Payroll is important to every business. We know that. And, as a business owner, you definitely know that too. Payroll is fundamental not only to making sure your employees get paid correctly, but to also uphold the reputation and legal compliance of your business. There is a range of payroll services available for your small business, at times it can be confusing to decide which is the best choice for you and your staff.
As a business owner, we know it isn’t easy to prioritise the importance of payroll and keep up with the constant changes. That is where outsourcing your payroll to an expert team can be a turning point in your business’ success. Here, we explore the importance of payroll services for your small business. As well as the opportunity to improve your employees’ experience with professional payroll systems and advice.
The Importance of Managing Payroll Properly
As an employer, you want the best for your staff. But, you have so many hats to wear, some days it feels impossible to juggle everything. Small businesses also don’t often have the resources or capacity to manage a dedicated payroll department. This makes it more challenging to manage the demands of processing the payroll or help your employees with their queries.
Recent research has found, 45% of employees of small to medium-sized businesses have paid too much tax due to errors in their payslip. These errors are more common in small business, likely because of the lack of manpower available to manage the payroll. Despite this, it is actually the employee that is accountable for any tax payment miscalculations. Yet, the research shows that 77% of employees believe it is not their responsibility to check they are paying the correct amount of tax. In fact, 1 in 5 employees, falsely, cited business owners as being the ones to ensure they are paying the right amount of tax. The research by Intuit Quickbooks surveyed 2000 people in the UK and found a distinct lack of understanding of payroll responsibilities and tax codes for employees.
When mistakes are made, it is the employee that is liable to pay any overdue tax and rectify any mispayments. So, it is hard to believe 19% of small business employees do not even check their payslip. Nevertheless, when errors occur they can be damaging to the relationship you have with your employees and impact the level of trust your staff feel towards you. This research highlights, there is a valuable opportunity to help staff understand their payslips. You can add significant value to your employees’ experience by providing helpful advice and guidance for their tax codes and responsibilities.
When you are confident your payroll is being managed properly, your employees will be confident they are getting paid correctly and know where to turn for any queries. Your small business will benefit from a dedicated payroll service that can meet the needs of your payroll and make the process clear and simple for employees, so they don’t need to worry.
Payroll Services for your Small Business
The rules for payroll change frequently, so you need to be confident you are always up to date. Staff want to be sure they will be paid the right amount at the right time.
One way a small business can organise their payroll is outsourcing. You provide the basic information and let the payroll company take care of the rest, from calculating student loan repayments to keeping your payroll compliant.
It is reassuring to know your payroll is managed by a specialist, taking away your worry and time from processing payroll. At EKW Group, we have a dedicated payroll team with years of experience in managing a variety of payroll scenarios from one employee firms to national companies with multiple payrolls to manage.
If you have a query about your payroll process, it can be comforting to know you can speak to an experienced payroll specialist who can provide the best advice for your business. Having access to expert advice can give you the peace of mind that your business is in safe hands. According to research by Opinium, 95% of small business owners’ were pleased with their decision to seek professional advice for their business.
For more information on the benefits of outsourcing for your business, click here.
It is imperative to highlight the importance of payroll across your whole business. As a business owner, you can solidify your employee relations by providing a reliable, professional payroll process. You should also ensure your employees have access to the best guidance to ensure they understand their payslip responsibilities and are not burdened with an unexpected tax repayment.
You don’t have to worry about processing the payroll or understanding the queries from your staff. Outsourcing to an expert team can reduce your stress and free up your time.
To explore our range of payroll services, click here to find out more.
EKW Group specialise in accounting, payroll and business solutions for small and medium-sized businesses. For more information, speak to a member of our team.