All the latest Payroll, HR and Time management industry news, keeping you up to date with policy changes and all things PayEscape.
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.
Payroll compliance is not always top-of-mind when teams are busy managing day to day operations. Taking time to identify challenges and make improvements seems like a tedious task but evaluating your payroll and compliance processes can discover potential issues and reduce the opportunity for problems or penalties down the line. Up to 30% of small businesses are fined each year for payroll errors and lack of a cohesive compliance process. Here is a quick checklist to keep your payroll process on track:
While payroll and HR teams are busy managing company operations, it can be challenging to stop and take time to audit processes and look for improvements. Sometimes the largest functions like payroll and HR admin are using outdated tools that are not as efficient as they could be or using redundant processes that could be wasting resources. A quick audit of your payroll and HR systems can help identify gaps in technology, duplicate functions across teams, and other ways to improve operations.
Every business must legally store HR and payroll records for a certain period of time, otherwise they risk fines from HM Revenue and Customs (HMRC).
It’s important that HR and payroll records are accurate, up to date and feature all the required information. Without full records, HMRC may give a penalty of up to £3,000.
Every payroll team faces challenges with monthly operations – from managing employee data to legislative changes. There are ways to reduce time spent on payroll and improve processes without breaking the budget – or putting more stress on your team. Simple changes can make a huge difference in the long run.
Payroll has constantly evolving regulations that can make the process complicated for your team. Keeping track of new regulations is a key component for payroll compliance, so here’s what your team needs to know to stay ahead of requirements and maintain compliance for your organisation.
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Payescape Limited is authorised by the Financial Conduct Authority under the Payment Services Regulations 2017 (register number 821826) for the provision of payment services.