Payroll made simple: A step-by-step guide
Nomisma's payroll manager makes payroll simple by automating your processes and reducing your workload.
Every month-end brings the same task for accountant's, payroll. For small practices, payroll services can be profitable when managed correctly. If you lose control or take on too many clients from industries with high staff turnaround, it can quickly get out of hand.
Generating payroll by manually sorting through a business’ employees can be time consuming. Then once payroll is done, you must transfer the data to your bookkeeping module to ensure the company accounts are up to date.
These excessive administrative duties combined with complicated RTI changes to PAYE have resulted in many small business owners outsourcing payroll management to their accountants.
While payroll represents a big opportunity, it must be managed correctly.
The mandatory nature of wages results in a regular need for your services. It’s hard not to be enticed by the promise of recurring income for a relatively simple task. Further, acquiring a payroll client is a solid foundation to build a relationship on and upsell more services in the future.
Bain & Company found that is can costs as much as six or seven times more to attract a new customer than to keep a current one. So, providing quality payroll is a great way to upsell your services into more beneficial relationships.
The promise of upselling and adding value to existing relationships always sounds appealing but provide a poor service and there will be no chance of upselling.
Although the compliance factor turns many small business owners away from payroll, it should be easy work for an accountant. While the future of accounting is moving away from just compliance, these traditional services still represent an important piece of an accountant’s arsenal.
Payroll management: How to make payroll work for you
The nature of payroll requires an accountant to be flexible. While the last Friday of every month remains the most popular payday, there is some variation. Accountants mustfit their clients’ preferences and generate payroll weekly, fortnightly or monthly.
Accountants that offer payroll services must be efficient in their processes. Managing the multiple companies, they submit payroll for can be challenging, which is why it is imperative that accountants use a software that helps them.
There is no getting away from the fact that payroll is not the most exciting task. It can be laborious and time-consuming. So, getting a software that is integrated means you aren’t manually re-entering data across your different services.
In addition to integration, there is another keyword to focus on to improve the efficiency of your payroll, automation. The improving functionality of accounting software means that repetitive tasks can be performed by software. Automation reduces the amount of work that you need to do and the time needed to complete a task.
Payroll software: How Nomisma makes it simple
Automatically pay fixed-rate employees: For employees that get a fixed sum each month, Nomisma enables the auto-payroll function. When activated, the feature requires no maintenance and will automatically generate payroll. This feature can only be activated for those employees with a fixed payroll each month.
Automatically calculate pension rates: Nomisma can manage your workplace pension data at the push of a button. Simply opt-in or opt-out and the software will do the calculation using the information from the payroll. The software will then update the pension provider regarding the amount of pension being paid out.
Send every clients’ RTI submissions with one button: All accountants will be aware of the changes to PAYE payments known as RTI. Nomisma enables you to submit all the companies RTI information to HMRC online. One submission for the whole company.
Automatically calculate additional payments: When payroll is calculated, the software generates payments. Nomisma automatically calculates student loan repayments, SSP/SMP/SPP payments and more.
Only input data once: The functionality of Nomisma increases your efficiency by automatically synchronising your payroll data to your bookkeeping module. This saves you time as there is no need to re-input the information manually.
Submit all your payroll’s at once: The push of one button selects all your clients and runs payroll for them. Increase the efficiency of your payroll services by automating your processes. This creates more time as there is no need to individually select clients.
Want to improve your payroll efficiency?
If you are a small accounting firm or solo-practitioner, then Nomisma can help you. Whether you are using desktop solutions or cloud software, Nomisma offers an unrivalled solution for our price. With Nomisma you can choose your own plan. We have 6 modules of functionality: Payroll, Bookkeeping, Self-Assessment, Accounts Production & Corporate Tax, Practice Management and Company Secretarial. Create your own plan that provides the modules that you require. If you’re interested then click here to start your free trial.