Payroll costs are a significant cost for most Entrepreneurs. What type of internal controls have you established over the entire payroll processing process?
Some of the questions to ask – who sets up new employees, how are pay rates established and changed, who approves hours worked, is there a process to authorize overtime, who reviews payroll, is payroll reconciled, how are paychecks distributed?
Establishing internal controls over payroll processing is necessary to control this significant cost area.
Ravi Patel