As a business grows, payroll matters typically only become more complicated. For those in charge of payroll, it’s usually a slow boil as the company scales up and brings in more staff and contractors over time.
Sooner or later, it can feel like payroll has become a complicated, difficult, and time-consuming task almost overnight.
The good news is that there are ways to streamline your payroll to keep it as simple and pain-free as possible. From using payroll software to scheduling more carefully, here are a few tips to make your payroll easier.
The first step for any business owner should be to look at options for payroll software. In most cases, that means Xero.
Xero is a simple and clever software system that small to medium businesses can use to streamline their payroll, among other tasks. It allows you to manage a variety of employee necessities, such as job tracking, invoice payments, tax requirements, superannuation payments, and much more.
It’s an all-in-one solution to a lot of payroll headaches, and can make the entire process significantly easier.
There are many options for payroll management software, including Smartly, the simple way to sort your payroll.
Even so, with so many tools and capabilities, Xero can be a lot to learn on your own. Our team can train you in how to best use the system to your advantage and teach you all the tricks and tips you need to keep things simple. And if you’d prefer someone else to manage the payroll on your behalf, Long + Cowan can step in in a heartbeat.
Simplifying payroll systems
There may also be ways for you to simplify your payroll process. This is often the case when small businesses grow quickly, but keep the exact same payroll process they had in the early days. Without realising it, you might have systems on your hands that are no longer as streamlined as they once were.
However, it often only takes small steps to simplify the process:
This could include steps such as:
- Digitise your data and information
- Consolidate pay schedules so everyone gets paid at the same time
- Centralise all your systems, including payroll and HR
- Set automatic reminders for key payroll dates
- Outsource your payroll work to accountants for the ultimate time saver
Even if you can save yourself just 10 minutes on a certain task, it’s worth simplifying to better spend that time elsewhere (such as topping up your coffee).
Smart payroll scheduling
Smart payroll scheduling may be able to help streamline your processes.
For example, right now you might pay your salaried staff fortnightly, your contractors as soon as their invoices come in, and your part-time staff monthly. By switching to a semi-monthly payroll schedule (paying on the 1st and the 15th usually) for everyone, you can make things easier for yourself by only managing payroll twice per month.
Or, you might find a weekly or a monthly payroll system works better for your needs. Overall, the goal is simply to look at what your schedule looks like now, and find ways to improve it to save you time and hassle every month.
Working with trusted accountants
Long + Cowan are trusted accountants in Wellington who are well versed in everything from payroll processing, to making the most of Xero, to budgeting, tax planning, and everything in between. We help small and medium business get started and get on top of all things accounting, so they can focus on providing their products and services.
If you’d like help streamlining your payroll or making improvements in other areas, don’t hesitate to get in touch with the friendly team today.