How to Make Your Payroll Process Stress-Free and Efficient
Payroll is the bane of any business owner’s existence. This is because it is one of an organisation’s greatest expenses and is often easy to mess up, legislation is complex and ever-changing and even more difficult and complex when multiple awards and states are involved. After going through the harrowing process, many employers are left wondering if there is an easier way to do payroll that is quicker and more efficient.
There are many ways employers can make their payroll processes stress free and efficient. Here are a few of our tips.
- As a rule of thumb, the more automated your payroll system is, the better. Ideally, payroll, human resources and accounting information/databases should all be linked.
- Keep policies simple. Documented policies are essential but having different policies for segments of your workplace, lengthy procedures, and strict, intricate guidelines will add administrative complexity to payroll.
- Establish a payroll calendar. Plan ahead and outline a calendar of when payroll will be run. In particular, highlight lodgement dates, quarter and year-end activities, public holidays and annual leave by employees.
- Prepare for the new year. At the end/beginning of the year ensure that all employee details are up to date and correct.
For more information about payroll, and in particular payroll tax, please contact your Advivo account manager so we can assist you further.