While payroll operations may not be considered a critical function to drives sales, it can derail your business if not carried out properly. Payroll issues are complicated for a modern business. Calculation errors, omissions and late filings can incur substantial costs. Security risks include identity theft, embezzlement and fraud.
Tricor's expert teams can advise on how to optimise payroll functions, and how to improve internal controls and policies. We help our clients strengthen their organisation capabilities and streamline their internal processes, while making sure they comply with internal policies and national or international regulations.
Even with trusted employees, there is always a risk of misconduct leading to theft or embezzlement of funds for personal gain. Dishonest bookkeepers can steal money by creating fictitious employees, continuing payments or benefits for employees who have left the company, unauthorised modification of employee records, collusion and improper verifications or calculations. Smaller businesses are particularly vulnerable to these types of fraudulent activities.
Payroll health checks help to detect and prevent payroll fraud. Outsourcing payroll operations mitigates risk by offering foresight into emerging risk issues. Tricor can generate comprehensive audit and analytics reports and effective control systems to prevent and detect misconduct. Payroll outsourcing provides a channel for whistleblowing and allows the implementation of strict monitoring to achieve higher degrees of control.
We seek out only the best and brightest in the industry who share relentless passion for service excellence. Our commitment to excellence has been garnered worldwide recognition, most notably from HR Vendors of the Year 2018, at which we won the following awards:
- Best Payroll Software (Gold) - Hong Kong SAR
- Best Payroll Outsourcing Partner (Silver) - Malaysia
- Best HR Outsourcing Service Provider (Bronze) - Malaysia
- Best Payroll Software (Bronze) - Singapore
Tricor can provide a dedicated payroll specialist or team to conduct a health check on your present or past year's records, closely examining areas where errors and omissions are likely to occur, including:
- Monthly payroll records
- Wage and relevant income items classification
- Payroll, MPF and statutory entitlements (713) computation
- Treatment of taxable items
- Compliance of the statutory filing (MPF submissions and IRD reporting)