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Our tips for streamlining your payroll

Most businesses struggle with day-to-day administrative tasks. Often, there just does not seem to be enough hours in the day to get everything done.

Small business owners spend between 41 and 80 hours a year on payroll and tax administration. That is time that could be better spent on tasks like marketing and serving customers, both of which help to grow the business and make it more profitable. Fortunately, most businesses can streamline their payroll, and free up some precious time by doing so.

Get organised

If you do not already have clear processes in place for handling your payroll affairs, now is the time to set them up. Being organised will stop you from going over the same task twice and cut down the amount of time you spend processing your employees’ wages.

Review your current processes

Most companies’ processes evolve over time. When a regulation changes, the majority of firms tend to put a temporary fix in place. They mean to put a proper process in place at a later date, but simply do not get around to doing so.

As a result, many businesses end up with a piecemeal payroll system that is full of situations where figures have to be entered multiple times into different spreadsheets or databases. Firms that are in this situation can save themselves a lot of time by starting from scratch with a new up to date payroll system.

Little and often

The best way to do your accounts is on a daily basis. Making sure that all of the necessary data is entered every day means that things are not forgotten. For example, you will not be left scrabbling through thirty timecards at the end of the month to make sure that an employee really is owed overtime for a specific day. If you enter the overtime as it is done, every day, you only need to handle the time cards for those employees who have worked the extra hours and do so only once. This does not save you a lot of time each week, but that time that you do save soon adds up to hours over the course of a year.

Keep things simple

Simplifying things can also save you time. For example, paying employees the same rate allows you to process everything faster. It also reduces the chance of a mistake being made. Your accountant can help you to review and streamline your payroll processes, and take responsibility for much of the process, which will save you, even more, time.

Posted by Mark
April 29, 2016
Accounts

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