So, you’ve finally done it. You’ve somehow managed, despite all that your aunties said about you, you’ve gone on to set up a company. And not just any company, oh no, you've dived headfirst into the sexy world of payroll. Sure, accounting school was the best; invites to the coolest parties, skipping the queue in all the nightclubs, boys and girls falling at your feet. But now it’s time to buckle up because you’re a boss now, a sexy one, 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 on how to grow your payroll business.
*may be a slight exaggeration
1) Software - 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 Fabrizio with his swanky laptop and payroll software is going to leave you eating his trail of dust as he travels all the way to the top. Of what? Of life, Margaret! 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 clients 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 *little children scream in the background*. Now what’s even better?
2) Automation - One of the biggest tasks you will deal with as a payroll bureau is calculating contributions to HMRC. (That, and fending off all of the attractive people who want to be close to you because you own a payroll company). If this is done manually then, let’s face it, there’s going to be mistakes, and I’m not talking about my cousin Ollie kind of mistake. 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, unless you’re the worst boss in the world with bad BO and an attitude, 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 along with all the yummy moms and boho artsy types. Basically in this technological era the definition of a workplace is malleable and interchangeable. (Heck, I’m sitting on my bed right now in my underwear eating a Nando’s and watching Geordie Shore while I write this. Step into my office at your own peril!) So to make sure that everyone is on the same page 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:
4) Look out for hidden fees - Make sure that you are using a payroll software that has no hidden fees. You don’t want to take it out for an innocent drink and then 9 months later have it knock on your door saying that you’re tied into a lifetime subscription. Support and training are imperative in the success of any payroll business. Things can get confusing and you’re at the whim of HMRC and she is a fickle, fickle mistress. 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’s 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 based 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 a 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 Payroll Software of the Year at the 2018 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)