Having an efficient payroll system is an integral part of any business where employees are paid on a regular basis. It is possible to do payroll manually to save money, however this can often be a false economy as having a good computerised payroll system can help you pay your employees faster – whilst eliminating errors and freeing up the time of HR staff to focus on other responsibilities.
With ever changing tax laws, handling your own payroll is becoming increasingly complicated. At BNA Consulting we aim to take the pain out of running payroll for businesses by using the latest computer payroll processing software technologies to speed up the process. We can either work alongside you at your own office, or we can handle the entire process with our expert team. Whichever option you go for we can offer a bespoke service leaving you free to pursue your business goals, worry free.
Avoid costly errors
At first glance running your own payroll may seem like a fairly straightforward procedure. However, employers must have a good knowledge of tax and how to pay HMRC. Managing payroll can generate a lot of stress for small business owners and can be hugely time consuming. A missed deadline or incorrect filing of taxes can result in fines or even breaking the law. However using payroll software overseen by experts can help you avoid any costly errors. Payroll processing software typically assists with tasks like:
- recording your employees’ details
- working out your employees’ pay and deductions
- reporting payroll information to HMRC
- working out how much you need to pay HMRC
- calculating statutory pay, for example maternity or sick pay
Instead of having to keep tabs on changing tax laws, payroll processing software will be automatically updated whenever a tax law changes and will remind employers when to complete various forms. Using payroll software also notifies HR staff if there are any discrepancies in the data so that errors can be caught and corrected in time.
Doing the payroll system in house with no software can be extremely time consuming. HR staff will need training on the processes and you’ll need to allocate plenty of time for them to be able to keep up to date with the tax latest changes, and that’s without the time required on gathering and inputting all the relevant information every month to pay staff.
Payroll software can ensure that everything is done on time by issuing reminders when it’s time to do payroll. It can also streamline and automate the direct deposit process, making timely payroll even easier. Ease stress and free up time for your HR staff time to focus on hiring and staff development by using automated payroll software.
Help with decision making
Payroll software should be seen as an important aspect of any business which can also aid decision making. The software combines payroll data with detailed breakdowns of hours worked, annual leave taken etc. This can be used to create a variety of reports which allows you to see at a glance the staff costs for the business. Payroll software also allows you to create forecasts, for example telling you the potential impact of hiring an extra employee, so you can make informed decisions.
At first doing your own payroll can seem like a good way of saving money. However, as your company expands and the number of employees grows it can be highly worthwhile to invest in a good payroll processing software. Full featured software is generally be more expensive than manual payroll systems but it can save you time and money in the long term as processes will be streamlined and you will avoid making any potential costly errors.
Avoid compliance issues
Paying staff on time and accurately is key to ensuring good staff morale and limiting unnecessary turnover. Likewise, missing important deadlines can result in hefty fines and penalties. Using payroll software can help you avoid this by automating payments and issuing reminders to your HR staff. As payroll software is regularly updated you can relax in the knowledge that you’ll always stay up to date and compliant with the latest rules and regulations.
Investing in professional payroll software can save you time and money for your business and help you avoid costly errors and potential compliance issues. Processes that would take days can be completed in a fraction of the time freeing your employees up for activities that are more conducive to generating revenue. Payroll software also makes it easier for your company to adapt and take on more employees as your business grows.
Whatever your payroll concerns we’re sure to be able to help you. BNA consulting are proud to be among the leading payroll processing consultants in the country. If you are in need of someone to process your payroll as part of your office staff or to leave the whole process to us. BNA Consulting are at your disposal to offer advice and expertise in handling your payroll software.