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Accountants often find client payroll and accounting can be challenging. By taking time to plan and review your client’s current operations, you can identify potential areas for improvement, help clients plan for the future, and create new processes to help simplify your client payroll and ensure client success.
Payroll teams are trained to spot inconsistencies or problems in the payroll process and correct issues right away. But payroll compliance can be a different story – it’s not always easy to see when there is a compliance issue that could cause problems down the line. So how can you improve compliance in your payroll process and ensure your company is not at risk? Annual payroll audits can help to identify potential issues or areas for improvement to avoid penalties for non-compliance, but where do you start?
According to The British Chamber of Commerce, employers are faced with an average cost of £8,500 when they have to defend themselves against an employment tribunal claim.
However, even if the employer wins a case, the legal costs are rarely recovered.
Payroll and HR operations impact the entire organisation but can often be ignored when it comes to making improvements to the process. Efficiencies between teams get overlooked, creating duplicate efforts and potential complications. Restructuring your payroll and HR processes not only simplifies company operations but can uncover inefficient or redundant efforts across the organisation that impact payroll, HR, and compliance.
If you’re employing people, you must offer a workplace pension scheme. The company, your employee and the government pay into their pension, and you must auto enrol every eligible employee.
Employees who aren’t eligible can also opt in to this scheme.
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