Have you ever considered having a health check carried out on your payroll records?
Did you know that the Revenue Commissioners collected €26.44 billion in PAYE/PRSI/USC in 2017 and the yield from audit and compliance interventions in 2017 was €491.9 million? How confident are you that your payroll calculations are correct and should Revenue carry out a PAYE audit that there would be nothing to find?
There is more to payroll than paying your employees on time. While many payroll professionals have complete faith in their payroll software, there are payroll calculations that must be prepared outside of payroll software which must adhere to strict legislation. As payroll calculations are largely repetitive in nature, your organisation may benefit from having a payroll health check carried out to ensure that everything has been calculated correctly!
Benefits for your business:
Knowledge that your payroll records meet Revenue’s expectations
Assurance that your payroll calculations are in line with current legislation and practice
Confidence in your payroll personnel that the work they carry out is correct
In advance of the payroll health check information regarding the business will be requested for a selected period of time to include:
History of business
Number of employees
Expenses and tax free payments
Benefits-in-kind – fixed asset register, log books and licencing certs for each company vehicle, membership/subscription invoices paid on behalf of staff, medical insurance premiums, etc.
Administration process for starters, leavers etc.
The health check will be carried out onsite by one of our specialised team to include:
Review of payroll administration
Comprehensive review of payroll processes in a given payroll period
Check of payroll calculations with particular focus on requested areas
Areas of improvement will be identified and advised upon
Close out meeting with payroll personnel to discuss the findings or a written report, if required