Make your Christmas payroll easier by doing these four things

Christmas is stressful enough without the added chaos of running payroll early while you manage your never-ending to-do list before your much-needed break. So, we’ve put together a quick action plan of four things you can consider now to get you prepared for the final pay run of the year.

You can thank us later for sparing you the time to focus on more pressing matters like decorating the office in tinsel!

Get prepared for the Christmas payroll

1. Early Christmas paydays: Remember to ensure your RTI submissions are for your usual pay dates so employees receiving Universal Credit payments aren’t affected if you pay them early.
2. Help employees weather longer wait times for their pay during January:  January has enough to answer for without the dreaded prolonged wait for payday, so you could offer employees access to Earned Wage Access through the Income Group. This will give employees greater control over when and how they access their pay. Employees can receive some of their earnings during the month, usually within two hours of authorisation, compared to a BACS payment which can take up to three working days to clear. Income Group is our Faster Payments partner, which allows companies that use software without a built-in early pay solution to offer this to their employees so they have more flexibility around payments.
3. Risk of overpayments: Early paydays can open you to the risk of overpaying employees who may leave unexpectedly and without notice during the festive period. Ensure all your business areas are aware of the earlier cutoff for changes, but flexibility is key to ensuring payroll can be amended at short notice. Consider using Faster Payments to pay your employees, which will allow the business more time for last-minute adjustments.
4. Key person dependency: Does your payroll hinge on one person within the business? What would happen if this person were to become unexpectedly unavailable to approve payments? Identify your backup and ensure that two-factor authentication isn’t exclusive to just one person. Make everyone aware of your continuity plan, or get someone like us at Phase 3 to take care of your BACS service through our managed service.

Payroll Services

At Phase 3 we can support you through a managed or temporary payroll service. However, the thing that really sets us apart from everyone else who does the same as us is the agility and flexibility of our service. We don’t stick to rigid processes and will work around what is best for you and your business. This means you will receive tailored support when and how you need it.

Our award-winning, CIPP-accredited consultants are trusted by over 700 UK businesses and can manage as much or as little of your payroll as needed.

Free one-hour consultation 

Request your consultation to discuss further ways to enhance your PeopleXD system by booking an initial 15- minute call with Liam.