Payroll

What Does Payroll Accounting Involve?

While payroll might sound like a simple process in theory, we know that in reality you’re spending significant time processing staff payments and balancing the books every month. It’s intensive work, in need of strong attention-to-detail, especially when you employ more than a few people.

Staff Compensation

When you have staff on a range of pay levels, each with different associated bonuses and annual leave allowances or additional benefits, the matter of compensating them during every pay period becomes complicated and crucial to get right. We make it easy to process staff payments efficiently and keep track of all your employee compensation records, so that there are never any discrepancies to worry about.

Payroll Taxes

PAYE staff are subject to tax deductions from their gross wages. As their employer, you are responsible for ensuring that their payroll taxes are worked out correctly, deducted and paid into HMRC on their behalf. That’s a big responsibility for any employer.

Employer Contributions

As well as tax deductions, you also need to ensure that you’re correctly allotting employer contributions to your employee’s payroll records, for instance, your contribution to their pension pot, and to any additional relevant financial benefits they may have.

Employer Deductions

If you offer your staff a season ticket loan, technology loan or any other form of financing, you’ll need to ensure that you adequately calculate any employer deductions during payroll too.

With so many factors to consider, it’s understandable that many business owners find payroll to be a significant drain on their time and financial resources. Rather than resorting to employing a full-time staff member that you simply don’t need, why not cut costs by consulting with we do accounting?