Payroll can be a complicated business, especially for small firms that don’t have the necessary resources for a fully dedicated payroll department. But it doesn’t have to be. There are a lot of tools out there that can help you streamline and manage your payroll much more efficiently. The good news is, today, a lot of payroll functions can be simplified with the right software. And even payment service providers like KoalaPays can provide tools as part of your business account to make it easier to integrate your business accounts with your payroll.
Start by getting the right software
Every business, big or small, has different needs, so it’s important to research what payroll packages are out there to get the best most appropriate solution for your company’s needs. Make sure you get a software package that integrates with the rest of your IT infrastructure, as well as one that’s compatible with other technologies.
Many payment providers are now integrating their services with payroll software so companies can pay their employees more efficiently. Here, at KoalaPays, we see the technology progressing all the time and are continuously working on further developments to make it even easier for companies to manage their payroll in the near future.
Train your staff up
Having software that can automate many of your payroll functions means you shouldn’t need to hire too many extra staff to run it, but it’s important to make sure that staff responsible for payroll functions are fully trained to make sure you get the most from your payroll package and errors are minimised. Sending just one dedicated member of staff on a training course could be one of the best investments you make.
Don’t neglect compliance. It’s vitally important that whoever is in charge of payroll also knows the rules regarding employment law and tax. This is especially important if you trade internationally. Rules are complex and updated regularly so it’s advisable to get professional advice when it comes to regulatory and statutory compliance.
The joys of being paper-free
In this digital age, there’s no need to give every employee a wage slip, especially as nearly all salaries are paid directly into a bank account. Preparing and posting wage slips is a very laborious process and can cost your business money. It’s much more efficient to do it all online and almost completely eliminate paperwork.
Regularly review your payroll processes
Your payroll needs will change as your business evolves. Make sure the processes you have in place are still the best for the needs of your company. Do regular audits of work flow process of the payroll function to see what’s working and what could be done better.
Payroll isn’t the most fun, so why devote so much time to it. Put these tips into action and you and your staff will have much more time and resources to focus on core objectives like growing the business.