Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Payroll Outsourcing for the Smaller Business

By Jane Harlow Subscribe to RSS | August 14th 2012 | Views:
loading
 
  



Payroll management is essential for companies employing people under the PAYE (Pay As You Earn) system. However, it is a time-consuming task best left to experts, which is why many small-to-medium businesses use a payroll outsourcing service.

Payroll management ensures that employees are paid the right salary on time, with the correct deductions made. It is essential to keep accurate, up-to-date records (either written or electronic) for this, calculating each employee’s pay and deductions in full. Payments may include:

• Basic wages

• Overtime

• Commission

• Bonuses

• Statutory Sick Pay

• Holiday pay

• Statutory Maternity Pay

• Statutory Paternity Pay

Similarly, as well as the income tax and NI (National Insurance) contributions which are deducted at source through the PAYE system, employee wage slips may list other deductions, such as:

• Trade union membership

• Subscription to a professional body

• Workplace pension

• Company health plan

• Student loan

• Non-essential business ‘perks’ such as a crèche or sports and social club

Employers also pay NI contributions on non-monetary benefits such as a company car. These are calculated at the end of the tax year, but still come under payroll processing.

Even with sophisticated software it can be a daunting task trying to manage all this in-house, especially given the problems which can arise if mistakes are made. This is where payroll outsourcing comes into its own.

Payroll outsourcing through an accountant

The word ‘payroll’ harks back to the days when small businesses kept written records of their employees, and laboriously performed NI and income tax calculations in-house. With most firms now required to file their annual returns and in-year starter and leaver forms (P45 and P46) online, using the information from their payroll records, specialised payroll software is now the norm. However, performing the task in-house is still a time-consuming process, which is why many firms prefer to outsource it to a specialist provider.

While there are numerous ‘standalone’ payroll outsourcing firms, it makes sense to use someone familiar with your business. Most accountants are happy to add payroll processing to the list of services they offer clients; indeed, many firms have a dedicated department specialising in just this area. If the accountant is already handling your business affairs, they may well offer payroll outsourcing as a ‘bolt-on’ service at a competitive rate. Alternatively, a newly established employer may be offered an affordable package in which payroll management is part of the service.

Payroll outsourcing – cheaper than you might think

For a small outlay, outsourcing your payroll to an accountant has a number of benefits, not least the peace of mind in knowing employee tax and NI deductions have been correctly calculated, and HMRC payments made on time. The cost varies according to what is involved, but you can choose the level of support you need, adjusting things as necessary.

For example, a company equipped with payroll processing software can just ask for weekly or monthly payslips to be supplied. If the number of employees later reaches an unmanageable level, the payroll outsourcing firm can take over more of the in-house duties.

Jane Harlow - About Author:
Jane has worked for HMRC as well as for several leading accountants in the North West. She now writes for payroll outsourcing accountants Taylor Roberts Accountants. Read more here: http://www.taylorrobertsaccountants.com

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/career-articles/payroll-outsourcing-for-the-smaller-business.htm

Related Career Articles Subscribe to RSS

Web Design and SEO for online success
Published by Ashish Pandey on March 3rd 2012 | Business
Calgary SEO and web design should be inter-related activities if you want to see your website flouri...
 
Dancingdeer.com coupons are an excellent way to save money on your online shopping
Published by Gayathri Devi on January 30th 2012 | Business
Free Dancingdeer.com coupons are standard and you can avail them from various sources. These simple ...
 
The reason why a business needs an online mortgage loan processor
Published by Amitaabh Saboo on December 1st 2011 | Business
The housing market is one that has a lot of competition, and therefore, a small or medium sized comp...
 
Online Degrees – Tips for the best online degree programs
Published by Ctscbcs1 on February 1st 2012 | Business
In recent times MBA has become one of the most desired educational qualifications. Acquiring this qu...
 
Using online video for business in 2012
Published by Ashish Pandey on January 2nd 2012 | Business
If you are looking forward to the best corporate and video production company, then you can surely t...
 
Tips to search the hotel coupons online
Published by Jane Cyrus on May 2nd 2012 | Business
If you are planning a trip you also need to book a hotel. Generally, hotel rooms add up the cost of ...
 
Justentrywayfurniture.com coupon codes allows huge amount of savings on your online purchase
Published by Gayathri Devi on March 1st 2012 | Business
Deals365.us will provide you wide range of Justentrywayfurniture.com coupon codes offering various d...
 
Buying from an online NSN Parts Supplier
Published by Albert John on April 12th 2012 | Business
Online NSN Parts Suppliers are one of the easiest source of NSN parts. They stocks up various NSN br...
 
You can buy anything of your choice and you would get a great discount on it by using online Dropdowndeals.com coupons.
Published by Maha Devi on May 17th 2012 | Business
There was a time when retailers used to provide different discount coupons through the means of news...
 
Buy the best made to measure curtains online in UK
Published by Alex Daquan on January 21st 2012 | Business
FC Curtain Company is a luxury on line bespoke curtain and roman blind company. We stock curtains, f...
 
Should you ask for ticket holder names on your online registration forms?
Published by Jim Romanik on December 23rd 2011 | Business
If your goal is to sell as many tickets as possible and you want people to buy multiple tickets at a...
 
Get the Unlimited latest news online
Published by Nidhigupta on June 22nd 2012 | Business
People have developed a general awakening amongst them and are very much interested in raising their...
 
Using Cyberguys.com coupons you can add extra joy and get more benefits in your online shopping
Published by Gayathri Devi on February 29th 2012 | Business
Due to recession, people are struggling to make their savings. One of the best ways in saving money ...
 
Using CompAndSave.com coupons are great way to save money when shopping online
Published by Gayathri Devi on March 15th 2012 | Business

Clipping CompAndSave.com coupons and creating a household items list from those CompAndSave.com ...
 
Try to utilize these Casecrown.Com coupon codes while shopping online to purchase products for low price
Published by Sai Manohar on February 12th 2012 | Business
Casecrown.Com coupon code will come in handy after you have done your online shopping. In a special ...
 
Flowers in Chandigarh- online is the way to go
Published by Julia Roger on July 2nd 2012 | Business
Festive season is the time when the demand for such send flowers to Chandigarh services is on the ri...
 
Birth announcements - Go online
Published by Andreas Roller on March 30th 2012 | Business
A new arrival in the family is a great boon for the whole family, and so the parents don’t keep it...
 
Save your budget when shopping online with promotional Outdoorteakgardenfurniture.com coupons
Published by Gayathri PranaviDevi on June 12th 2012 | Business
Advantage of using Outdoorteakgardenfurniture.com coupon code or Outdoorteakgardenfurniture.com onli...
 
Bargain shopping helps you save on clothing to the best laptop deals online!
Published by Editor123 on May 31st 2012 | Business
Deal Ninja also has a section helping students, military, teachers, and senior citizens find special...
 
Quality building materials can be sourced for low-est price through online shops
Published by Blossom Dana on December 19th 2011 | Business
Low-est is the online site which offers the best choice of building materials. You can source superi...