5 Steps to Streamline Payroll Management

Streamline Payroll Management

Managing payroll is essential for every business and regardless of your company’s size or niche payroll can cause a real headache for all involved! Taking on new staff members should be positive experience, however, the daunting task of crunching numbers and paying staff on time and within the law can drive many business proprietors mad, especially as your company grows.

Here we have compiled five steps to streamline payroll management for companies of all sizes…

Concentrate on keeping accurate records

Organising your payroll records and keeping these essentials complete will help you or any accounting professional to make sense of your current payroll system. Ensure you have all the necessary information for each of your employees such as tax codes, deductions, overtime, bonuses and salary details. Keep all this information in one place to make it easier to keep tabs on who gets paid and by how much.

When it comes to keeping accurate records, it is all about one thing – detail! To ensure payroll information is processed correctly, take note of staff start dates, up to date addresses and dates of birth.

Keep deadlines in mind

There are a number of important deadlines that every business owner must be aware of to process payroll successfully. As well as your own pay dates, you must take note of accounting deadlines and employee returns to ensure you are compliant with the latest legislation.

Play by the rules

There are continuous changes in payroll legislation in the UK, and keeping up to date with the latest laws and guidelines will ensure your payroll is processed in full compliance. Keep informed about benefits and tax changes or alternatively enlist a professional that does to make sure your business is clued up on new employment laws.

Fine tune your finances

Implementing a seamless financial strategy and evolving this as your business grows is an essential part of business management. Payroll is just the beginning of honing a scalable and successful financial plan, so make sure the rest of your financial procedures fit the bill to prevent cash flow problems. Your invoicing system is also a vital part of the package and taking the time to invoice promptly and professionally, and follow up late payments will ensure your financial future is protected appropriately.

Call in the professionals

Here at Hurren Accountants, we offer a number of payroll services for both small and large businesses throughout Whitley Bay, Newcastle upon Tyne and beyond. Our professional payroll services not only provide a fully managed solution but also allow business owners to harness personnel and technology savings, minimise legislation issues and ensure a convenient payroll process that works for everyone involved.