Payroll Management: Guide for small businesses
Are you a small business owner looking to manage your companies Payroll?
It is really important that you manage your payrolls mindfully from the beginning. Employees expect to be paid on time and for the correct amount without paying inapplicable taxes. Furthermore, if you have additional payments to account for, such as bonuses and holiday pay, your payroll chores get more complicated.
However, if you do your payroll properly, you'll keep your staff focused and motivated which leads to your business growth.
Tasks to complete, prior to payday
Register your Business and Employees with the Revenue
The eRegistration facility allows you to manage your registrations online. Registering online is cheaper and more efficient than submitting paper applications.
To use eRegistration you must be registered for either Revenue Online Service (ROS) or myAccount.
Registering through ROS
Log into ROS and select ‘Manage Tax Registrations’ on the ‘My Services’ page.
Log into myAccount and select ‘Tax Registrations’ on the ‘Manage My Record’ card.
- Keep track of your employees' remuneration, including their salary, wages, and any additional compensation.
- Calculate and record the necessary deductions from their pay amount
- Produce and deliver each employee's payslips, filing separately their deductions.
Invest in payroll software
Payroll software will take care of everything for you, including tax computations, issuing payslips for employees, staying up to date on legislation, and supplying data for end-of-year tax returns.
Be Mindful while setting up the Payroll Details
Take the time to enter all of your employees' information into your payroll system correctly, including start dates, current residences, and dates of birth. Casual errors will only cause issues in the future.
Keep an eye on changed Payroll Legislations
Changes in regulation may have an impact on how you handle your payroll, so it's important to stay on top of significant new regulations. Benefits and tax laws change regularly, and while you don't need to know every detail, it's important to be educated and seek advice if you're unsure.
Have a financial back-up Plan
Setting up a good credit control system, sending out invoices promptly and always chasing late payments firmly as soon as they become due will help avoid cash flow disruption. If one of your customers doesn’t pay on time and you can’t pay your staff, your business could be in trouble. Always try to keep some surplus for uncertain times.
And if all else fails…
payroll outsourcing
If managing payroll yourself is proving a real headache, consider outsourcing to a payroll company. our team of qualified accountants can save you the hassle of managing everything yourself and staying on top of regulations and paperwork.
Want more information?
Latest news
@2024 All Right Reserved | Truway Accounting
