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Client Background

Industry:
Financial Services
Location:
New York, NY
Joined OperationsInc:
2017
Employees:
75

Payroll Procedural Audits

OperationsInc Identifies Gaps in Client’s Payroll Workflows and Improves Efficiencies

OVERVIEW
  • 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.
Solution
  • 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.
OUTCOMES
  • 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.