5 Ways to Protect Your Payroll

Making sure your employees are paid correctly and on time is one of the most important things about running a business. If you fail to do this, you might find yourself facing legal complications, as well as breaking the trust of your staff and losing their respect.

 

Therefore, making sure that your payroll system is not only efficient but also well-protected, is vital. The information on your employee’s payslips is confidential and if it falls into the wrong hands this could be disastrous for them and your business. To avoid potentially devasting incidents, think about these five ways you can make sure your payroll information is protected.

 

1.    Limit Access

Limiting access to your company’s payroll system and information is the first step. By having a select number of people working on these systems and inputting the data, it is a lot easier to manage the security. If there are any discrepancies in the accounts or payslips, there will be fewer people responsible for the issues, therefore making it easier to resolve. It’s best to have three to four people involved in your payroll system, as this is a small number of individuals, yet enough to make sure that there are no mistakes or accidental breaches that might happen if only one or two people had access to the system.

 

2.    Software

Having the latest payroll software installed is another useful way to keep your records safe. They are more likely to have advanced security systems in place than older programs and are usually easier to use than previous systems. For example, peoplexcd.com have developed their payroll software to make it easier to pay employees on time, manage pensions and reward schemes as wellas automating calculations to help reduce processing time. If it’s easier to use there is less room for mistakes and with a cloud-based system there is better security in place.

 

3.    Change Passwords Regularly

It sounds like an obvious point, but you’d be surprised at how many people don’t change their passwords regularly. When it comes to working with sensitive information like that on payroll programs, it is essential that you are changing these passwords at least once every three months, if not more. They should never be too similar or simplistic and, of course, never shared with anyone who is not authorized to use the payroll systems.

 

4.    Regular Audits

These checks are useful to make sure that any anomalies or discrepancies are caught as soon as possible. You can run these checks yourself, but you must be also having regular checks with independent regulators. Keeping on top of these records not only helps you to manage payroll more efficiently, but it reduces the chance of any financial misconduct or other issues arising.

 

5.    System Updates

Finally, make sure you are keeping uptodate with your software. Any programs you will have installed will notify you of updates that are required, and to make sure you’re not missing out on vital security enhancements, make sure you are updating your systems regularly.

Keep your payroll protected and use these five tips to help you achieve this.

 

Time Business News

IFGICT

time_business_news_tbn_publish_with_us