Payroll legislation has forever been changing and growing. But the pace of change and growth of payroll legislation has sped up markedly over the last decade and shows no sign of slowing. In a short space of time there has been the introduction of RTI, followed by Auto Enrolment, and even more recently big legislative changes to shared parental leave, the introduction of the gender pay report and the apprenticeship levy. And substantial changes to holiday pay legislation as well as the introduction of the GDPR are right around the corner.
That is a dizzying number of payroll legislation introductions and changes in a short space of time and it means that companies, both large and small, are having a hard time keeping up and making sure they are meeting their obligations.
Broadly, we see three main possible solutions, or rather avenues, a company can take in order to successfully manage and get on top of ferociously growing payroll legislation. We will outline all three of these below;
1. Payroll Staff
Our first possible solution is for companies to look at the payroll staff part of the equation.
One way to manage increasing payroll legislation would be for companies to invest more in regular training for their payroll employees so they are not only up to date with the changes but also know which specific changes relate to the business they are in and which obligations they need to meet in relation to those relevant changes.
Instead of investing in additional training for current payroll staff, some companies may decide that it would be more beneficial for them to hire additional payroll staff to distribute the burden.
Our second possible solution for managing growing payroll legislation is for companies to invest more heavily in updating their current payroll software, or alternatively, investing in brand new payroll software.
More recent software from reputable software vendors will do a better job at keeping a company’s payroll in line with the latest payroll legislative changes.
However, it is crucial to note that even the latest, most expensive software will only be as good as the employee using it. So, it is evident that investing in software without investing in payroll staff will do little in helping a company manage growing payroll legislation.
Our third possible solution for managing growing payroll legislation is one that is becoming increasingly popular among large and small businesses and that is to completely outsource company payroll to an experienced, trustworthy payroll company.
We are one such company. CPS have been successfully handling payroll for small businesses all the way up to large corporations for a over 17 years. We have that crucial combination of CIPP qualified payroll staff who are both experienced and knowledgeable, and robust, secure, state of the art software that means your business’s payroll is always taken care of accurately, on time and in line with all relevant legislative changes, even the most recent ones.
So, that is one way you can manage growing payroll legislation, by letting a company like CPS, whose job it is to keep on top of payroll legislation, to do your payroll for you. And you may be surprised to find that letting us handle your payroll will likely work out cheaper than training existing staff, hiring new staff or investing in new software.
So, get in touch with us, and find out how we can help you keep on top of your payroll and save you money in the process.