Payroll – Tips for Managing the Ever Increasing Complexities
Payroll – one of the most important tasks in running a business, and let’s be real – it can be very intimidating!
There is a tonne of information out there, legislations, minimum entitlements, Casuals vs Permanent vs Contractors, Kiwisaver, Tax Codes – this list goes on.
We are going to share some of our top tips and tricks to help you feel confident in managing your payroll:
- Stay on top of legislation changes – they are coming through thick and fast
- Subscribe to our newsletter below, we will keep you informed
- Subscribe to Employment.govt.nz newsletter
- Subscribe to the NZ Payroll Practitioners Association (NZPPA) Newsletter – David and the team are always providing up to date information regarding payroll legislations and any changes.
- You are required to keep accurate Time & Wage Records and Leave & Holiday Records – these are vital and need to be kept for 7 years after the employee finishes up with the company.
- Ensure you have a signed Employment Agreement PRIOR to the employee starting work. Also ensure you have a Tax Code Declaration Form (IR330 or IR330C), along with a Kiwisaver Opt In or Opt Out Form.
- Having an Employee Information Form is really helpful – where the employee can fill in all the details to input into the Payroll System like Bank Account Number, Emergency Contact Details, Address, Email Address etc. This information also needs to be kept for 7 years after the employee finishes up with the company.
- Ensuring any allowances are set up correctly in the system – whether these are taxable or non-taxable and the impact each of these has on leave calculations.
- Leave Calculations – these are quite complex! Make sure you are up to speed on the calculations required around paying out the different leave types so that you can ensure you are using the correct calculations. Do not rely on the software to do it for you.
We could go on, but those are some of our top tips we wanted to share with you! Don’t be afraid to ask the experts for help if there is anything you are unsure of or need some guidance around.
WANT TO LEARN FROM THE EXPERTS?
We are really excited to be bringing to you courses & workshops delivered in person by our Master Problem Solver, Payroll Specialist and award winning Bookkeeper, Di Crawford-Errington, along with the support of her team of rock star bookkeepers and payroll experts.
Di will be running a Payroll Essentials Course for Payroll Professionals next month, starting 4th October. Then in February 2022, we will be kicking off the Payroll for Small Businesses Course.
The course covers all the essential information you need to understand payroll and your obligations as an employer.
For more information and to register click here.
This course is registered with the Management Capability Development Voucher Fund via the Regional Business Partner Network and you could qualify for funding to help you fund the course. For more information on the Management Capability Development Voucher Fund or to talk to your local Growth Advisor about this course, go to www.regionalbusinesspartners.co.nz