NAVIGATING THE PAYROLL MAZE WITH EY EXPERTISE

In the current dynamic local and global environments, the task of handling payroll is increasingly complex for professionals in human resources, finance and payroll departments in most active and successful organisations – largely due to the rapid changes in employment legislation, tax codes and various other regulatory frameworks.

Outdated systems and fragmented methodologies – which typically rely on a multitude of vendors and platforms that lack reliability – result in operational inefficiencies, diminished oversight and a decline in the quality of services provided.

As companies transition to flexible and remote work arrangements, they encounter new challenges such as providing increased value amid evolving regulations, escalating expenses, the need for immediate data access, and the complexities of talent management and antiquated technology systems.

And as businesses venture into the local and international market, they encounter a host of complexities while navigating through payroll. Key challenges identified by EY’s experience as a payroll provider are as follows.

* Regulatory complexity: With most businesses entering new markets, the task of complying with diverse legal and regulatory frameworks is daunting.

* Limited oversight and management: Most businesses express dissatisfaction with their capacity to oversee and report on international payroll operations effectively.

* Disparate procedures: Few companies have succeeded in unifying payroll procedures across their entire enterprise, resulting in operational inefficiencies.

* Integration issues between payroll and human resources (HR): Active companies face difficulties in achieving seamless integration between payroll and HR systems.

* Excessive costs: An overwhelming majority of businesses believe that the value derived from their payroll solutions does not justify the expense incurred.

Tackling these challenges demands an active strategy and payroll operations leverage cutting-edge technology to assist companies in efficiently administering payroll. This results in boosting employee contentment, facilitating market expansion, optimising workflows and reducing expenses. Hence, payroll service providers should be adaptable and scalable.

With EY payroll services, the distinct advantage lies in the uniformity of its payroll offerings, delivered through a globally integrated platform overseen by a cohesive EY team. By integrating payroll with mobility, advisory, finance and tax services, the firm guarantees a streamlined, unified operation. The application of automation and machine learning further improves process efficiency and transparency.

Advancing payroll management: A harmonised payroll approach across geographies

EY’s uniform payroll methodology streamlines adherence to regulations in various countries, diminishing the likelihood of incurring penalties and audits. This cohesive system fosters local regulatory compliance while affording clients complete transparency and governance over their payroll functions.

Spanning from the initial stages of data collection and confirmation to the intricate phases of technical scrutiny and report generation, EY’s exhaustive process is designed to ensure both precision and promptness.

Prior to being dispatched to the client, each output is rigorously inspected, offering assurance and uniformity throughout international operations. This synchronised payroll procedure not only bolsters operational efficacy but also eases the management of payroll across diverse nations, freeing businesses to concentrate on their expansion ambitions without the stress of payroll complications.

The EY payroll services methodology

As an organisation, EY Sri Lanka has fully integrated the global operational framework utilised by EY member firms for payroll services.

Furthermore, it has strategically implemented the widely recognised PeoplesHR software platform from hSenid Business Solutions, approved by the EY-IT infrastructure backbone, to maintain consistency with international norms and practices in providing payroll services. This platform is crucial in ensuring that EY’s services are precise, dependable, and adhere to the specific legal as well as compliance requirements of Sri Lanka.

EY professionals in Sri Lanka manage a comprehensive range of payroll activities including the creation of payslips and reports, as well as the administration of salary increases, loans, reimbursements and transactions in multiple currencies.

The system’s compatibility with the company’s HR module allows for the automation of payroll functions, which streamlines operations and reduces the potential for mistakes. The inherent expertise of the system reduces the dependency on a large team of specialised personnel, delivering efficient and accurate services that align with both the company’s internal policies and mandatory legal provisions.

Integrated offerings for an all-encompassing approach

EY payroll services extend beyond mere payroll management to encompass a suite of business functions. Utilising advanced technologies such as automation, artificial intelligence and machine learning, EY strives to facilitate a comprehensive transformation of corporate operations.

Additional offerings such as EY TaxChat, EY Navigate and EY Mobility Pathway amplify a firm’s payroll functions, providing instantaneous reporting, in-depth analytics and stringent compliance measures.

With a network of EY specialists across more than 150 nations, the organisation maintains robust connections with tax authorities worldwide, enabling businesses to swiftly adjust to shifts in regulations. EY’s embedded governance mechanisms provide immediate visibility into possible discrepancies, allowing companies to remain compliant while boosting their operational effectiveness.

Companies need payroll solutions that are not only responsive to local nuances but also in sync with international benchmarks.

The EY teams in Sri Lanka are dedicated to harnessing sophisticated technology, uniform practices and cohesive services to create frictionless payroll experiences. This empowers its clients to grow, refine their processes, and confidently navigate and shape the future.

– Compiled by Yamini Sequeira

COMPANY DETAILS

Telephone: 0777 718392 | Email: praveen.ruberu@lk.ey.com | Website: www.ey.com/en_lk