You may have missed it, but September saw the annual celebration of National Payroll Week, a tradition that was started back in 1988.
National Payroll Week shines a light on the payroll profession and the often-unnoticed hard work that goes into a sector that is the backbone of any strong business.
Payroll can be an afterthought for many businesses, but this lack of focus can be to their detriment.
This antipathy can lead to payroll work being placed on departments such as HR, which aren’t fully equipped to handle the complexities that payroll can bring.
When utilised correctly and managed by experts in their field, payroll processes can make your businesses run smoothly and support your business goals.
The damage caused by payroll errors
When payroll isn’t handled correctly, or when being processed by someone whose main skillset doesn’t lie in payroll, errors can occur.
These errors can have damaging consequences for your business.
For starters, the trust you built with your employees that is so vital could falter if a payroll error leads to an inaccurate or delayed payslip.
A one-off error will probably be redeemable. But if payroll isn’t being treated as a priority, the likelihood of repeat offences is high.
When this happens, employees will not only lose trust but start to believe that their well-being isn’t being looked after.
Businesses with staff who feel like this will likely see falling productivity, lower morale, and a high turnover rate.
Payroll errors leading to employee dissatisfaction is bad enough, but these failings are compounded when you consider the legal impact that these mistakes can have.
Missed deadlines and miscalculations are a serious problem, as they can lead to costly penalties and fines for the business.
With so much at stake, is it worth risking leaving payroll to chance, or should you get a team of payroll professionals in?
Outsourcing your payroll
The ideas and aims behind National Payroll Week are a great reminder for businesses to revisit their payroll strategy.
Smart business leaders recognise that some tasks, like payroll, are best handled by specialists.
Our payroll services guarantee accuracy and punctuality, ensuring your employees are paid correctly and on time, every time.
We keep up with regulatory changes and refine your payroll processes, allowing you to concentrate on running and growing your business.
If you are interested in our payroll services, please contact Dan Sayers (dan.sayers@mjbushell.co.uk) or Georgina Trembling (georgina.trembling@mjbushell.co.uk) who will be able to provide further assistance.