Payroll functions come in many shapes and sizes and can often involve both functionality and regulatory compliance which fall outside of a management team’s comfort zone in terms of detailed knowledge.
A well-functioning payroll, with good interaction with Human Resources and wider consideration of employee welfare and incentives, can be the key to a happy workforce and a successful business. Increasing regulatory requirements and a fundamental need to deliver accurately and effectively to your workforce make this a vital function within the business and one that needs to evolve as the business and wider working environment does.
Some things to look out for
Here are just a handful of questions to ask about your payroll function to make sure you are getting it right and getting the best out of it:
- Employment Allowance – are you claiming up to £3,000 a year against the cost of your Employers’ National Insurance contributions? If you haven’t been doing this since its inception in April 2014, a backdated claim can be made.
- Is your payroll software doing enough for you? Do you have lots of manual processes which are time consuming and increase the risk of error?
- Are you meeting National Minimum Wage requirements; have you looked at the impact of any deductions you may make from staff?
- Are you paying your employees the correct amount of holiday pay? Have you factored in any regular commissions into this?
Our bespoke payroll review service
At Rickard Luckin, our team work with employers to undertake a flexible review of their payroll function. We work with them to identify potential weaknesses and areas of improvement from an operational efficiency and effectiveness perspective, as well as the current level of potential exposure through non-compliance.
Our approach is tailored to each individual client based on a number of factors, including areas of particular concern or areas where we identify increased risk. The scope of the work is agreed in advance and covers various aspects, including the associated HR and accounts processes, procedures and policies. We then make recommendations which are graded based on priority and their potential impact on the business, also working with the business to ensure contingency plans are in place for the payroll function where appropriate.
What could your business gain from this?
- A third party perspective on the interaction of your departments
- An improved wider payroll function which is efficient and delivers effectively
- An unbiased assessment of aspects such as software systems and guidance on getting the best from these to reduce the risk of errors through time-consuming, manual processes
- Ideas for ways of improving staff engagement and staff motivation
- Reassurance and peace of mind
- Reduced exposure through non compliance
To find out more about how our payroll review service could help your business, please contact Michael Breame, Director, on 01245 254284 or via email@example.com