Yellow Canary streamlines superannuation compliance with AI enhancement
The superannuation and payroll compliance software provider has launched an AI-powered compliance tool, which streamlines detection of superannuation anomalies and liabilities, and management of late payments.
Yellow Canary has launched a new tool aimed at solving superannuation late payment and liability issues
The software firm noted that the process of resolving superannuation anomalies can be a complex task.
Finance leaders are tasked with the jobs of ensuring accuracy in superannuation guarantee (SG) payments, managing super guarantee charge (SGC) liabilities on their accounts, and effectively overseeing late superannuation contributions.
To aid in this process, Yellow Canary has developed a software tool to help finance leaders meet superannuation obligations more efficiently.
Founder and managing director of Yellow Canary Marcus Zeltzer said the AI solution will make a difference to superannuation processes for finance teams.
“Conventional workforce compliance methods and many payroll software solutions often fall short in handling the complexities of superannuation,” he said.
“To meet the growing compliance demands, finance leaders can leverage automation and AI solutions to accurately monitor superannuation guarantee anomalies and liabilities, reinforce balance sheet accuracy and streamline adherence to super obligations.”
Yellow Canary said the tool will provide a complete solution for SG liability provisioning, SGC statement submissions to the ATO and manage late superannuation payments.
The AI-powered tool will enable finance leaders to quickly calculate and compare offset and carry-forward strategies for late payments, select the most cost-effective option and automatically generate SGC statements for both methods.
With this new development, Yellow Canary said they hope to reduce penalty risks and improve efficiency in the management of the financial impact of late payments.
Along with the processes of resolving superannuation anomalies and the management of overdue superannuation contributions, Yellow Canary said having to adhere to the ATO regulations also adds to the difficulty faced by finance leaders.
“Navigating these challenges can be tough without adequate tools, as delayed payments can result in mounting SGC liabilities,” the company said.
“Superannuation non-compliance can quickly escalate with just a small shortfall compounding into a significant financial burden.”
According to Yellow Canary, recent advancements in automation and AI such as their new tool offer robust solutions for navigating these complexities.
By integrating these tools, finance leaders can minimise errors, enhance operation efficiency and focus more on strategic goals, said Yellow Canary.
Zeltzer said the company is leading the change in leveraging AI based after having reviewed over $70 billion in wage and entitlement spend across 100 wage remediation projects for major Australian employers.
“By integrating advanced AI, we offer real-time insights into the root causes of superannuation underpayments, enabling ongoing compliance and helping finance leaders stay ahead of challenges,” he said.
