5 tips to grow your payroll business
So, you’ve finally done it. You’ve somehow managed to set up a company. And not just any company, oh no, you've dived headfirst into the world of payroll. Sure, accounting school was the best; but now it’s time to buckle up because you’re a boss now, and playtime is over. But how do you succeed in the cutthroat and unforgiving world of payroll? Well, I’m here to tell you. Here are 5 life changing tips (may be a slight exaggeration) on how to grow your payroll business.
First of all, this is a no brainer and will form the basis of this article. If you’re still adding up the tuck shop takings on an abacus and chalkboard then it’s pretty obvious that you’re going to be left behind. No matter how small your payroll business is or how few employees you have, you will always benefit from a payroll software that pays your client’s employees accurately while reducing your admin time. And by using a payroll package that's HMRC recognised you don’t need to worry about the dreaded taxman. Now, what’s even better?
One of the biggest tasks you will deal with as a payroll bureau is calculating contributions to HMRC. If this is done manually then, let’s face it, there’s going to be mistakes. By using payroll software that can automate auto enrolment duties, batch send RTI, perform payrolling of benefits and CIS submissions (amongst other things) you’re working smarter, not harder and hardly working instead of working hard. This will save you an endless amount of time and reduce mistakes dramatically.
3) Cloud Backup
As your payroll business grows, you’ll hopefully have some employees! Then, even better, more employees! They might work in your office, or work from home, or from a local Starbucks. Basically, in this technological era, the definition of a workplace is malleable and interchangeable. The best thing to do is invest in a HR and payroll cloud self-service portal for your bureau business. This has a threefold advantage as you can:
- Have all documents in one safe place for increased efficiency and decreased, er, inefficiency (wow my creative writing classes are really paying off, eh Mom?)
- Eliminate the need to manually send payroll information (payslips & payroll reports) to clients each month.
- Save yourself a ton of time where you can periodically backup the payroll data to the cloud so if you lose any data you can retrieve it easily and hassle free.
4) Look out for hidden fees
Make sure that you are using a payroll software that has no hidden fees. Support and training are imperative in the success of any payroll business. Even in the last few years alone, we’ve had the introduction of RTI and auto enrolment which completely changed the landscape of payroll. Therefore you want to be secure in the knowledge that no matter what comes your way, you can ask for help and it won’t come with a price tag and make sure there are no charges for automatic enrolment.
5) Reduce your admin time
I’ve already mentioned this BUT there are more ways to reduce this most evil of all work. As mentioned, it can be done by using a bureau and client self-service system where whenever you finalise the payroll, things like payslips and payroll reports are accessible to your clients. You could also use a software that puts the onus on the client to submit their data to you directly through a portal, thus reducing duplication of data and inevitable errors. You can aim for the stars even further by opting for software that also handles your employee admin via a self-service portal that handles things such as leave requests, HR calendar, employee data and even their payslips that are accessible only to them through a unique password. But I don’t know, maybe I am getting ahead of myself here, I mean surely a payroll software like that that has all those amazing features couldn’t possibly exi…
LADIES AND GENTLEMEN, let me introduce to you, BrightPay Connect, a cloud self-service add-on for BrightPay Payroll. BrightPay is so popular amongst users that they voted it the Best Payroll of 2018 at the Accounting Excellence Awards. The folks at BrightPay really want you to succeed and that’s why they’ve designed this bit of software that takes all the hardest parts out of your hands to free your time up to be the best business you can be. All of the features, every single one, mentioned above are part of BrightPay Connect. Weird, it’s almost like I was writing about it the whole time….
See what all the fuss is about for yourself and join me on the road to success. Book a free demo today at https://www.brightpay.co.uk
(Bonus tip: Win the lottery and buy up all your competition. Now you are payroll King. Simples)