For many businesses managing payroll can be an onerous task and one that many outsource to allow them extra time to focus on their core business activities.
Our payroll director, Julie Mason, has put together her top 5 practices for efficiently managing your payroll.
1.Choose the most suitable software
Being in the 21st century there are many different software and processes available which can assist with efficiently managing payroll. Using a suitable software for your specific payroll requirements not only ensures there are less errors, but can also save you huge amounts of time.
2.Ensure you are up to date with the latest regulations
It is crucial when managing your payroll to stay up to date with the latest tax regulations. With changing tax laws, it is important you remain compliant with the latest legislation and update your system on a regular basis to avoid any potential penalties.
3.Ensure employee records are kept up to date and all deadlines are met
Employee information within your organisation can often change when things such as marriage, job titles, or other details are updated. It is important that you regularly update any existing records to match the employee’s current information. Ensure that all aspects such as any personal details or salary updates are continually checked and updated accordingly. Also, it is important that you ensure deadlines are met. There are numerous deadlines in just one pay cycle and missing just one of those could impact the employee’s individual circumstances, incur penalties for the company and also spark unrest in employee engagement.
4.Offer training and support for security within your payroll team
When dealing with payroll, you are dealing with sensitive and private data. It is crucial that your payroll team understand the importance of compliance and security. Carrying out regular training can help avoid potential mistakes or reputational damage to your company.
5.Ensure you are adhering to data security
Payroll information is highly confidential as it includes sensitive information such as bank information of employees. Ensure you have secure systems in place such as encryption to avoid any unauthorised access to systems.
If you wish to discuss any of the above matters in further detail, chat through your personal circumstances or would like to explore the possibility of outsourcing your payroll, please get in touch with Julie Mason, director of payroll at PM+M using the button below.
