Small businesses are focused on driving growth and sales to move the company forward, but sometimes day to day processes can get inadvertently out of control. There are many challenges smaller businesses face when managing employee payroll, and the consequences can be devastating to the bottom line.
Setting up payroll and staffing
Small business owners can’t always hire staff to manage payroll, but as the company grows, you need payroll management to ensure your payroll is running on time and in accordance with current regulations.
Each year new requirements are introduced by HMRC including changes to pensions, auto enrolment, and PAYE. How does your small business handle the varying deadlines and changes? Ensuring compliance with HMRC is vital to avoid fines or penalties.
Identifying and Correcting Errors
Sometimes mistakes are made that can go unnoticed if you don’t have a dedicated team working on your payroll. A small error for one employee can lead to multiple errors for multiple employees very quickly. It is often difficult to spot errors until an employee or HMRC recognizes there is an issue.
Reporting and Compliance
Payroll reporting is very important for small business leaders to view each month. You can spot trends, keep track of costs, and ensure there is no fraud or mismanagement of payroll funds. Payroll reporting also helps you ensure compliance, by tracking all of the monthly payroll and taxes paid to HMRC. If you are using spreadsheets and email to manage payroll, errors can be difficult to identify.
Small businesses can benefit from web-based payroll that provides customised reporting, ensures compliance with current regulations, and automatically updates each year with new changes. Technology not only simplifies your payroll, but also ensures compliance and provides you with records for audit purposes, HMRC reporting, and more. If your small business is struggling to keep up with regulations each year, talk to us – our easy-to-use technology keeps your payroll on time and in compliance, and our team is CIPP-certified and always available when questions come up. Click here to learn more
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Payescape Limited is authorised by the Financial Conduct Authority under the Payment Services Regulations 2017 (register number 821826) for the provision of payment services.