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Accounting and bookkeeping: A guide for sole traders
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PAYROLL
Your payroll team plays a crucial role in keeping your business running smoothly.
Payroll management ensures your employees are paid correctly and on time – alongside handling things like benefits, holiday and sickness pay, and paying into a pension.
One way to acknowledge your team’s hard work is to celebrate National Payroll Week.
National Payroll Week takes place once a year in the UK, usually in the first week of September. In 2024, NPW runs from Monday 2nd to Friday 6th September.
The Chartered Institute of Payroll Professionals (CIPP) is planning the below, to help employees understand the role of payroll and celebrate the people who manage it:
They’ll be using the hashtag #ChoosePayroll to share stories
We can expect various events, educational webinars, and competitions
The CIPP are promising to make 2024 the biggest year yet!
There may also be NPW events from the AAT (Association of Accounting Technicians) and the ICB (Institute of Certified Bookkeepers) that haven’t been announced yet.
How you celebrate National Payroll Week is up to you, but many businesses see it as a time to appreciate and give back something to their payroll team. As a business owner or HR manager, you can also use it to educate your wider team on payroll’s importance.
Here are a few creative and impactful ways to celebrate National Payroll Week.
Make it a memorable week by hosting an event. This could be an educational lunch and learn for your business, or something to express real gratitude for your payroll team.
You may also wish to send some of your payroll team to one of CIPP’s events.
The event you organise will depend on your budget and payroll team size, but hosting a tasty lunch or a trip to the local café is a good way to show appreciation. However, make sure it’s not the payroll team who ends up having to organise their event or outing!
If you have remote workers, ensure they are included and can make the date.
Consider what would really make your payroll team’s lives easier. This could be a new piece of software they’ve hinted at or time to do a webinar to develop their soft skills.
Giving back to your payroll employees could also take the form of reviewing their salary, or investing in training so team members can reach their career goals. How about a workshop on the latest payroll technologies, or a new CV-boosting certification?
Alternatively, show them they’re valued with a small gift, like a mug or desk plant.
Consider holding an ‘employee appreciation day’ for your payroll team at work.
This could involve an email expressing thanks to the team, giving people a chance to show their gratitude. You could also send a newsletter about the essential work your payroll team does, alongside reminding your team how to make their work easier.
If your business is on social media, post about National Payroll Week. Give your payroll team the recognition they deserve for ensuring everyone is paid correctly and on time.
Show your dedication to your payroll team’s well-being by investing in your benefits package. This not only helps retain employees but attracts new talent to your business.
Survey your employees’ needs – what would make their lives easier and improve their morale? Benefits could include a mental health and wellness program, gym memberships, or free snacks in the canteen or kitchen. A happy, healthy workforce is more productive.
Your payroll team (and wider team) may also appreciate the option of flexible hours. Remember to review competitors’ benefits packages, so you don’t lose your people.
National Payroll Week is a great time to remind your team about existing benefits, too.
Use National Payroll Week as a catalyst to make your payroll process more efficient.
This could involve investing in payroll software to automate repetitive tasks, reduce errors, and help speed up processes. New technology can help enhance the accuracy and reliability of your payroll system, allowing your payroll team to focus on other tasks.
However, you should keep your payroll team at the centre of any changes. Ask them what needs improving, or you might be changing a process they’ve already perfected.
Celebrating National Payroll Week not only celebrates your payroll team – putting a sometimes overlooked role in the foreground – but educates your wider business.
NPW is a chance for your payroll team to let your wider business know how their job works. You may even get people from other departments wanting to try a new career path, or at the very least gain a new appreciation for the importance of their payslips!
National Payroll Week is also a chance to improve processes and educate your workforce. Now more than ever, being financially literate is an important skill.
By fostering a culture of appreciation, you acknowledge your payroll team’s hard work, strengthen bonds within your business, and improve morale across your wider team.
Make National Payroll Week a time to highlight any forgotten current benefits, alongside adding any new ones. By giving back to your payroll team – through training, an event, or helping them achieve their career goals – you help create a positive workplace culture.
In short, better job satisfaction and retention rates are better for your business.
Payroll software could be the answer your payroll team is looking for. QuickBooks offers easy-to-use yet professional payroll systems, helping save time and effort on payroll.
Save time with no-nonsense payroll that runs online from anywhere
Organise statutory pay, such as sickness, maternity, and bereavement
Automate payslips and share with employees through a portal
Get peace of mind with the latest HMRC-approved software tools
Sync with other accounts, to get a full picture of your business
QuickBooks offers two payroll solutions – Core Payroll for small and director-only businesses, and Advanced Payroll for larger businesses with a need for HR features.
Perfect for director-only businesses and small employers who need speed and simplicity.
HMRC-recognised
Pay employees weekly and/or monthly
Generate payslips
Calculate statutory maternity, paternity and sick pay
For employers who need HR features and the in-depth analysis of customisable reports.
Everything in Core Payroll
Automatic pay runs
Timesheets
Choose any payroll frequency
Employee portal & HR features
Calculates 5 statutory payments
Automatic pension submissions to 5 pension providers
Learn more about Advanced Payroll
National Payroll Week was created by the CIPP in the UK in 1998. Over 20 years later, the event is bigger than ever, encompassing events, webinars, competitions and more.
The Chartered Institute of Payroll Professionals (CIPP) founded National Payroll Week in 1998. They offer membership benefits for payroll employees, education and support services, and are dedicated to raising the profile of payroll within businesses.
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