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Top Tips To Stay In Control Of Your Payroll

By June 16, 2017Blogs

Controlling your payroll for a big business isn’t always easy and it could lead to mistakes if it is not dealt with in a professional way. Whether you need accountants to look after your finances or just want tips on how to stay on top of your payroll, we can help in many ways.

Coleman & Co are always available when you need support monitoring your payroll and other financial matters. Read on and discover the best ways to remain in control of all the financial worries you may have with payroll.

Use Computerised Accounting Systems

Computerised Accounting Systems are one of the best ways to control your payroll, whilst keeping all your finances in one place. Whether you would like our team to stay in control with off-site bookkeeping, or have accounting systems on-site so you can always oversee your finances from whatever location you want. An accounting system can help with several financial needs including:

  • Order Entries
  • Cash Receipts & Deposits
  • Purchases
  • All Employee Payroll

With many benefits to these systems, it is not just your payroll that will be benefit. Systems that are created for this purpose mean that once values our input into the computer, there will never be any mistakes that could occur if you were doing it on spreadsheets or on paper.

Coleman & Co can provide you with the installation of computerised accounting systems and will help find the most suitable option for you to manage finances.

Observe Previous Months Of Payroll

When payroll gets out of hand, there must be a reason for this and to get your payroll back into your control, you should monitor the increase over the past few months. Finding the source of your payroll problems and whether any mistakes have occurred can be the stepping stone on the road to recovery, eradicating future problems.

Make sure that all your employees are being paid the exact right amount, as when you deal with so many people every month, errors can occur – it happens to the best of us! You never know just how much money you are paying everyone without the right systems, so this is always a risk you might take.

Reduce Overtime

Having your employees working non-stop all the time and then taking work home and building up their overtime is just another hassle that you can avoid dealing with. If you are constantly having to adjust your payroll for people’s overtime, then wages can get confusing and again, this could lead to several mistakes.

Even if this means employing another worker in a certain sector, just to avoid someone taking home overtime, it makes your payroll much easier to calculate. It can even increase the efficiency of work around the office as more people are working at the times you expect them to and with slightly more workers, your workload will decrease significantly.

Know Your Deadlines

Payroll is made a whole lot easier if you manage to set yourself deadlines and your employees expect and receive their pay at the right time, every month. If there is uncertainty over who is getting paid and when, it can lead to a poor morale around your team, as they want the guarantee of their money coming in month by month or week by week.

Once you are into a routine of managing payroll on a consistent basis, you will know exactly how much money is leaving your business and when this will happen. Knowing the cashflow of your business always means you can always plan on where to invest money into your business in different ways.

The Coleman & Co team will help you plan for the future, offering our expert advice and range of experience to every situation and helping businesses to flourish.

Outsource Your Payroll

If all else fails and you just can’t seem to get the hang of your payroll, it may be time to outsource it, or at least get some training! Either way, Coleman & Co can help with this process, ensuring that you understand all the software that we install and use it to you advantage to monitor payroll.

If you do require our assistance, then we will provide a completely professional service and ensure not only your payroll, but all your finances will be taken care of. Additionally, we can help your business plan for the future with financial reports so you your business stays in control.

Contact Us

Get in touch with the Coleman & Co team on 028 9266 3599 and find about all the benefits our accountants can offer you. We will deal with all clients throughout the Lisburn area and beyond, ensuring your finances are never a worry.

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