When you’re a startup it’s relatively easy to manage your payroll, but as your small business grows and you gain more employees, payroll can become a real drain on your time. If you’re struggling to keep on top of your business’ finances, check out these simple tips for better managing your payroll.
Keep track of deadlines
Plan out important dates and timelines for your business, such as paydays, client payments and organising group certificates for tax time. It’s much easier to manage your payroll when you can see what you need to action in advance.
Invest in payroll software
One of the best and most reliable payroll software programs available is Xero. With Xero, you can track expenses, inventory, invoicing, staff timetables and approve or deny leave. You simply input employee data (rate of pay, bank details and superannuation accounts) and come pay day, all you have to do is click authorise.
Invest in payroll support
If you are investing in payroll software, it pays to fork out for online support. While Xero is super easy to use, you don’t want to be caught out if you experience a technical difficulty. Many bookkeeping and accounting firms, such as Propeller Advisory, can include payroll support with their services.
Focus on the details
There’s nothing worse than a disgruntled employee. To avoid any problems, make sure you input all of your employees’ details correctly onto your payroll system the first time. This will save you time and stress later down the line.
Outsource your bookkeeping entirely
If the stress of managing payroll is proving too much, don’t worry. There are plenty of bookkeeping and accounting firms that specialise in organising the payroll and books for small businesses. This way, you can save yourself the hassle of self-managing your finances and ensure your business stays up to date with all paperwork.
At Propeller Advisory, we offer comprehensive virtual CFO services that can help you organise your small business. We offer all key bookkeeping services, including accounting support, accounts payable and receivable, invoicing, project finance and payroll support. So if you want to gain back valuable time and get back to running your Melbourne business, contact the team at Propeller Advisory today.