25 Jun 5 payroll tips for small business owners
Payroll can be a top concern for small business owners, after all it needs to be correct and employees need to be paid on time. If your business payroll causes you major headaches any time a run is due, follow these simple tips to make the procedure easier and more simple.
1. Respect your deadlines
Respecting payroll deadlines by putting aside sufficient time to input data will make the task much less stressful. Calendar reminders informing you of any accounting deadlines could help you meet your deadlines better.
2. Invest in good payroll software
Buy the best type of payroll software to suit your needs and ensure the entire payroll process is automated, including payslips, legislative changes and end-of-year returns. Good payroll providers will also ensure client support is available in the event of any mishaps occurring when running your payroll.
3. Enter employee details correctly
Take time to set up all new employees correctly by double checking all start dates, addresses, birth dates, etc. Any mistakes made at the outset are likely to lead to problems further down the line, so it’s worth taking your time over this critical aspect of payroll.
4. Ensure business cash flow is optimised
Keep on top of all payments due to your company, by chasing invoices promptly and setting up a reliable credit control system. Always ensuring there’s sufficient cash in the bank will reduce any possibility of payroll disruption due to insufficient funds to pay wages.
5. Monitor legislative changes
Changes in legislation can have knock on effects on payroll, so it’s important to keep abreast of any regulations which could impact on statutory benefits or taxes. You can find out this information on the UK government website, although a good payroll provider will take account of any legislative changes and ensure software is updated accordingly by due dates.
If payroll concerns really do impact in a negative way upon your business operations, you could consider outsourcing your payroll to a competent supplier. This will take away all the associated hassles and ensure you can focus entirely upon the smooth operation of your business.
SQK Accountancy provide cloud accountancy and VAT services to small businesses. Get in touch for more information.