In our first (!!!) webinar, our very own Ozoemena Nnamadim & Dickey Comeaux delved into the critical aspects of effective payroll and benefits management in education organizations. They emphasized the importance of proper segregation of duties, accurate timekeeping, and regular reviews of payroll records with financial statements. The discussion highlighted the potential consequences of payroll errors, including penalties and financial losses, and stressed the necessity of clear policies, trained employees, and robust reporting mechanisms for risk management and governance.
Due to technical issues, the original live recording was damaged. However, Ozoemena Nnamadim has re-recorded the entire presentation to ensure you don't miss out on any valuable insights. Watch the full webinar below!
Key Takeaways:
Segregation of Duties: Ensuring that responsibilities are divided to prevent fraud and errors.
Accurate Timekeeping: Maintaining precise records for payroll calculation.
Regular Reviews: Conducting routine checks of payroll records against financial statements.
Clear Policies: Implementing documented procedures and effective risk management practices.
Employee Training: Ensuring staff are well-informed about payroll processes and compliance.
Common Risks Addressed:
Fraud risks such as fictitious employees and falsified timesheets.
Data accuracy issues stemming from improper data entry.
Data security risks related to access controls and IT security.
Questions Explored:
How can small organizations segregate duties effectively?
Do payroll controls apply universally to all organizations?
Who bears liability for miscalculated benefit deductions?
Thank you to everyone who joined us for this insightful session! Stay tuned for more of The Suite Talk!
Comentários