Julia has just started her own small business and is working on ensuring that all of the systems she has put in place are efficient. Her business’s payroll process is an important cog in the machine, no matter which way she looks at it.
As a small business owner you don’t want to let your payroll embarrass you.
This means taking the necessary measures to ensure that you keep payroll records up to date. This will go a long way towards avoiding common mistakes. If staff is not paid on time, this will have a negative effect on the business’ reputation.
Penalties for errors are high, so it’s important to use accurate payroll systems and accounting.
If you let your payroll embarrass you, there is a high chance that this will have a negative effect on staff retention and the reputation that is created about your business.
For Julia, ensuring that she has an efficient system means that she is willing to find the best ways to track leave start and end dates. She has to understand tax implications and has to make sure that employees are provided with the benefits for which they are eligible.
Meeting important deadlines is key. This also includes checking rules for contractors or freelancers.
Julia may also consider involving staff in payroll decisions. So if she asks if payments made fortnightly may be better than monthly payments, then she has to consider what it will take to make that happen in the most efficient way possible.
She has to be careful about choosing payroll software. The system that she opts for must be efficient and simple enough to use. This will make sure that she stays organised.