Using a payroll service run by chartered accountants ensures that your payroll is handled by experts. Accountants know which boxes to check while ensuring every detail is recorded properly.
This helps to guarantee your compliance and prevent government fines for late or improper employee tax submissions. You also have peace of mind that changes in legislation can’t trip you up; chartered accountants are always in the know, so rest easily while we worry about that.
If your small business employs staff, you need payroll. Payroll services for small business help prop up firms that don’t – or can’t afford to – employ in-house staff to handle pay systems. When you have a team with varied workloads, figuring out how to slot payroll in can be tricky.
Payroll services like ours use a bespoke software-based approach to make them as easy as possible to attach to your business.
Small business payroll services are surprisingly affordable, often paid as a modest monthly fee to your accountancy firm that keeps their services running in the background.
Compared to the salary of having an in-house accountant, this is often a no-brainer.
Payroll can be handled by anybody (in theory) and doesn’t legally require any qualifications. However, you will need to establish a firm grasp of payroll software and understand the legal requirements around organising and recording payroll.
Mistakes in submissions to HMRC can be costly, and besides that you can end up paying staff incorrect amounts and leave them struggling while you rectify the errors. Using an accountant avoids amateur mistakes.
To get started with payroll, you need to register as an employer with HMRC (assuming your small business employs staff). You will also need to obtain a login for PAYE.
It’s best to use payroll software to make the recording of employee details as simple as possible, as well as calculating the pay they’re owed and any deductions needed like National Insurance and tax.
Payroll is then an ongoing process of keeping records, informing HMRC of any employee changes, and paying the tax and National Insurance you owe as a business.
Or you can let a chartered accountant handle all of the legwork for you!
No, though bookkeeping does involve some degree of dealing with payroll if your business employs staff.
Payroll is specifically concerned with the list of your employees and how the business remunerates them for their work, including benefits and bonuses.
Bookkeeping is a more general term for the good housekeeping that accountants can provide, dealing with the wider transactions of a business. This can concern payroll but also paying suppliers, billing clients, and recording invoices.
For the most convenient way to keep all your financial ends tied up, it’s best to have the same accountants handle both your payroll and bookkeeping.
Payroll services include everything HMRC needs to know from your business and all the necessary compliance bits and pieces needed to prove that you’re going about paying staff the right way.
Payroll includes:
Payroll includes a lot more than simply sending the right cash to the right people on the right day, which is why payroll services for small business are so welcome.
Yes, and furthermore, we believe an accountant is the best person to handle payroll.
Accountants are experts at dealing with the financial side of business. As well as handling tasks like payroll, they can offer professional advice and guidance to your business for when things get complicated or you’re unsure on how to proceed with an issue.
The help of an accountant makes payroll simple and secure to the point that you can practically forget about it.
Here at Venn Accounts, we can efficiently manage full payroll for companies of all different sizes and niches, ranging from local retail businesses to SMEs, tech firms and startups.
We can manage your payroll for you, using the Xero automated system, giving you these benefits:
Operating from our London head office, Venn Accounts a traditional accounting firm. We are committed to ensuring all our clients are completely clear about what we can do for them, while fully supporting them every step of the way.
Contact us and speak to a member of our team about our annual account service.
