Starting and growing a small business is not easy – managing employees, driving sales, and focusing on growth is just the beginning. Day to day operations can take up limited resources so it’s important to have the right tools in place to avoid problems down the line. Here are some requirements to consider:
Payroll and Hiring
Small business owners don’t always have the budget to hire a payroll manager, but as you hire and the staff grows, you need an automated system to manage payroll to be on time and in compliance current regulations. Using cloud-based software with automated updates helps keep you ahead of changes each year.
HMRC and Tax Deadlines
HMRC introduces new requirements each year including changes or updates to pensions, auto enrolment, and PAYE. Ensuring compliance with HMRC is vital to avoid fines or penalties. Having a payroll software with direct filing to HMRC helps remove manual processes and keeps tax filings on time.
Identifying and Fixing Mistakes
Everyone makes mistakes – but if you don’t notice the error and correct it, your compliance can be in jeopardy. As you add employees, payroll errors can get costly, so it’s important to have a software that can identify errors or discrepancies month to month so you can fix the issues.
Reporting and Compliance
Payroll reporting is an important tool for business owners to keep track of expenses, spot errors, and ensure there is no mismanagement of payroll funds. Payroll reporting also helps ensure compliance by tracking all of the monthly payroll and taxes paid to HMRC. If you are using manual processes or spreadsheets to create payroll reports, it is difficult to know if something is wrong.
Cloud-based payroll can benefit small businesses by automating processes, direct filing with HMRC and providing tools for reporting and compliance. You can also integrate HR admin with payroll so you can manage employee benefits, appraisals, and time management all in one place. Technology can simplify the payroll process, help to ensure compliance and provide records for audit, HMRC year-end reporting, and more. If your small business is growing and needs help with payroll, talk to our team. Our easy-to-use payroll software, customised reporting, and CIPP-certified staff is here to help simplify your small business operations. Click here to learn more
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