How to stay on top of your small business payroll
One key area of any small business that employs staff is payroll. Unfortunately, for many business owners this is one part of their business that frustrates them the most! There always seems so much to sort out and it can be very time-consuming in addition. However, there are ways to make it easier on yourself if you would rather.
Here are some great tips on managing your small business payroll:
1. Know your deadlines
By far one of the best things to do around payroll is get organised. This will not only mean you meet all your legal requirements with your returns but it will also cause you less stress! Take the time to know all the key dates you need to have tasks completed by and block out time in advance to do them. No one enjoys burning the midnight oil in a last-minute dash to complete a forgotten about return.
2. Use quality accounting software
Another fantastic tip in this area is to invest in some quality accounting software. This will save you lots of time when dealing with your payroll responsibilities and make the whole job so much easier. A decent piece of accounting software will generate payslips, calculate National Insurance contributions and more. If you do go down this route, make sure to get a thorough working knowledge of the system so there are no glitches you can't fix if needed come payday.
3. Think about outsourcing payroll
If payroll is taking up too much of your time and is simply something you would rather not deal with, then consider outsourcing it. By finding professional accountants to do it instead, you can relax safe in the knowledge that it is all being looked after by an expert. If you decide to do this, it will free you up from payroll worries to concentrate on your core business instead.
Hopefully, this article has given you a few ways to solve any payroll headaches your small business may have. If you are based in Sussex and need a qualified chartered accountant to handle your payroll then give us a call today.
To discuss your small business needs get in touch with our Business Services Partner Robert:
Tel: 01825 763366
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