In this episode, Chris brings in LACE Payroll specialists Simon Puryer and Chris Kirby to discuss the payroll fundamentals you need to get right.
What factors contribute to payroll’s complexity?
The discussion starts with defining the basics in payroll, emphasising accuracy and timeliness in payments. Payroll’s complexity can be attributed diverse absence schemes and evolving global legislation. They stress the importance of understanding end-to-end processes and advocating for simplification where possible. Despite the challenges, Chris and Simon highlight the passion within payroll teams and the necessity for continuous improvement.
The conversation then shifts to the impact of tax year end, where heightened pressures magnify existing issues. While immediate fixes may be necessary during this period, the focus shifts post-tax year end to reflection and long-term solutions. The importance of technology, data, and process optimisation is emphasised, along with the need for a supportive operating model.
What should be the role of payroll professionals?
Their role should be in articulating the complexities to the broader business and advocating for their importance. They underscore the need for payroll to have a seat at the table alongside finance and HR due to its critical function in employee satisfaction and regulatory compliance.
Finally, they touch on the ongoing challenge of legislative oversight and the necessity for collaboration within the payroll community to address common issues. Listen now to learn why it’s important to have the payroll basics right and why you should start thinking beyond the next tax year.
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