How Prestige Business Management Can Help Your Business Reduce Payroll Errors
Your employees are your single greatest asset – they help drive your company towards profitability and success. However, they will only do this if they are paid on time and in full – payroll errors can impact this experience.
Payslip errors can impact employee productivity and organisational cultural inclusiveness. Furthermore, PAYE-related errors with HMRC can also create further headaches for your business.
Prestige Business Management can help. If you are running a small business and find it difficult to keep on top of your monthly, weekly or fortnightly payroll runs, we can help.
How Can We Reduce Payroll Errors?
Prestige Business Management manages payroll services for a range of different companies with different pay schedules. Our professionalism, experience and customer focus can help eliminate payroll-related errors within your business.
By outsourcing your payroll services to Prestige Business Management, you can rest assured your payroll is being managed by qualified payroll specialists with a solid reputation.
What You Need To Consider If You Still Do Payroll “In-House”
If you have employees who “clock-in” or “sign-in” by making the process as intuitive and simple as possible can help reduce human error. Some bars and restaurants have even binned the clocking-in machine in favour of utilising the time management options available in modern electronic point of sale systems – so when your staff use their fobs for the first time to setup the tills, they clock-in for work.
Recording overtime in another area in which payroll error is common. By digitising the experience, by using a staff app or centralised staff computer, you could make the process of accurately recording overtime, educating staff about rates and the process along with having the logs accessible can all make the process easier.
Tax code problems are a pretty common issue facing SMEs and having an incorrect tax code means your employee could be paying the wrong amount of tax – which can result in tax authorities levying penalties and charges. By making sure your staff are on the correct tax code, you can help make their taxpaying experience easier.
Workplace pension changes are now part of the landscape for small businesses. You will need to create an auto-enrolment process whereby your employees, who meet the threshold criteria, can automatically start paying their workplace pension contributions – or opt-out/back in if they so desire at a later date.
Prestige Business Management Can Help
As we have outlined above, payroll processes are multifaceted and time-consuming. We can help you outsource your payroll function to Prestige Business Management. We can help make sure you pay your employees on time. Avoiding wrong or late payments with incorrect deductions. We use the latest guidance from HMRC for agents and this means we are always managing payroll services in-line with HMRC guidelines.
Payroll is complicated and SME owners are busy people. Why not focus on driving growth within your business? Outsource your payroll function to Prestige Business Management today. All you need to do is call us on 0203 773 2927 and we can help you reduce payroll errors and help make payroll as simple as possible for your business?