Getting payroll right is essential to running a business effectively. If employees are not paid correctly or on time, then morale will quickly slip. Despite any individual passion for their role or career ambitions, employees still work for money. Even a slight delay can mean missing rent or mortgage payments.

Furthermore, it’s a huge waste of time to be attempting to rectify mistakes that should never have happened in the first place.  

Accurate payroll also means more accurate books overall. This provides a clear record of the company’s expenses. It helps with compliance and shows the total labour cost for your business.

Here’s a quick guide to the discipline of payroll, and how a payroll accountant can help you. 

What is payroll?

Payroll is the accountancy discipline that deals with ensuring all employees of a business are paid on time and correctly. This can be a very complex process, making deductions based on time off or time accrued, factoring in tax and national insurance and ensuring this is paid correctly, as well as reporting details to HMRC. 

This means keeping a database of employee details. This includes their national insurance number and pay rate. The pay can be hourly or salaried. It also includes any other important details about their pay.

How your accountant can support your business payroll requirements?

A payroll accountant is an accountant who handles payment tasks. This includes calculating taxes, take-home pay, and extra payments. Being an expert in the field, having a detailed understanding of the tax system, as well as reporting obligations and how to best calculate deductions and additions is our job therefore leaving the complicated elements to the professional.

J Sweeney Accounts offer payroll advice and can fully take on board business salary functions, fulfilling the process from start to finish. Contact us on 01604 950034 or [email protected].