Take time out from payroll services

Take time out from payroll services

For any employer, paying your staff accurately and on time is key to a happy workforce.

35% of UK workers would find another job if their employer paid them incorrectly even once. Furthermore, 51% would lose trust in their employer and resent them. (source: Sage)

Accurate and compliant payroll services are not only about paying wages. They include calculation of National Insurance contributions, holiday, pension and other payments, such as statutory maternity pay.  If you are running a payroll for a business, you need to be aware of the thresholds and deductions applicable to the member of staff you are paying.

What are payroll systems

A payroll system calculates total pay, determines how much is deductible and makes payments to employees, HMRC and any other agencies required.

There are various payment systems available to help run payroll services, such as Sage and Modulr. It is important to ensure that the provider you chose uses a fully secure and GDPR compliant system or both you and your employees to access payslips and other documents.

In addition to compliant and reliable payroll software, it is also essential to have a human running the payroll who is qualified to check that that the system is running correctly and all available allowances are claimed. This will ensure that your employees are paid accurately and have the right deductions.

Outsourcing payroll services

61% of British businesses outsource their payroll (source: cybercrew).

As a business grows, inevitably so does the length of the payroll.  It may be that the amount and variety of employees or contractors that you now rely on has made it difficult to manage an accurate and timely payroll.  If you are running the payroll as a business owner, your time is probably better spent focussing on the strategic development of your organisation and undertaking billable work, rather than doing administrative tasks.

The benefits of outsourcing payroll services:

• Saving you time and money to focus on running your business.
• Expert knowledge to ensure accurate payroll processing.
• No internal software fees.
• Streamlining your payroll process.
• Support with your payroll responsibilities and compliance.
• Tax year end reporting done, including P60s and P11Ds.

How much does payroll cost?

The cost of payroll services will vary depending on how many staff you need to pay.  The most important factor is to find a payroll provider that is knowledgeable and reliable.

Experienced and qualified payroll professionals may charge slightly more to run your payroll, but you will be assured of an expert service that ensures your employees are paid on time, every time.

Stephenson Smart’s payroll teams include many highly qualified individuals that are Certified Advanced Payroll Technicians by the Chartered Institute of Payroll Professionals. Contact us to find out more about how we can advise and assist you with payroll services.

To help with payroll calculations and key dates we have produced a Payroll Fact Sheet

This two-sided downloadable pdf is handy to print out and have easily accessible if you work in payroll services.