Business owners know that it is their responsibility to ensure their employees are paid on time, as timely payments can boost productivity and increase morale. However, managing payroll can prove difficult for growing businesses. A business might have to start dealing with different tax bands, deductions, bonuses, sick pay and maternity pay, and so much more. Payroll is further complicated by more employees working from home. It is therefore not surprising that many business owners eventually reach a point where they need to manage their payroll better. Here are some tips that can help you better manage your payroll process.
Getting and staying organised will save you a lot of headaches when payroll comes around. A good way of staying organised is having everything to do with payroll listed on a payroll calendar. Doing this can help you track important dates such as when payroll taxes are due. Also, ensure that you list all internal deadlines that come before the due date so you can complete all the tasks that are required before the due date arrives.
Use Software to Track Employees
Keeping track of your employees can help you ensure they are getting compensated properly and decide if they are entitled to bonuses or commissions. Keeping track of your employees can also help you eliminate over and underpayment. Although tracking your employees and their current status is easy for smaller businesses, it can be a monumental task for businesses with over 150 employees. Software can be used to record an employee’s working hours, whether they are on maternity or paternity leave, are taking a sick day, or need to be paid for working overtime.
Let the Experts Handle It
Because payroll legislation is always changing, e.g. there are currently 174 pieces of legislation that directly affect payroll turning to the experts to help manage your payroll can help you stay compliant while ensuring you are doing right by your employees. Outsourcing to such a firm affords you several benefits including helping to cut costs, helping streamline your payroll process, saving you time and making payroll more transparent by giving you access to easy and quick reporting.
Firms in the UK, as well as overseas businesses that have a presence in the UK, can outsource their payroll to accounting firms. You will find that accounting firms have a dedicated team of professionals who can help you ensure that all payments and deductions are processed correctly. They can give you a portal through which you can access payroll data, offer end-to-end management of your pension scheme, ensure the security of all your company’s data, and a lot more. To see how your business can better manage its payroll, you can check out azets.co.uk as an example. There, you can also learn of other services they offer including accounting, audits, tax advice and compliance, business advisory services and many others.
Streamline Your Payroll Process
If you do not outsource payroll management, you should streamline your internal payroll processes and procedures. Every person handling payroll has their own way of doing it and, if they leave, their replacement will have a hard time getting up to speed. This learning curve can lead to delays or bottlenecks in the system. Ensuring that everyone who handles payroll uses a similar system ensures that their replacement can get up to speed faster, thereby making your payroll process a lot more efficient.
Payroll management is an important and sensitive part of a business owner’s responsibilities. If done right, it can save the business time and money and ensure all employees are happy. However, it can reduce productivity, kill morale and lead to fines and lawsuits if not done right. It is therefore imperative that every business owner or manager finds a way to ensure payroll is done right at their business or company.