Auditing payroll process: A step-by-step guide
Payroll audits are essential for the smooth operation and long-term success of any business. They serve as a systematic review ensuring that payroll processes adhere to legal requirements, which helps in minimising costly errors. Without regular payroll audits, companies might face serious issues such as payroll fraud, legal penalties, and employee dissatisfaction. By conducting routine […]
Payroll risk management strategies for Sri Lankan companies
In the dynamic business landscape of Sri Lanka, effective payroll risk management is an imperative aspect for companies aiming to secure their compliance and bolster financial integrity. Payroll processes encompass various complex elements, making them susceptible to risks such as errors, fraud, and non-compliance with local labour laws. Errors in payroll can originate from misclassifications, […]
Payroll audit checklist template for Sri Lankan businesses
In the dynamic business environment of Sri Lanka, payroll audits have become an indispensable practice for companies striving to maintain seamless operations. Payroll errors can lead to significant discrepancies, impacting both employee satisfaction and regulatory compliance. This is where audits come into play, acting as a crucial measure to verify the accuracy of payroll data, […]
Payroll audit and risk management: The definitive guide
In the dynamic world of business, payroll audits stand as a crucial mechanism to ensure financial integrity and operational efficiency. A payroll audit is a comprehensive review of your company’s payroll system, which is vital for maintaining accurate records and ensuring compliance with ever-evolving labour laws. The role of payroll audits Payroll audits help in […]
Understanding payroll compliance and regulations
Payroll compliance refers to adhering to the myriad of laws and regulations governing payroll processes in a business. This includes maintaining accurate and legally compliant payroll practices to safeguard against financial and legal repercussions. For businesses, payroll compliance is not just a legal obligation but also crucial in fostering trust among employees by ensuring they […]
Payroll strategies for small businesses
For small businesses, managing payroll can be one of the most daunting administrative tasks. Unlike larger corporations with dedicated payroll departments, small businesses often juggle numerous responsibilities, making payroll management a significant challenge. Incorrect payroll handling can lead to compliance issues, tax penalties, and unhappy employees, which no small business can afford. Effective payroll management […]
Best payroll practices: A comprehensive guide
Robust payroll practices are essential for organisational success. Mastering best payroll practices not only ensures seamless payroll operations but also enhances trust and transparency within the organisation. Why do payroll practices matter? For starters, they streamline operational processes, mitigating the risk of errors and non-compliance with local and international labour laws. Such efficiency in payroll […]
Creating an effective performance management process
Performance management is a strategic approach that integrates the dynamic process of goal setting, feedback, and evaluation to align individual objectives with overarching company goals. When implemented effectively, performance management serves as a robust framework that propels both employees and organisations toward mutual success, enhancing productivity and engagement. Performance management is not just about annual […]
Understanding the employee lifecycle for better HR management
Employee lifecycle management is a comprehensive approach to managing the various stages of an employee’s journey within an organisation. This concept is pivotal in modern HR management, ensuring streamlined operations, enhanced employee satisfaction, and improved organisational outcomes. From attracting talent to seamlessly transitioning them into the organisation, employee lifecycle management covers it all, fostering a […]
Employee data management: Ensuring compliance and efficiency
Employee data management is a critical function within modern Human Resource (HR) departments. This process involves the systematic collection, organisation, and storage of employee-related data, which is essential for efficient human resources (HR) operations and compliance with various regulations. With data management practices becoming increasingly important, HR and compliance officers are focused on ensuring both […]
