What Is Payroll? Get The Full Details (2020)
Payroll is the blanket term used to describe how much money employees are due and the process of paying them. We know that administrative duties can be a tedious and time-consuming task, but it’s actually very important. Processing payroll requires you to understand current regulations and detailed tax knowledge. Our highly organized systems ensure that every single employee is paid the right amount of money, on time. Our years of experience have shown that outsourcing your payroll duties is the best option in order to enjoy accurate accounting.
Processing payroll includes a lot of record keeping on your staff, logged onto something called the payroll register. A catalogue of information is kept on each individual, showing amounts paid for each pay period, totals for the year, any deductions, their tax code, and authorizations for any changes in pay. This is then fed into the overall financial statements for your business. If you’re thinking that this all sounds a little complicated, you’re right. Hence why we have specialists to take care of it for you.
Using payroll for budgeting
A majority of companies HR departments produce budgets by drawing up data from the previous year. This is to see how close actual results come to the forecasts that are made. However, this isn’t always 100% accurate as there are many variables to consider that can change over the course of a year. Employees pay may rise, additional staff may be taken on and sometimes other payroll data isn’t taken into account. By collecting and using data in real time, we are able to monitor and justify any budgetary increases. The data we collect is able to give a better all rounded view of how the company works and can ameliorate decision making. Consequently, preventing going over your budget and instead, bring in actual results in line with our predictions. This not only saves you money, but also time, which can be appropriately channelled into other business activities.
Why use Nordens for your payroll?
Not only do we have a highly skilled team of expert accountants and tax advisers, but we also have an amazing payroll software system that you can rely on. In fact, we even have a 100% success rate! Our clients recommend our services because of the constant updates they get from us about payroll information. Regardless of the size of your company, we are equipped to handle the full payroll process for you in real time (RTI – Real Time Information). On your behalf we can:
- Gather and collate employee information using necessary forms
- Manage employees’ pension contributions and provide access to legal and general workplace pensions provisions
- Depending on your choice of processing method, information can be organized so that you can track the specific hours for which employees work daily
- Estimate gross wages for each employee at the end of each day’s work
- Calculate payroll taxes so that you don’t have to do all the maths
We know that this may be a relatively new concept to you. Click HERE to visit our page with answers to all of the frequently asked questions regarding national insurance (NI) and our payroll services. If you have any further questions or are interested in booking a free consultation, please give us a call on 02085300720. Alternatively, email us at enquiries@nordens.co.uk
