The payroll system in Australia is notoriously complicated as it entails much more than merely paying your employees. Payroll covers a variety of topics under Australian law, including hiring and firing, wage entitlements, leave entitlements, and incentives just to name a few.
Australia has both State and Federal legislation that affects companies and workers, making compliance much more difficult for employers. As a result, hundreds of employers are paying fine each year for failing to comply with Fair Work regulations.
Your payroll staff works tirelessly to reach deadlines and avoid hefty fines and a tarnished image due to bad practices. Payroll Compliance can be exceedingly difficult to achieve without the right structures and technologies in place. That’s why we’ve compiled a list of five ways to streamline the payroll processes and ensure compliance.
1.Use An Integrated Awards System
Your payroll solution should relieve your payroll team of the responsibility of enforcement. It should be simple and automatic to determine each employee’s entitlement under the applicable award according to the working hours.
Microsoft Dynamics 365 Payroll, an all-in-one software solution, calculates compensation based on built-in pay laws that are up to date with Fair Work’s latest revisions, as well as time and attendance data collected from our all-in-one platform. This reduces the chance of non-compliance and saves your team time – and headaches.
2.Automate The Annualized Salaries
Fair Work implemented new annualized salaries 2021 requirements last year which contribute to the long list of enforcement issues that companies must deal with as part of their payroll process. Employers will ensure that salaried employees are not underpaid if an award has been in place at some point during the year.
The built-in annualization feature in Dynamics 365 Payroll lets you evaluate past timesheet data from every employee, then costs them against the award you want – a perfect tool for ensuring you haven’t underpaid salaried workers and avoiding wage theft claims.
3.Use A Self-service Solution
The data that flows from the workers to payroll must be reliable and current. One erroneous piece of information could set off a cascade of errors, leading to non-compliance.
All-in-one employee management tools, will help with this. Through a self-service mobile app, your employees can update their personal information as needed, eliminating the need for your payroll team to track them down if their bank account information or address changes.
Employee self-service saves time for the payroll team by eliminating the need to wait for pending details and allows for real-time changes, ensuring consistency and simplifying the process.
4. Say No To Manual Data Entry
In payroll, manual data entry leaves space for mistakes, which can take a long time to track down and correct. Thankfully, with the right automated systems in place, these failures can be easily avoided.
You may say goodbye to complex validation tests or manual data transfers by automating the transfer of data from rosters and timesheets to payroll for processing, reducing the risk of mistakes and non-compliance. You can achieve all of it through one seamless system with Payroll Dynamics 365. It will also be further reducing the risks relevant to data transfer from system to system.
5.Consider Payroll Outsourcing
Outsourcing Payroll is a smart way to keep payroll activities compliant at all times. Expert payroll companies, such as DHRP’s in-house team, can manage compliance for you. It will enable you to concentrate on other aspects of your company while confident that your workers are getting compensation on time.
Bottom Line
If you’re looking for a payroll partner, make sure they have a local team that understands Australian companies’ needs. They must have a thorough understanding of modern awards, ensuring that you receive the best of the best in terms of expertise. So, we at DHRP can confidently provide you with the best of Dynamics 365 Payroll Integration.
