As a business owner or manager, you have enough on your plate without having to worry about payroll. After all, payroll is a complex and time-consuming task that requires knowledge of ever-changing tax laws. Luckily, you can take a load off your mind by outsourcing your payroll to a professional accountant.
Here’s why it’s a smart idea:
1. You’ll save time by outsourcing payroll
One of the biggest benefits of outsourcing your payroll is that it will save you a significant amount of time. When you outsource your payroll, you won’t have to spend hours every week inputting data and calculating taxes. Instead, you can use that time to focus on more important tasks, such as growing your business.
2. Outsourcing Payroll will Reduce Costs
Outsourcing your payroll can also help you reduce your overall costs. Hiring an in-house accountant is expensive, and if you make a mistake, you could end up paying hefty penalties. When you outsource your payroll to an accountant, however, you can rest assured knowing that your books are in good hands. In addition, most accounting firms offer discounts for Volume 2 businesses that outsource their payroll.
3. You’ll Get Expert Payroll Advice
When you outsource your payroll to an accountant, you’ll have access to expert advice whenever you need it. If you have any questions about your taxes or how to file them correctly, all you have to do is pick up the phone and give them a call. This peace of mind is invaluable and can save you a lot of headaches down the road.
Outsourcing your payroll to an accountant is a smart idea for any business owner or manager who wants to save time and money. By outsourcing your payroll, you can focus on more important tasks while knowing that your books are in good hands. Plus, if any questions arise, you can always get expert advice from your accounting firm.
Payroll FAQ’S
What is Payroll?
Payroll is the process of calculating and distributing employee wages. This includes tasks such as keeping track of hours worked, calculating taxes, and issuing paychecks.
Does outsourced payroll deal with national insurance contributions?
Yes, a payroll manager is responsible for ensuring that the correct national insurance contributions are deducted from employee wages and paid to the government.
What is the difference between gross pay and net pay?
Gross pay is the total amount of money earned before taxes and other deductions are taken out. Net pay is the amount of money that an employee actually receives after all taxes and deductions have been taken out.
What is a P60 form?
A P60 is a tax document that an employer issues to each employee. It shows the employee’s total earnings for the year, as well as the amount of taxes withheld.
What is a payroll number?
A payroll number is a unique identifier that is assigned to each employee. This number is used for tax and social security purposes.
Where do I find my payroll number?
Your payroll number can be found on your payslip or on any tax documents issued to you by your employer.
If you want to save time and money on your operating costs, you should consider outsourcing your payroll support. For information on how Stones Accountancy can help your business, please contact us today. We would be more than happy to discuss your specific needs and offer a competitive quote.