10 years ago, Congress passed the Sarbanes Oxley Act. For publically traded companies, it mandated Top Management oversight of operation that affected financial status of the company, and the reporting thereof. Policies and procedures are one benchmark used by auditors to ensure compliance with this Act.
Even if you’re not publically traded, it makes good sense to have policies and procedures for your payroll department. If done right, they can ensure consistent and timely processing of all payroll information, compliance with laws and regulations, promote efficient training and much more. Let Mark evaluate your use of these, or help create them for your and top management’s peace of mind.