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In the UK, being a business owner has its own diverse set of challenges. And any business owner would be quick to point out that one of these challenges is running your business payroll. The task of running your business payroll requires a vast amount of time and effort, particularly now that HMRC has imposed its RTI, or real-time information requirements. So the main question now is: how can you make sure that you manage your business payroll in the most efficient way possible?

Get professional advice

moneytreeThe first thing you have to remember is that you do not have to manage and run your business payroll alone. Even if you are running a small business with just a few staff on board, you can still get help from outside sources, such as an accountant or even an outsourced payroll service. You can begin by seeking help and advice from an accountant and consult with them regarding whatever it is you are finding difficulty with. If this is not enough, you can always turn to an outsourced payroll service where you can take advantage of either a full service or a service that fulfills just a part of your payroll requirements. Getting professional assistance will always be a good idea as it can guide you in the way to go and ensure that you do not make costly mistakes (such as getting fined by HMRC).

Invest in sufficient software

What you should also do in order to run your business payroll without too many problems is invest in sufficient software. This is especially true if you are planning to keep a significant part of your payroll duties in-house. When choosing the right software, you must make sure that it is a good fit for what you require so that you can make the most of it. It is also important to choose software which can make the necessary payroll calculations as well as produce the correct forms for your staff. Some essential forms include forms for extended leave, P60 forms, and P45 forms. One tip: even if you do decide to outsource a majority of your payroll requirements, it wouldn’t hurt to know a bit more about bookkeeping and accounting as well.

Keep abreast with HMRC requirements

As mentioned above, HMRC now requires real time information, which can result in bigger headaches for many small businesses, particularly those with less than 50 staff. If you are planning to outsource a part of your payroll responsibilities to a payroll specialist like www.berkeleyhamilton.co.uk, make sure they can provide you with good software that ties in well with HMRC’s RTI. Also, when looking for a partner in payroll management, it would be best to choose one which can give you an auto-enrolment service, such as the one provided by Berkeley Hamilton (learn more about their special payroll services at http://www.berkeleyhamilton.co.uk/payroll). Additionally, when choosing a payroll management partner, opt for one which can provide you with a BACS payment facility for easier payments to your staff.

With a properly-managed payroll system, your business can thrive in many ways – not only will your staff be happier and be more willing to commit to doing a good job - you will also be able to save money and use it for other activities and marketing efforts, and save time and effort as well.

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