Managing Risk

OnepayHR is the Right Risk Management Solution For You.

Apart from the expense of salaries and wages, businesses must invest a considerable amount of time, effort, and resources to manage the planning, processing, and delivery for payroll and HR. In addition to these planned administrative expenses, payroll processing errors are particularly costly and approximately evenly split between overpayments and underpayments. Not surprisingly, overpayments are often not reported. According to the American Payroll Association, the errors that are reported can account for up to 2 percent of the total payroll for U.S. businesses.

Dedicated resources and incorrect payments represent some of the obvious costs of inefficient payroll management. A hidden and even greater cost may be the business risk associated with payroll errors, especially in the current regulatory environment. Businesses need a platform that enables strict compliance with the U.S. Sarbanes-Oxley Act and Canadian Bill 198 regulatory and reporting requirements. Accuracy is essential, as is the ability to document everything thoroughly in the event of an audit.

At the same time, businesses need the flexibility to accommodate complex workforce challenges—ranging from last-minute exceptions to corporate reorganizations, tax obligations, to managing your workforce that has multiple jobs, multiple locations and multiple requirements. OnepayHR will help your company effectively manage this process with technology that can connect information across the entire company and automate best practices. Your business can then smoothly and efficiently handle changing demands, forecast the business impact of planned changes, maintain accountability for tax obligations and other financial reporting requirements, and deploy resources more effectively.