Payroll Procedural Audits
OperationsInc Identifies Gaps in Client’s Payroll Workflows and Improves Efficiencies
- A Manhattan-based financial services firm had concerns about their payroll team’s processes and efficiencies.
- Payroll processing seemed to take a large amount of time, and leadership within the organization was concerned that there were gaps in process and workflows, including failure to fully utilize payroll technology functionalities.
- The client chose OperationsInc as their partner to conduct a Payroll Procedural Audit based on our extensive experience conducting audits of this nature and our knowledge of their payroll technology system of choice.
- Our team shadowed a payroll processing cycle, working with the client’s payroll team to understand current procedures and practices.
- From there, we assessed each step in the process, identifying inefficiencies, redundancies, and gaps related to information gathering, automations vs. manual interventions, system integrations, etc.
- Processes and practices were further reviewed to lessen the likelihood of errors, both human and system generated, which had been a past problem for the client.
- Our team also created several customized reports for the client to streamline reporting processes and providing increased transparency in this area to better identify any issues or discrepancies.
- Once issues were identified, our team worked with the client to address gaps and provide a road map for next steps.
- Several critical issues were uncovered during the audit process, including incorrect tax setups, gaps in new hire onboarding, and failure to utilize connections between systems.
- Updated payroll procedures were formally rolled out to the client’s teams to ensure that gaps identified during the audit would no longer occur.
- Payroll processing times were greatly reduced, as were errors that had previously plagued the client.