was crucial in maintaining a smooth and legislative operation within the organisation, providing clarity to employees regarding their rights, responsibilities, and the company's expectations.
Results & Achievements
- Legislative Compliance: The transition to iPayroll ensured that the client’s payroll practices adhered to the latest legal standards. This significantly reduced the risk of non-compliance, penalties, and potential legal ramifications.
- Smooth Operation: The implementation of updated employee contracts and policies contributed to a smoother operation within the organisation. Clear communication and expectations enhanced the working relationship between the employer and employees.
- Enhanced Payroll System Capabilities: iPayroll provided the client with a user-friendly interface, streamlined reporting, easy leave applications, and approval processes, all while ensuring compliance with New Zealand regulations.
Conclusion
King & Co.'s collaboration with the client showcased the value of professional expertise in payroll management. The successful resolution of audit discrepancies, implementation of a compliant payroll system, and the update of employee contracts and policies collectively contributed to a more secure and legislatively sound foundation for the client’s payroll operations. This case study highlights the positive impact of seeking specialised assistance in navigating complex payroll challenges and ensuring regulatory compliance.
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