Tips for Managing Small Business PayrollApril 19, 2021
Categorised in: Payroll
In a highly competitive jobs market, having an effective payroll management system can be hugely important in recruiting as well as retaining the best talent. This is especially true for small businesses, many of which have little time to worry about their payroll system. These companies need an efficient and simple way to manage employee pay, so here are our tips for achieving this:
Know what you’ve changed
Firstly, it’s vital that small businesses stay up to date on legislative changes when it comes to employee payroll. For instance, you should be aware of how your small business has just changed with the New IR35 Reforms, and be aware of any Emerging Legislative Changes Relating to Pay in the coming year. Understanding new laws and adapting your business processes to adhere to them is absolutely fundamental when it comes to effective management. It’s why we recommend following Our Knowledge Hub so that you can stay informed about staff payroll.
Following on from this, responding to industry trends can greatly help small companies to manage their business processes smoothly. Recently, this could include issues such as Employee Benefits After Covid-19 or increasing Worker Support in the Gig Economy.
Essentially, whatever the emerging issue, your business should at least be acknowledging it. As a result, your company will continue to offer the best services (including payroll support) to its employees and potentially attract better talent moving forward.
PAYE payroll solutions
Even at the best of times, managing a small business payroll internally can be extremely difficult. That’s why, for the most efficient solution, it’s often a good idea to consider an external Employer PAYE Payroll System. This removes the pressure of crucial business process admin and compliance from your company’s day-to-day operations. Moreover, PAYE payroll solutions tend to be Very Easy to Implement and can have several Commercial Benefits, usually making them the best choice for organisations of any size.
Beyond the basics of small business payroll
Another advantage of partnering with a PAYE payroll solution provider is the additional features that small businesses can gain. With Hive360, on top of a transparent payroll management system, you also get access to our Employee Benefits & Welfare Support with the added convenience of a Mobile App. These employee perks can make small business payroll far more effective at Engaging Workers and thus improving Staff Retention.