![]() ![]() Misreporting payroll information to tax or social securities can also lead to significant fines, including criminal charges against and the imprisonment of the company’s directors. For example, a data privacy breach in the course of handling employee payroll information can result in heavy fines under the new GDPR rules introduced in the EU on May 2018, up to 2% of revenues or €10 M whichever is larger. ![]() Risk of Non-Compliance: Another risk in payroll is non-compliance.Just knowing that payroll operations are being tracked for auditability will deter fraudulent behavior. approvals) and systematic tracking that these are being followed in the local payroll execution. A global payroll solution helps to establish strong operational controls that mitigate the risk of fraud: consistently defined processes (incl. The median duration of payroll fraud is a shocking 30 months, the highest duration of all fraud schemes, which shows that payroll fraud often runs undetected for a long time. Risk of Payroll Fraud: A recent study by the ACFE (Association of Certified Fraud Examiners) found that the occurrence of payroll fraud ranges anywhere between 2-22% across different industries.Factors for the Business CaseĪ number of different factors should be considered in a well-defined business case for a global payroll solution: In the following, we will outline each factor and we will then calculate a sample business case for global payroll. ![]() ![]() So how do you build a strong business case for a global payroll solution? There are a number of different factors to consider. How do you convince your management that a global payroll solution is worth the investment and effort? Creating a compelling business case will be important to make the argument for a global payroll transformation project to your management and to get support from key decision-makers. But rolling out a global payroll solution will cost money and requires time and effort from you and your team. You are personally convinced that it will create significant benefits for you and your team: more streamlined processes, better visibility, and controls into the execution of your pay cycles, improved fulfilment of compliance obligations, easier and faster generation of required management reports. So you manage a payroll function and you want to introduce a global payroll solution. ![]()
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