Payroll management is not easy – there are new changes each year, compliance requirements, and filing deadlines for HMRC. How can you make payroll less cumbersome while paying employees on-time and in compliance? Communication, organisation, and a little patience can help streamline the payroll process, making it more efficient and effective.
Here are 5 tips for hassle-free payroll:
Identify how to pay your employees
Paying employees with a salary is much easier to manage than hourly employees. Salaries stay consistent month to month, and don’t require additional calculations for overtime, etc. If you have the option to pay employees by salary, it will keep your payroll process consistent and more simplified.
Decide how often to pay employees
Employers can choose to pay employees weekly, bi-weekly, or monthly. Selecting the option that works best for your payroll team can keep you organised and keep payroll running consistently. The key is to ensure all employees are paid at the same time and interval so your payroll team is not working all month long on managing different payroll cycles.
Classifying employees accurately
Properly classifying your workers is important to maintaining accurate payroll. If you hire full-time employees, independent contractors, or interns, your payroll team needs to classify them according to the work they are performing and pay them accordingly.
Choose payroll software that works for you
Just as each business is unique, payroll software should match the needs of your company. Cloud-based payroll allows you to access from any device, integrate with your company systems, and ensures communication between teams. Payescape payroll technology provides easy-to-use technology to manage payroll, and customised monthly reporting so you can view payroll costs in real-time.
Parallel Payroll Runs
Changing payroll software can be scary, but if your payroll process is not working, or mistakes are being made, now is the time to make a change. Once you’ve decided to switch to a new payroll system, give your team at least 2 months to get the right strategy, set-up, implementation, and training before your new payroll goes live. Running in parallel ensures you work out any issues before switching to the new system.
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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.