Dealing with your business’s payroll can be challenging, especially when you’re a small business.
Payrolls don’t just stick around computing salaries for your employees and aligning them to their working hours. They are also concerned with managing employee benefits and leaves, maintaining records, and complying with taxes.
A survey shows that small businesses face 59% of payroll processing problems in keeping track of federal, state, and local compliance records.
When unsure, it is best to seek help from a payroll company. Pearl Lemon Accountants offers a payroll processing service that can relieve the burden of payroll and pension management and other associated compliance.
By outsourcing payroll services, you can focus on more things that matter.
Employers must understand that labour laws, tax laws, and other laws affecting payroll processing are not set in stone. Laws and regulations can be amended, updated, revised, or repealed at any time.
In light of this, employers must remain vigilant in understanding their payroll obligations and anticipate when they may change.
It can be challenging for small business owners to stay on top of this, especially when they are focused on other aspects of the business. A payroll provider, on the other hand, can help. Employers no longer need to constantly monitor government announcements, thanks to the help of a payroll services provider.
The outsourced payroll provider will ensure that all payroll computations and processing tasks are fully aligned with the most recent application of labour law or “payroll law” and that their client companies are immediately notified of any changes or updates.
When you think of payroll tax compliance, you probably think of legislative changes and withholding calculations. Compliance causes headaches for even the most experienced payroll and HR professionals.
However, payroll taxes issues do not have to consume you. Payroll services can assist with payroll tax filing and compliance by ensuring required tax and other withholdings.
When your business decides to use a payroll outsourcing system, it is critical that the person (or team) in charge of operating understands the system and is clear on what is required to ensure that it adds value to the company.
Ensure that the system is configured correctly to align with business operations, input the correct data, and that payroll is processed through the system under the necessary procedures. These tasks must be completed correctly.
A payroll service provider that provides end-to-end full service payroll can handle all of this, removing the need for your team to worry about data integrity, proper processing, or system functionality.
Leave it to the professionals!
Some business owners wonder about the need for written policies and procedures. They are part of the overall risk management of the company.
If you don’t spell out policies on progressive discipline, for example, and choose to fire an employee, you could face a lawsuit. While this is unusual, written policies and your ability to demonstrate compliance with these policies will ultimately protect you.
Your compliance standards, as well as your employee compliance standards, are risk management tools that can protect you from misunderstandings. Payroll services can help in developing employee handbooks with clear policies and procedures.
Another advantage of payroll services for small businesses is risk reduction. A small business owner may be unaware of all the payroll regulations they must follow. But outsourcing the services of an expert eliminates this problem.
The most common small business payroll mistakes include failing to pay employees on time, misclassifying workers, and failing to comply with federal and state wage and hour laws. Even the slightest payroll error can result in significant penalties.
As previously stated, payroll and the associated tax preparation can consume significant time. Consider everything that goes into payroll management:
And many more.
Not only does actively processing payroll take time but so does learning all of the associated laws and regulations. If an error occurs, it may take additional hours to go back and correct it.
Many payroll service providers have an online payroll platform that automates the payroll process and makes it available to your employees, saving them time. Your employees can access paystubs, manage their W-4s and direct deposit, and download W-2s at any time with a payroll platform.
Ready to reap the benefits of payroll services but don’t know where to find the right one? Worry no more; Pearl Lemon Accountants have experts you can rely on when it comes to handling your company’s payroll-related duties.
Here are some promised payroll features you can get when you avail our services:
Accurate payroll processing and management, from printing pay slips for streamlined monthly and annual operations to the Bacs transfer of salary payments.
Following auto-enrolment regulations, we’ll verify eligible new members, carry out intricate contribution calculations, manage opted-out members, prepare employee correspondence, upload contributions and pay data to pension providers’ websites, and maintain a thorough audit trail.
To thoroughly study your company’s wage and pension plans, automatically receive payment summaries and month-end reports.
Your human resource manager can concentrate on managing your personnel and policies since they will have less to do.
Aside from payroll services, we also have accounting services that can help optimise your small business.
Pearl Lemon Accountants offers a full corporate tax compliance solution that helps keep your corporation tax payments low and ensure that your organisation is set up as tax-effectively as feasible are your top priorities.
Our tax professionals maximise the tax deductions, tax credits, and industry-specific tax advantages available to you. Our tax service also gives you peace of mind by ensuring that all business tax returns are filed correctly and in full compliance with HMRC, avoiding potential fines.
Now that tipping practices are again in the public eye, dealing with cash tips, service fees, and Tronc has become a severe worry for many restaurant and hotel owners.
This usually does a job that pays in an industry far less desirable to top hospitality talent in an industry that can be difficult to work in and frequently has significant turnover.
Thus, troncs and tronc services are introduced as a substitute that is advantageous to all.
You must charge VAT on your products or services as a VAT-registered business. Also, your products are entitled to a VAT refund when you purchase them for commercial use.
A professional VAT accountant can help reduce the burden associated with this complex tax system because registration, choosing a VAT scheme to register for, calculating VAT, and reconciling VAT accounts are all part-time occupations in and of themselves.
Can’t find what you’re looking for?
Contact us today to discuss your needs, whether a payroll solution or tax filing.
It’s comforting to know that knowledgeable, thorough back office payroll help is available and that your company’s payroll is always compliant because laws and changes are continuously changing.
By outsourcing your payroll needs to us, you can have social security and ease the stress of managing payroll. Since we don’t use automation, we can provide the small business payroll service with the specialised, one-on-one attention it needs.
Give us a call today, and let’s start easing your payroll burdens.
You can do it yourself if you don’t have extra money to spend on a payroll service. Although manual payroll isn’t the easiest operation, you can handle it yourself for your small business if you have the correct information, enough time, and a reliable calculator.
Another option to do payrolls yourself is using payroll software such as QuickBooks online. Since you’re managing it, you need to find the best payroll software that aligns with your business.
A payroll firm can do various tasks for your business automatically, including payroll computations, payroll tax statements, year-end taxes, and more.
A payroll provider takes care of your employees’ deposits and withdrawals, withholding and pay garnishments, and new-hire reporting.
You should make an effort to find a reliable payroll service provider for your small business. Several things should be taken into consideration when looking for one:
Pearl Lemon Accountants offer the best payroll service for your business. You don’t need to waste time looking for a reliable provider because we have experts that will help with your payroll needs.
Contact us today.
When you allow us to keep track of your finances, you give yourself more time to do your work and please more clients.
It's a win-win situation for everyone.
Aside from that, you'll also gain financial stability because your assets and liabilities are managed well enough not to cause any trouble for you in the future.
So let our experts work for you, and you won't regret it even a bit.
Book a call today to get started.