WC CFO TheStrategicCFO#44 Online NZ Final - Flipbook - Page 1
Nina Hendy
CFO Magazine | Finance Journalist
Nina Hendy is an Australian journalist and content creator focused on business
and personal finance. Her work has been extensively published in the business and
finance sections of The Age, AFR, BOSS, The Sydney Morning Herald, Brisbane Times,
INTHEBLACK and CFO Magazine Australia / New Zealand.
Working from their kitchen tables, attics or garages, the pandemic has forced
finance teams all over the world to set up makeshift offices. Payroll teams
were thrown the ultimate test when the pandemic forced entire companies
into lockdown.
And while the scramble was on to keep
the corporate wheels turning, payroll
emerged as one of the most important
elements of keeping businesses on track.
Some companies thrived, but others
struggled to ensure their payroll system
provided the level of detail required
to manage and pay remote teams in
a timely manner. Enabled by cloud
technology, it is nothing new for the
team at Datacom Payroll, which has
been the payroll provider for thousands
of businesses across Australia and New
Zealand for more than 50 years.
The company develops payroll
solutions and delivers efficiencies and
value through cloud technology. It is
recognised as one of Australia and
New Zealand’s largest locally owned
IT service companies, has added 650
new jobs in South Australia on the back
of strong growth in recent months.
Payroll challenges
Datacom sales manager Ross Fodie says
businesses have faced new challenges
around how the pandemic impacted the
fundamental operations of companies
during lockdown. In many cases payroll
staff had to return to the office to ensure
staff were paid. Finance teams handling
payroll played a crucial role in guiding
and leading their organisations. But
lockdown revealed inefficiencies in some
companies as they struggled to maintain
staff records and pay workers in a
timely manner, Fodie says. It’s hardly
surprising.
Payroll and staff costs
are often the largest line
item in a company’s
profit and loss statement,
so it’s not a function
businesses can afford to
get wrong, he says.
”
As governments responded to the
pandemic with subsidies and new types
of leave, the payroll team’s role became
even more complex. Suppliers using
a cloud payroll system could respond
quickly with updated software, but
businesses who were not, had to install
and test these upgrades while dealing
with the complexity.
“The payroll function was put under
immense pressure as a result of new
complexity, difficulty accessing tools
and data necessary for their role, and
dependency on suppliers and IT for
support during a challenging time.
Many companies realised too late that
a reliable cloud payroll system was
a crucial element of running a company
as lockdowns continued for many weeks,”
Fodie says.
Now, as we return to the ‘new normal’
world we now live and work in, working
remotely should serve as a crucial factor
to companies considering how to step
up their operations in the event that
further lockdowns are introduced.
“We can see that as the economy
struggles, companies are putting an
even greater focus on the importance of
accurate and timely salary payments,”
he says.
CFOMagazine.com.au
