Do You Undervalue Your Payroll?
Payroll is a function that is often undervalued by many businesses.
It can be viewed as no more than a commodity by many people and even taken for granted at times. Most employees will have a limited knowledge of payroll and probably see it as an administrative part of the organisation they work for.
Payroll is more important than most employees realise and is not just about ensuring everybody gets paid on time. Commercial payroll software can generate a whole range of useful reports, which if used and analysed properly can influence decisions that a business and it’s managers make.
A simple example of this would be if a business was paying an increasing amount of overtime at higher rates; a payroll report could be generated to compare the advantages of taking on a new employee which could be more sustainable for the future.
Real Time Information (RTI) is an integral part of how a business operates nowadays. Late RTI submissions can lead to penalties from HMRC, so it is important for businesses to be prepared with software that can cope with RTI submissions. It is now also increasingly important that the software a business uses (or their outsourcing partner uses) is able to process automatic enrolment.
Compliance with auto-enrolment will be a big feature for business over the coming years and payroll will be at the forefront of this. From assessing employees to pension declarations, some software will produce reminders and even generate the necessary letters for you; but ultimately it’s the employer who is responsible for compliance so any help is surely appreciated.
To have the right software in place may cost money to begin with but in the long term may be better than free software. You could get support and upgrades included in your package cost.
Also, employing the right people to run your payroll is an effective use of your cash as their expertise can save you a lot of time, and consequently money. You may even choose to rid yourself of the problems altogether by outsourcing your payroll altogether…which option you choose is up to you just don’t neglect your payroll!
Full article can be read here
Don’t forget TI Accountancy offer payroll services…
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