Many businesses lack the expertise or technology to manage payroll effectively. If finance staff is not trained properly or you are using outdated methods, you may find that mistakes are being made or that you are missing deadlines left, right and center. If so, try following these five steps to master your payroll.
Keep excellent records
It can be tough to keep track of every staff member’s holiday, sick pay, maternity and paternity pay as well as standard daily wages. It is essential that you keep detailed records in order to get this right. If those in charge of recording and implementing data are feeling overwhelmed, there is software available that can make the job easier.
Track time effectively
For a business that relies on timesheets to keep track of the hours, the staff is working, it can be extremely time-consuming to keep the accurate electronic records needed for good payroll practice. Time and attendance applications can take some of the hard work out of the process and ensure greater accuracy.
Stay on top of your taxes
Your employees may forgive the occasional mistake or late payment (although don’t count on it!), but HMRC won’t be so understanding. Again, it is vital that you keep detailed records, ensuring your tax liability is paid accurately and on time. This can be a tedious and long-winded process, and if it isn’t managed well it can lead to costly penalties. Automating your tax filings can help to avoid errors and keep you up-to-date with the latest legislation.
Avoid overloading staff
If the person managing your payroll has 30 other responsibilities they may be struggling to juggle them all. Payroll needs to be precise and completed at the right times, so make sure those in charge have the time and support they need to get it done properly. If you don’t have a member of staff who can dedicate enough time to payroll, it may well be worth outsourcing to a specialist payroll company.
Get the help you need
As payroll legislation is constantly changing, it can be difficult to stay on top of it and continue to run your business successfully. It is often simpler, faster and more cost-effective to outsource payroll to a reliable, experienced payroll provider who can take all the hard work out of the process for you. Cintra Payroll Services can take on all or part of your payroll, ensuring that your staff is paid accurately and on time and that you meet your tax liabilities.
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