Why payroll may be the ticking timebomb inside your business.
Fewer than 1 in 5 payroll people have a competency-based qualification.
90% of payroll people find Awards confusing.
33% admit to making errors once a month.
Where payroll is concerned, employers are facing a perfect storm of punitive compliance and a competence deficit.
If you’re not worried yet, read on for eight more facts that may prompt a serious rethink about your approach to payroll.
Payroll in Australia is complex and loaded with punitive compliance requirements.
Minor errors can have major impacts: consequences compound over time and scale up as staff numbers increase. The longer you leave it, the worse things get.
ATO and FairWork data-matching means many more payroll errors will be found.
FairWork Australia will start to prosecute superannuation shortfalls.
Wage theft is an offence and will leave you with a criminal record.
Seldom publicised is that 17% of pay runs contain overpayments: irretrievably lost profits.
67% of payroll reviews are handled internally. (We didn’t find anything to worry about, Boss.)
A wage scandal of any type causes significant reputational damage.
*Australian Payroll Association, Benchmarking Reports 2019 and 2023
150 Wage Scandal headlines in 25 seconds
We searched one term in one publication and turned up 150 headlines! Even we were startled. If you’re getting column inches in the AFR you do not want to be in this cohort.
It takes a team of highly qualified experts to ensure your payroll is precisely correct
A million reasons why you need a review
$15 million annual deduction uncovered.
Remuna’s review discovered superannuation payments thought to be on time were actually late, as they sat in a clearing house for 24 hours. This meant a $15 million annual tax deduction was invalid.
A backpay problem moved forward.
A misinterpretation of the Award meant a new client had been incorrectly paying employees for several years. We helped ensure all workers were back-paid correctly while minimising business impact.
Goodbye profits. (Hello again!)
Practitioners should have been paid travel time between jobs. This missed detail created a $17 million debt for the employer. The longer the error stayed undiscovered, the worse it would have been.
Confidence is in the details
Our easy step-by-step process will check your payroll accuracy, compliance and timeliness, plus advise on opportunities to create growth
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Payroll review aims discussion
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Review and report writing
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Presentation and feedback
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Implementation and optimisation
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Granular errors and opportunities
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Administration and support
Doing payroll properly starts here.
Payroll must be forensically correct every single time. It is painstaking work without shortcuts. But doing it properly is how you uncover opportunities and move toward data-driven decision-making.
Getting started is as easy as getting in touch.
