Making sure the employees that are important to your business get paid on time and in full is a priority for every company, regardless of its size, shape or niche. If you are however tackling payroll for the very first time, the process can be a real learning curve.
First time employers have several boxes to tick to ensure their newly hired employees are satisfied and stay with them for the long haul. With more than 30 years of experience providing accounting services to organisations big and small, our expertise in payroll management has proved invaluable to our client base.
If you’re a first time employer, you’ll want to read the following tips for payroll success.
- Understand your responsibilities as an employer
Making the leap from a one-man-band to an employer isn’t easy. You’ll have a long list of responsibilities to fulfil to ensure your employees are well cared for. When it comes to payroll, it’s your duty to make sure the payroll is created, submitted and managed correctly so your staff can be paid in a timely, accurate manner.
- Maintain precise personal records
As an employer, you are responsible for recording the hours your employees work and enabling them to access any applicable entitlements. That’s where the maintenance of accurate personal records comes in.
Information such as an employee’s address and tax code are essential when processing payroll. You’ll also need to record your employees’ holiday entitlements, absences, and maternity or paternity information.
- Keep up to date with the legalities
There are many guidelines and regulations that influence how payroll is managed and processed, including rules on payroll, workplace pensions and statutory payments. It’s up to you to keep up with the latest legislation.
Developing your own internal payroll policies will help you cultivate a culture that’s compliant and cohesive within your workplace.
- Go electronic with your payroll
The shift to digital can make a positive difference to your company and its payroll. The right payroll software can help you distribute electronic payslips, keep audit trails, and submit and process payroll information on time and in full.
- Get help from the professionals
Remember, you don’t have to manage payroll alone! By choosing us to deliver a fully managed payroll solution, you can save time and money, without having to invest in specialist IT and payroll staff in-house.
We also make it our mission to stay up-to-date with the latest government legislation so you don’t have to.