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Making payroll errors such as not paying employees on time or not paying the right amount can damage your company's reputation. Not only this, but it can be extremely costly, due to disruptions in budgets and the extra time needing to be spent on fixing issues.
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 Sometimes the largest functions like payroll and HR admin are using outdated tools that are not as efficient as they could be or using redundant processes that could be wasting resources.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.
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