Payroll is vital to a company, as it is the key to compensating employees for their contributions to the company’s operations and generation of revenues. By following a payroll process flow, organizations can identify and mitigate risks related to compensating employees for the contributions related to company operations. For example, entering incorrect employee information into the system and making unauthorized adjustments to employee hours.
This payroll process flow focuses on the processes related to new hire, time capture, payroll, rate change, bonus, retirement plan and terminations.
This document should be used as a general guide to understand and review this business process. Organizations should customize this tool to ensure that it reflects their business operations and continuously monitor the process to ensure that the steps described are accurate.