Practice life may be brighter, so deal with future stress now

  Posted by: Dental Design      15th July 2021

There may be some way to go before we achieve “normality”, but with restrictions continuing to lift, there could be more positivity around your practice, from the team and patients. As an employer, you may find that any optimism comes with a side of caution, though. Events of the past year or so have taught us not only how quickly things can change, but also that change is inevitable.

Even a successful, profitable business has to have robust systems and controls in place to deal with any bumps in the road; smooth operations are a key performance metric for dental practices. Not just patient services: the nuts-and-bolts processes that keep things running. One thing that has had to keep on functioning, regardless of all the challenges, is your payroll.

Furlough, remote working, irregular schedules, plus planned changes to legislation that will make payroll more complex – despite all these factors and more, people must be paid accurately, and on time. Add in elements like employee benefits, pensions and the like and we see how payroll goes way beyond wages.

So, as we ease into a more hopeful era, now could be the time to outsource payroll. It’s about learning from the past and looking forward, being ready for the unexpected and well-prepared for the future. It’s also about saving yourself hassle and stress, a benefit that cannot be overestimated!

Has your payroll changed?

It is possible that you still have some employees on furlough, or flexi-furlough (the scheme isn’t set to end until 30 September 2021). But plenty of dental practices have added or plan to add to their team this year. If the changes to off-payroll working (IR35) that came into force after 6 April 2021 haven’t affected you so far, you will need to ensure that you identify new contractors who are working through a limited company, so they can be added to payroll, as per the new rules. Compliance to IR35 is going to be a key focus for HMRC, so don’t get caught out. There is information available on the government website, but if you outsource to specialist payroll provider, this will all be taken care of and you – and your contractor(s) – will be kept up to date and informed of what you and they need to do.

Also, since April 2021, employers now have to keep records that establish they are renumerating at a rate at least equal to the national minimum wage for six years, rather than three as had previously been the case. Other changes that have complicated payroll since 2020 include employment allowance (EA) increasing for eligible businesses, allowing them to reduce their NICs liability (subject to meeting certain conditions), also new tax-rates for company cars first registered at any time from 6 April 2020, to encourage the use of low or no-emission vehicles.

These are just a few examples; the general direction of travel is that more layers are being added to the payroll process. Outsourcing now would therefore get you ahead of the curve as well as free up time to concentrate on business development. Another huge benefit of outsourcing is that a premium provider will have access to the latest technology, so not only will upscaling be easier, but you will have peace of mind that personal data is being kept secure. To invest in the kind of technology that will integrate all compliance changes and offer the flexibility and security that you need will be beyond the resources of most practices. We can expect to see more Cloud-based working going forward, as many industries, including payroll, adapt themselves to suit new ways of doing things – more hybrid working, for example. Things like E-payslips rather than paper are great for your green credentials too. Again, this is about getting ahead of change, rather than having inevitable change forced upon you.

But don’t think that outsourcing payroll is something that is only relevant to a bigger practice, as it doesn’t matter how small your team is. Premium payroll providers are dedicated to good client relationships; being “small” doesn’t mean you won’t have a problem, for which a solution needs to be found, and fast. Wagemate manages payrolls for all sizes of dental practice, letting them get on with the day-to-day. Because it is a specialist provider, the latest measures will be accounted for and people will always be paid accurately – if anything changes, the experts will also let you know how it could impact on your business.  

If the going’s good, get ahead! Don’t wait for circumstance or just “go with the flow” – now is the time to take control of your future. Harness any optimism, to make practice life easier, more efficient and future-proof and far less stressful.

To better manage your payroll, contact payroll specialists Wagemate today,
tel: 03330 102102 or email info@wagemate.com