- Is Payroll?
- Is Payroll?
Payroll is used and must be used when you have employees working within your company. This is a process where the employers pay their employees for all the work they have completed, as this is a legal requirement to have within your business.
It has a variety of services, including:
- Hours that they have worked
- Their salaries and wage
- Any time off that they may have had
- Over time or other extra payments
It is vital that your business system works and is also completed accurately. By having a personal accountant to accomplish all legal documents, you are allowing your business to gain full potential without any worries.
Payroll must be completed accurately and on time, as a missed payment can cause your business to gain fines and penalties. With a trustworthy accountant, you are willing to gain a variety of benefits, including:
- No worries or unnecessary stress
- Fulfilling all payroll business requirements
- Accurate form filling
- Saves you time to focus on your business
How Does Payroll Work?
Guidelines and deadlines must be followed when using payroll, as it is a legal requirement within the work placement.
Every business deals with payroll if they have employees, as they are monitored on the total earnings that the employee has earnt. The gross pay is then calculated, allowing it will work out the total hours worked at their pay rate, combining them to work out amount should be deducted from the taxes and national insurance – providing the employee with a direct deposit to their bank account with the remainder of the pay.
PAYE (Pay As You Earn) is a system where you pay your employees deduct pay from PAYE, as this is operated through HM Revenue and Customs.
By hiring an accountant to deal with all your payroll services, you are allowing yourself to take the stress off your shoulders by permitting them to deal with all the accounts either manually or with a computerised system.
This must be processed on a regular basis as this legal requirement is vitally important, as it must be processed efficiently within your company.
What Is A Payroll System?
A payroll system is a software which allows accountants to organise all employee payments, as well as fill in all taxes.
This software is a trustworthy system that permits you to carefully manage your employee tasks, including:
- Send data and information to the HMRC forms
- Holds secured data such as pay slips and annual reports, which are easier to access if needed
- Calculates statutory pays for sick and maternity leave
- Works out how much money the HMRC receive
- Records all your employee’s data and details
- Works out how much pay and deductions your employees are entitled too
Finding a system that meets and exceeds all your specific requirements can be hard to find, which is why by having a trustworthy accountant to deal with all your payroll will know which system you will benefit from the most.
With accountants having extensive knowledge within the payroll industry, you will gain great piece of mind knowing you are in safe and competent hands when it comes to dealing with your payroll accounts.
By having a payroll system, you are allowing yourself and business to gain an array of advantages, such as ensure you meet all deadlines and legal obligations – meaning you have peace of mind knowing you will not receive any fines.
Call 028 9266 3599 if you require any professional guidance when it comes to payroll services within your business and allow your accountant to take the stress away from you.