When you start a small business there is one thing that you don’t have to worry about, and that is payroll. If there is only you, as the business owner, chief salesman, service provider, product producer, office cleaner, and head cook and bottlewasher, then all you need to do is to transfer a payment from your new business account to your personal account each month, and that’s it – thank you very much.
However, as your business expands, and you start to take on employees you now find yourself getting more and more involved in payroll. This is the case from the day you appoint your first employee, because if he/she is eligible you have to provide a company pension scheme and operate it, paying in the employee’s contributions and also your own contribution of 3% of the employee’s gross wages. Furthermore, you can get into some serious trouble if you fail to comply with all the legislation. Not only that, but the rules can change as a result of a pay increase, or even a birthday, believe it or not.
Then you may have workers who are ineligible to join your pension scheme but can ask to join it and if they do you have to enrol them into it. Another class of workers is those who are entitled. You don’t have to enrol them into the pension scheme, but again they can ask you to do so. There is a lot more to it than this. This is just one of the reasons that small businesses use our payroll services at PayCheck, as one of the foremost payroll companies in London.
As your company grows, another very big issue is cost. A large business can afford to run its’ own payroll department, but in a small business you may not be big enough to warrant a full time payroll clerk so you hand the job over to a staff member as an additional responsibility to their main role. That staff member may know no more about payroll than you do, and so will need to spend time learning all the various functions that are required. If you calculate the amount of hours that your employee spends on payroll activities, plus payroll software costs, training costs, printers, printing and distribution of payslips, creating tax documents, running the pension scheme, and so on, you may be surprised at just how much payroll is costing you overall.
Furthermore, as one of the leading payroll companies in London, when you use us to carry out your payroll functions you can be sure that we have the expertise and the abilities to get it right. It can be very painful when you have payroll errors, and the fact is that we are far less likely to make a serious payroll error than an in-house staff member who is only doing the job part-time, as it were. You pay us for the expertise and knowledge that we have, as well as our ability to keep up with all the changes in legislation that occur.
In addition to that, another reason for using our payroll services is that we are reliable. When you only have one staff member running your payroll, what do you do if that individual goes sick on the 27th of the month? Or even worse, hands in his or her notice, which means that you have to start all over again with someone new.
When you use us at PayCheck, your payroll will be accurate and on time every time. Add to that the peace of mind that you will get in the knowledge that all your payroll is compliant, and using our services is what you might call a “no-brainer”.