Tips for Effective Payroll Management in Small Businesses

 

 

 

 

Are you tired of trying to effectively manage and streamline your payroll process?

Payroll is a complex task for any company, and for many small businesses owners it is probably something that takes up an inordinate amount of their time, yet still isn’t as good as they would like it to be. Here are 5 useful tips to help you deal with your payroll system better,:

Get Payroll Software

Probably one of the smartest things you can do is to invest in good payroll software. This will automate the entire process, and make managing payroll much less complicated for you. From generating pay slips to calculating taxes, these software and apps are smart enough to make your life easier.

 

 

Xero for Payroll Management in the UK

 

Details. Details. Details.

Whether you’re doing it manually or using payroll software, when managing payroll, you need to pay special attention to employee details. The process of collecting and recording employee details can be time-consuming and cumbersome – so you obviously want to get everything right in the first place.

From joining dates, to date of birth, and change of address – your record needs to be accurate. Sloppy errors in this process will create further trouble and waste a lot of time too.

Follow Up With the Payroll Legislation

Payroll is regulated by law. Any changes in the payroll-related regulations may impact the way you calculate, process, and manage your payroll system. Hence, it is extremely important to stay updated about the major laws governing payroll.

You will also be required to keep abreast of taxation laws. These laws deal with the benefits and employee tax rates that change frequently. You may not have to get into the nitty-gritty of these laws, but it helps to be informed about them when managing payroll.

Train Your Payroll Staff

You can purchase sophisticated payroll software, but it won’t be of much use if your payroll staff don’t know how to use it.  Then what do you do? You invest in training your staff. Enroll them for short, flexible training courses that help them become familiar with and learn how to operate the software efficiently. This will save you a lot of time.

Plan for the Rainy Days

For small businesses, it is often difficult to keep the working capital flowing. Hence, it is important for you to stay on top of your credit control system. It becomes inconvenient when you have to chase customers for your payments that are already overdue, because you pay your employees when your customers pay you.

There are times when these things don’t go as planned. Your customers default or the payment gets delayed due to unforeseen circumstances. Save yourself the embarrassment and maintain a surplus fund to pay out salaries on time.

A great solution for small businesses to immediately take control of their disorganised payroll process is to consider outsourcing it to the professionals. They will make sure your payroll is processed timely and the necessary documentation is in place, without hampering the routine operations of the business.  It really can be false economy not to call in an experienced outsourcer.

For professional help, get in touch. If you found this information useful, let us know! Feel free to share it so others can benefit too.

 

 We can offer you more guidance on handling your payroll efficiently when you call Les’ Hotline:  07732090847, les@akbook-keeping.co.uk.

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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

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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

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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.
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