A better payroll can have a surprisingly big impact
Get payroll right and you’ll get a happy team and happy practice – the best work environment to explore new opportunities for growth in. Perhaps the events of the last 18 months have inspired you to think about upgrading your current system and look for something more tailored to your practice’s needs.
There are excellent software options out there that might even save you money. Some platforms will simplify payroll to the extent that you only need a few clicks to process it.
Functionality is key
Payroll software should be adaptable. If you have plans to expand the team, or if self-employed individuals are on a different schedule, you need software that will cope. So, functionality is key.
Whatever package you use must have excellent customer service; also, try to give several people basic training on payroll, to cover absence or if staff are moving on. There are various courses available from quality providers.
You will need an up-to-date database of processes to ensure consistency. Every dental practice should have a resource library– a tool that would be as useful to a new starter as it is to existing members of the team. Also, if you document your payroll processes fully, the information can be useful for benchmarking as well as helping to keep things running efficiently.
Perhaps you will choose to outsource payroll to an external provider, or to have the role done remotely. A remote payroll could mean you issue digital payslips, not paper ones. Cloud-based working comes into its own here, of course. When data is stored securely in the Cloud, you will not only save space but also make key information accessible to anyone who needs it. Technology is driving efficiency in all areas of business management, including accounting. More practices are going paperless, to boost their efficiency as well as their green credentials.
If you want support with payroll, talk with specialist dental accountants those at like Figurit. The team’s services go way beyond accountancy and tax efficiency; they want to help you optimise your business in every area. They are also strong advocates of cloud-based accounting.
Payroll might seem a “nuts and bolts” part of running a practice, but it is so important and can be improved. Get ahead of the competition and get on board with new, better ways of delivering payroll – your team, profit margins and stress levels will thank you.