In times of rapid growth, managing the payroll for your small business can prove challenging. At the core of your company, it’s essential for making things tick and keeping employees happy. However, when you don’t have the right tools and processes in place, it also can consume your attention on small issues and taking it away from where it should be; developing your company.
Here are three tips to help you manage your growing small business payroll.
1. Automate as much as you can
Finding the right payroll system for your company is important. Being able to automate as much of the process as possible will save you time and energy, and helps ensure accuracy when paying your employees and calculating tax.
Choose a payroll system that’s customised to your business’s needs. This way, you can automate more of the payroll management and focus on building your business, knowing your employees are getting paid.
For example, at Advance Business Manager, we can create a payroll solution that’s based on the individual requirements of your company, so you’re not dealing with excess processes that you don’t need.
2. Invest in training early
Having the right automated system in place is the first step, but ensuring that it’s being used correctly is vital to saving you problems further down the line. Fast growth brings with it pressure, making it harder to get things right. Additionally, not getting it set up and working properly early on can leave you with a large tangle to sort out later.
Payroll is an ever-changing piece of legislation and staying up to date is necessary.
Organising training early on means as new employees are being added and your company is changing, payroll can keep running smoothly in the background without any complications.
3. Be clear about the rules and regulations
Employment law is an ever-changing piece of legislation, so staying up to date with government rules and regulations is necessary. For cash flow purposes, it’s also important to know when payroll returns need filing. As your company grows, you may find yourself handling different types of employees as well, so understanding what’s required can help you navigate payroll.
Choosing a payroll system that changes with legislation means that you don’t have to worry about whether you’re meeting your new requirements, or spend time trying to manually change it yourself.
If your company is poised to grow and you’d like to ensure you’re ready for the challenge, make sure your payroll processes are sorted. To learn more about Advanced Business Manager’s features and how they can make your payroll processes easier than ever, contact us today.