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Payroll Is More Than Wage Payment

By January 30, 2017February 8th, 2017Blogs

If you are not ‘in the know’ with payroll accounting, you may think it is simply paying wages and controlling sick leave. If you do think this, you are far from the truth and are about to be pleasantly surprised.

Your business payroll accounting is so much more than just a payment. Covering more than your employees and what they are going to be paid, the process also includes tax information and various other legal requirements. Although the process is not a walk in the park, with the right accountant it can be a breeze.

One vital piece of information to remember with payroll accounting is that the numbers in your system, are real people who have their own personal needs – mostly depending on you.

Optimise Your Payroll Process

In order to understand your payroll process, you need to firstly understand the purpose behind it and who it essentially effects. As a small business owner your main goals are probably to earn profit and to keep your business successfully running every day. Another goal you may have in clear sight is to propel your business forward with growth and more employees.

However, you have to understand that your employees’ goals and aims are very different to yours and there are certain points to take into consideration in all business objectives including your employees such as:

  • Their own chosen career path is not yours
  • How long will they work at your business?
  • They may not have financial stability and need regular payments
  • They will have their own monthly costs and outgoings to take care of

Remember, no matter how much they love working for you and your business, their main goal is to get paid regularly which you must be able to fulfil.  

Support Your Employees

As you will understand yourself from owning the business, unreliability and uncertainty is the main contributing factor to poor morale which your employees will feel the full force of if your payroll system is not in order. If they are paid on time, regularly and accurately they will be happier and more likely to be efficient in their job roles.

Payroll support from Coleman and Co ensures reliable payments are made and also takes care of:

  • Updating Tax Codes
  • Automated Direct Payments
  • Accuracy
  • Employee Guidance
  • Holiday Accounting
  • Other Contributions

Business Benefits

With so many benefits to your business, payroll accounting really holds no questions. With Coleman and Co you are able to simplify taxes, take care of all employees and log new ones, reduce your IT costs, gain access anywhere and stay up to date with all legal requirements. Other benefits include:

  • Cost Effectiveness
  • Payslip Creation
  • Reminders
  • Time Saving
  • Additional Security
  • Excellent Customer Services

Get in Touch

Never underestimate the importance of payroll accounting and get in touch with Coleman and Co today by calling 020 9266 3599.

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