Payroll Management – Best Practices

 

 

 

The greatest asset for any organisation is its personnel or staff. This makes payroll management the most important task for Human Resources. However, it is also quite complex since it has to be completely accurate and efficient at the same time.

Besides ensuring each employee gets the exact amount they earned, payroll generation should also comply with employment regulations and help maintain morale at the same time. In order to ensure it is rolled out with minimum disruption, the following best practices should be considered:

Examine timekeeping protocols regularly

Paying employees overtime accurately is a legal obligation making classification crucial. In order to ensure no well-deserving worker is left out, you need to assign positions to all active employees as well as contractors and consultants, if applicable. These will help you manage payrolls efficiently, and that includes tax requirements.

This is necessary if your company gets audited in the future. If your employees are not classified properly or they were not paid the amount they were due, your business can incur costly financial penalties that may also land you in court. You can prevent this by ensuring that all of your employees account for the time they work and ensure changing job duties are also accounted for. Plus, if audits are not held regularly, you might end up overpaying some and underpaying other employees.

Outsource payroll

If you do not have the time or resources to take care of payroll matters yourself, engage someone who will. Rather than assigning it to someone in-house, you can offload all of that work by outsourcing it. That includes processing the pay period data and signing and printing paychecks, among other payroll tasks, all without disregarding taxes.

A payroll service that is outsourced keeps regular tabs on government rules and regulations that go into the payroll process. This includes keeping abreast of changes which a growing business might overlook for other, more important matters.

Prevent employee time theft and hold regular audits

Even if you think that your employees are loyal, chances are some will try to fool the system by misusing work hours. An integrated attendance system that keeps track of their breaks and when they sign in or out at the end of the day can help prevent this. It will also calculate all of the hours worked for each employee and provide an accurate payroll.

All manual and automated processes such as the payroll management should also be audited on a regular basis, or at least once a year, to check for errors. Even a minor one can make your payroll askew and compromise final payments. Promotions and salary increments may also not be provided on time which can have a serious effect on employee morale.

The best way to ensure all of the best practices are observed during payroll preparation is to hire professionals who have years of experience in the matter. AK Book-keeping can guide you better and assign an accountant for you who will ensure your payroll is accurate and is deployed on time.

 

Call Les’ Hotline: 07732090847

Email: Les@akbook-keeping.co.uk

www.akbook-keeping.co.uk

 

Please share this information with other business owners if you found it helpful.

 

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Electronics online retailer

Our decision to choose the services AK Book-keeping and Payroll Services has turned out to be a really important enabler to the growth of our business and has delivered us fantastic value for money. Their accuracy and efficiency in compiling our accounts and payroll documents has allowed us to focus on the things which we do well and add real value whilst removing the distraction of unwanted and complex administration work. I would recommend them without hesitation.

Chris

AK Book-keeping
5.0
2015-10-23T16:25:46+00:00

Chris

Our decision to choose the services AK Book-keeping and Payroll Services has turned out to be a really important enabler to the growth of our business and has delivered us fantastic value for money. Their accuracy and efficiency in compiling our accounts and payroll documents has allowed us to focus on the things which we do well and add real value whilst removing the distraction of unwanted and complex administration work. I would recommend them without hesitation.

Carpet & Lighting retailer

Now that we have AK Book-keeping doing all our tax returns, wages but to name a few, we have more time to focus on the business and a lot more leisure time

Simon & Cathy

AK Book-keeping
2015-10-23T16:26:07+00:00

Simon & Cathy

Now that we have AK Book-keeping doing all our tax returns, wages but to name a few, we have more time to focus on the business and a lot more leisure time

Multiple Franchise Owner

I Periodically review my resources (like any business should) and on each and every occasion I have decided to retain AK Bookkeeping’s services. It’s one of those business I know I can depend on.

Bob

AK Book-keeping
2015-10-23T16:44:40+00:00

Bob

I Periodically review my resources (like any business should) and on each and every occasion I have decided to retain AK Bookkeeping’s services. It’s one of those business I know I can depend on.

John – Building Company owner

We engaged AK Book-keeping some two and a half years ago, from the outset their communication has been excellent. We were provided with a schedule of monthly costs and a clear indication of what was included. To date we have had no reason to consider changing from AK Book-keeping as their service has been reliable, efficient and cost effective.

AK Book-keeping introduced us to Xero accounting system from the outset and for a reasonable monthly fee we benefit from all the Xero facilities available and have access to view our account, use data and monitor our performance and it is all relatively simple. We would recommend AK Book-keeping and the Xero system.

John

AK Book-keeping
2016-02-05T16:33:23+00:00

John

We engaged AK Book-keeping some two and a half years ago, from the outset their communication has been excellent. We were provided with a schedule of monthly costs and a clear indication of what was included. To date we have had no reason to consider changing from AK Book-keeping as their service has been reliable, efficient and cost effective. AK Book-keeping introduced us to Xero accounting system from the outset and for a reasonable monthly fee we benefit from all the Xero facilities available and have access to view our account, use data and monitor our performance and it is all relatively simple. We would recommend AK Book-keeping and the Xero system.

Online Retailer

Les has worked with us for 12 years now and supported our Bookkeeping and Payroll needs. Always helpful, cheerful and gets the job done efficiently. When required has helped us with other business related issues outside of Bookkeeping.

Online retailer

AK Book-keeping
5.0
2018-07-02T22:05:34+00:00

Online retailer

Les has worked with us for 12 years now and supported our Bookkeeping and Payroll needs. Always helpful, cheerful and gets the job done efficiently. When required has helped us with other business related issues outside of Bookkeeping.

Peterborough online retailer

Les has worked with us for 12 years now and supported our bookkeeping and payroll needs. Always helpful and cheerful and gets the job done efficiently. When required has helped us with other business related issues outside of bookkeeping.
AK Book-keeping
5.0
2018-09-19T18:24:06+00:00
Les has worked with us for 12 years now and supported our bookkeeping and payroll needs. Always helpful and cheerful and gets the job done efficiently. When required has helped us with other business related issues outside of bookkeeping.
5
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