Whether you are running a 5 person business, or a large corporation with 100’s of employees, payroll is a priority. Staff must be paid on time, every time, and be paid correctly. It is the responsibility of every employer to ensure that they are.
Some processes can be daunting, but here are 10 tips that should help make your payroll plain sailing!
2. No matter how large or small your
business may be, payroll is a priority.
3. It can be daunting, but here are 10 tips that should
help make running your payroll plain sailing!
4. Beware of complex payroll calculations including
different fringe benefit taxation and maternity leave
trust fund contribution categories, end-of-year
procedures and government budget updates. Failure to
comply can have serious repercussions.
1. Beware of complex calculations
5. Automate tax and NI calculation. Find out if your
payroll software automatically takes care of taxes for
you. This can ensure the payroll process is completed
in a timely and correct matter.
2. Automate calculations
6. them in the form of tax-free fringe benefits such
as health insurance, a mobile phone or a
retirement plan.
3. Consider tax-free fringe benefits
7. Before taking on new staff, particularly non-EU
nationals, ensure that all permits are in order. It
is the legal responsibility of every employer to
ensure that all employees are legally allowed to
work for the business.
4. Ensure all permits are in order
8. Properly classify your workers. It may not be
legal to for example classify a worker as an
independent contractor. Each classification may
have a direct effect on your payroll process.
5. Classify your workers
9. Clearly identify your payroll schedules. You
may choose to pay your employees monthly,
4-weekly, fortnightly or weekly.
6. Identify your payroll schedules
10. When investing in software, select the best platform
for your business. If you are always on the go, select
an option that is hosted in the cloud. This will make it
easier to access all of your payroll information
whenever you need it.
7. Select the best platform for your business
11. Always think about automating as many payroll and
leave processes as possible, leaving you to work on
the more important matters of your job.
8. Automate leave and payroll
12. Get good support for your payroll software. If a
technical glitch is preventing staff from being paid,
liability. Always check that support is easily available.
9. Get top software support
13. Consider having an integrated leave management
system that pushes all leave data into your
payroll. This makes things so much easier especially
with variables such as vacation leave, sick leave,
bereavement leave, maternity leave and more!
10. Integrate leave and payroll
14. For more on payroll visit
www.shireburn.com/indigo