Payroll Services In Suffolk & Ipswich
What is Payroll?
Traditionally, payroll has quite the simple definition: it involves a list of employees within a company, and how much they are due to be paid. Nowadays, payroll is a little more complex. It pertains to employee wages, and it is a record of the amount of money an employee has been paid over time.
The responsible management of payroll is absolutely essential to the healthy, lawful function of a business. Employees are rightfully owed dues for their dedicated labour. Disorganised or neglected payroll management does not bode well for the future of a business, and can bring about the loss of valuable staff members.
However, there are several reasons why back-office payroll management solutions may be needed for a business, which we elaborate on below.
Why do businesses use Payroll Services?
Businesses don’t only use payroll services in Suffolk so that they know who’s getting paid and when! Payroll has many a valuable function, and some of these include:
- Calculating how much your employees need to be paid
- Calculating how much tax (including National Insurance contributions) should be deducted from an employee’s wage
- Reporting employee pay details to HMRC
And of course, businesses should manage payroll in a manner that ensures they are actually paying their employees. Unlike voluntary work, employees are hired with the expectation of a regular wage, and this must be fulfilled. In the modern day, instead of waiting for a paper envelope with allowance inside, payroll is digitised. This helps makes the payroll management process much easier.
Read on for further insight into what payroll services in Suffolk actually include, and what they can do for you and your organisation.
What do Payroll Services include?
Most frequently delivered at the hands of talented accountants, a good payroll service will handle payroll every step of the way. This will include monitoring employee hours, calculating accurate pay, factoring in withholdings, handling direct deposits, ensuring you’re always tax compliant, and managing any employee portal your company might have.
Any payroll service worth taking advantage of will manage all of these factors with ease – after all, it is of paramount importance that payroll is processed correctly and in a swift, efficient manner.
By factoring in these many, many considerations, payroll service providers can fulfil this important obligation, without any unnecessary stress or hassle for your business.
At ST Accountancy, you’ll be pleased to know we are experts at providing payroll services in Suffolk! Of course, this is also what any company would say. To affirm your confidence in the payroll services we provide, we’ve outlined our payroll process here, for you to explore freely. Hopefully, this answers any enquiries as to the complexity of the payroll process.
The first step to our payroll service will be accessing your employees’ details. This will include their name, address, national insurance number and salary: important facts that enable us to distribute pay quickly and effectively.
We will determine whether you pay your employees an hourly rate or salaried amount. This guarantees that your employees are paid the correct amount, when they are owed. Sick days and overtime are also recorded by our payroll experts.
Salaried pay and hourly wage are two different things. A salary is received on a monthly basis, and is based on a yearly amount divided into 12 parts. An hourly wage fluctuates based on the number of hours an employee has worked. Fortunately, we’re able to reflect these with ease as part of our payroll services. We will also indicate gross and net pay (the amount after tax) on your employees’ payslips.
Legally, every employee must pay tax and National Insurance from their gross pay. This amount varies depending on how much the employee earns. In your stead, we will ensure the correct amount is deducted in payroll and duly paid to HMRC each month.
Employee benefits are vital to a thriving, motivated company culture. So, we take these into account when doing payroll. Benefits that need to be considered can include private healthcare, a pension package and employee discounts: these are all factors that can affect eventual gross pay.
When should companies avoid doing Payroll internally?
Payroll is more than just numbers. Payroll is documentation, it’s collaboration with HMRC, it involves terminations and promotions, tricky control procedures. When businesses go far beyond a team of two or more – even four, five or six – it’s essential that payroll services are put into place.
As a self-employed team of one, it might be cost-effective to manage your own payroll (with some advice from HMRC). But the more people involved in a business, the wiser it is to outsource your payroll to the professionals: payroll services in Suffolk include professionals that aren’t only efficient and experienced, but also know how to keep your business compliant with the law.
Why choose to outsource your Payroll to ST Accountancy over your competitors?
Our team at ST Accountancy has worked hard to elevate our skills in accountancy to meet the needs of every business, great or small. We distinguish ourselves with our perfectionism, our eye for detail, and our drive to get the job done right.
Contrary to the situation with others, you can build a strong relationship with our team, and feel fully secure in the knowledge that we will handle your payroll services in Suffolk perfectly, each and every time.
What our clients say
The service I have received has been nothing short of brilliant. From my initial meeting through to my monthly management reports the information that I have received has been invaluable for my business.
ST Accountancy take out the accountancy jargon and provide clear advice which helps me understand the requirements from HMRC and supports with my business planning.
I met with Sean to discuss his services and my company and he talked me through all the options and was so helpful. He wasn't trying to up-sell, only wanted to help for what I needed and is always on the other end of the phone/email if I need him.
They are very friendly with a professional “can do” attitude - Really couldn’t recommend them high enough.”