Payroll is perhaps the most important component of human resources department, but payroll suffers the stigma of being a low-profile, back-office function of human resources department.
Leaders often forget the importance of payroll in attracting and retaining the most fundamental asset on their organisations : their employees.
Sometimes payroll professionals have limited knowledge of payroll and the function it plays, and they don’t know in which part should it be, if the human resources department or the finance department. Even they don’t think that payroll could be operating as a standalone function. However most organisations still continue to undervalue and overlook the importance of payroll, pointing out that a small error could cost a business a large amount of money.
What payroll requires is a high level of accuracy and determination, and not every payroll system works similarly, we should do an audit log to track the changes done.
Payroll identifying your company
Payroll helps building a strong identity for your company, the role has expanded its value providing advice to business unit leaders and business partners, in strategic decision-making. Now the payroll systems are more than everything that has to do with the payment of employees and the filing of employment taxes.
Payroll professionals have a bigger role to play. The way payroll professionals can increase their credibility is having the advice and support of accounting consultants experts, with them, the payroll will be easier and they will provide relevant information like:
- The cost of each employee in each country
- The money it costs to employ a person in another country
- Advice on labour matters and studies
- Other useful and important information for the organization