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With the new tax year now less than a month away, what better time to review your payroll practices to ensure you are not only processing your payroll efficiently, but also compliant with regulations, to avoid costly penalties.
Payroll is a critical function for any business, regardless of size. You will want to pay your employees correctly and on time to keep them happy and motivated.
We have compiled a list of tips for payroll success to help you keep on top of your payroll duties and ensure processes are running efficiently.
Payroll departments need clarity, and for businesses with large numbers of employees on varying shift patterns and rates of pay it can become complicated, especially when you add in other payments such as sick pay, bonuses, and maternity pay.
Therefore, it’s useful to keep your payroll policies simple, and stick to one policy instead of varying policies by employee levels.
It can seem a lot of work to keep on top of employee records, but it is important to make sure they are accurate as changes can occur often and they might affect your payroll.
A Payroll Self Service system can help to relieve some of this burden as it allows employees to personally update their information as and when required.
Audit logs are a good way to proactively protect your business in the event of an investigation as they allow you to link transactions to relevant paperwork such as purchase orders and invoices. This ensures there is proof against any unusual payments and can give you a better insight into your payroll performance. Good news, Opera 3 Payroll & HR has an audit log feature.
It is vital that your employees are correctly trained to submit timesheets, overtime, and expenses to make sure it is done correctly and by the book. You should produce a set of policies to be used as a guide and make time to regularly review employee behaviour to ensure compliance.
Pensions can be a complicated area to navigate but as of 2012 employers have a duty under the pensions law to enrol employees into a pension scheme and contribute towards it, a process known as auto enrolment. You should ensure you are correctly meeting your pension duties and contact your software or pension provider for more information if needed.
Payroll legislation is regularly changing and it’s vital that you stay on top of the changes along with industry news and trends by attending seminars, training events run by your software provider, conferences and reading online payroll news and journals.
When it comes to payroll, the introduction of electronic payslip technology has become a game changer! Electronic payslips make the production and distribution of payslips quicker, cheaper and more accurate. Plus, they’re greener and can help boost your green credentials. You can distribute payslips to your entire workforce electronically at the click of a button.
A good payroll department is transparent with employees about pay dates, deadlines for timesheets and holiday pay. If an employee is due a bonus or pay increase, then you should be clear as to when they’ll receive it (i.e. after their performance review) and set expectations accordingly.
Ultimately the best way to analyse whether your payroll processes are working well is to ask the ones who it affects the most, your employees. Consider running a staff survey or meeting dedicated to payroll to determine what policies are working for them, and which could be improved.
With the new tax year almost upon us, what a better time to review your payroll processes to make sure you start the 2023/24 tax year as you mean to go on. Creating a compliant, efficient payroll department that works for everyone. Reviewing your employee records, gathering feedback, reviewing the latest legislation and keeping an audit log are some of the first steps you can take to securing payroll success.
For more information about payroll software from Pegasus, or our e-payslip feature then please contact us today to learn more and receive a personalised demo.
Posted On: March 02, 2023
