Here’s a situation that might sound all too familiar: a company invests in a payroll system, expecting it to take care of payroll accuracy and compliance. Yet, despite their best efforts, mistakes slip through. This is more common than you might think—in fact, the Fair Work Annual Report revealed that over the past two years, businesses had to pay back more than $1 billion in wages to 635,000 underpaid workers. That begs the question: If everyone has a payroll system, why are we seeing so many costly errors?
At Workstem, we saw this problem and knew something had to change. So we set out to do payroll differently—to create what we call “the perfect payslip” for you, one that gets everything right the first time.
Today’s Payroll Challenges
The reality for most companies is that payroll is tangled up in a mix of different tools and systems. There’s one for onboarding, another for tracking hours, yet another for calculating pay. This patchwork approach doesn’t just add costs—it creates technical risk and makes it nearly impossible to keep up with Fair Work and ATO regulations.
One missed update, and suddenly a business is facing compliance issues and hefty fines.
- Too Many Vendors: Multiple vendors utilise a range of technologies that add cost, complexity, and technical risk.
- Regulatory Complexity: Fair Work and ATO regulations are difficult to begin with and change frequently, resulting in a significant compliance risk for businesses.
- Significant Compliance Costs: Despite existing payroll systems, Fair Work has collected over $1 billion in remediations over the last two years, proving that today’s systems are often inadequate.
How Workstem is Different
Workstem’s approach addresses these challenges directly by:
- Unified Platform: Say goodbye to outdated tech and patchwork systems. Workstem’s fully integrated platform eliminates technical debt and keeps you up-to-date without the hassle of multiple vendors.
- Full Compliance: With 156 Fair Work award templates and natural language tools for customising awards and built-in integration to Fair Work, Workstem ensures compliance, so you can rest easy knowing your payroll is accurate.
- Single Touchpoint: With Workstem, everything you need is in one place. From onboarding and rostering to time management and payroll, our mobile-friendly platform lets employees check rosters, swap shifts, clock in/out, request time off, and review payslips effortlessly.
Precision meets Payroll with Netsuite Integration
Workstem believes in a “perfect payslip” that focuses on three main areas: Onboarding, Workforce Management, and Payroll Compliance. They’re the foundation for creating a unified and reliable payroll system that you can trust. Here’s how it works:
- Onboarding: From day one, each employee’s record is set up accurately with award links, ensuring compliance and smooth employee self-service (ESS) for easy access to information.
- Workforce Management: Centralised tools for time tracking, rostering, leave, and award interpretation allow businesses to accurately capture hours and convert them into compliant gross wage files.
- Payroll Compliance: Workstem’s system is always updated to meet ATO mandates, STP-2, and superannuation requirements, ensuring payroll accuracy without the hassle.
Ready for Your “Perfect Payslip”?
With Workstem, you no longer have to worry about missed award rates or outdated systems. Contact us to learn more about simplifying your payroll and workforce management today.
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