What are Payroll Processing,and Payroll Management?
Any company or business that has employees must have a payroll; which is the system by which those employees are paid for the work done. A payroll may look like a mundane task but the fact is that involves several tasks including ensuring that each government agency is paid the accurate funds and also withholding taxes on each paycheck.
Failing to fill in the payroll details correctly can result in unwanted stress even for small business owners. Also, filing the taxes incorrectly or missing the deadlines when filling the payroll can result in dire consequences including jail time. To be on the safe side, it is advisable that small business owners employ the use of a payroll system. The payroll system helps manage the appraisal and supervision of your entire human workforce in the business.
How our payroll system works
Our payroll system is designed to organize and file employee payment and taxes hence providing you with flexible payroll solutions. We can customize the system to match your requirements in which case we can include tasks such as hour’s tracker, wage calculation, tax deductions, and withholding, pay government taxes on behalf of the employees, and print and deliver paychecks.
Our online WeAccountax payroll system makes things easy for you as all you need to do is keep the system updated by inputting the employee hours and wage information and then the system will handle payment calculations automatically. We will help you manage your payroll system and will update the system on your behalf in case there is a change in law and also fill in your tax forms in time to avoid penalties.
Benefits of using our online payroll in London UK
Our best payroll software in the UK ensures that your employees are paid accurately and on time. The system offers benefits to the employer, the employees, and the organization in general. Our system is computerized and helps you with the following tasks;
- WeAccountax payroll calculator the UK helps you calculate your payroll calculations faster by sorting pout taxes, making national insurance deductions, deducting student’s loan, sick offs, and any other deductions before producing a slip.
- Production of payslips, sending returns to HMRC and printing all necessary employee forms.
- Production of automated tasks such as the end of year reports
- Stores important data such as payslips and annual reports in a safe and secure manner
In addition, using our online payroll in London UK offers you the following benefits:
- Easy employee calendar management– our online payroll software contains employee’s calendar hence allowing you to easily manage absence, sick offs, and overtime. You can tell how many leave days an employee has pending, whether a certain employee should be at work or not, and the type of leave the employee is on by simply glancing at the system.
- Cost effective– by outsourcing your payroll to us, you cut costs and limit risks such as overpaying employees, breaching the employee acts of timely payment, and missing tax filing dates which can consequently incur penalties. This unnecessary cost is curbed through outsourced payroll specialist who has a better understanding of the tax and employment laws.
- Get your tax updates in time– you might not be in the limelight about the latest tax updates but our online payroll system will send you a notification every time you have updates.
- Create payroll– the software allows you to quickly and easily generate employee payslips. In addition, you can use the template to determine the statutory minimum information included in the payslip.
- Speeds up payroll processing– since the software automates every payroll management service, the entire payroll processing is improved.
- Avoid mistakes from occurring– unlike filling the payroll manually, our payroll software automates the entire process making it very hard to make mistakes. As a bonus, you can carry out a comprehensive system validation and check stops before feeding the system with data.
- It requires no special expertise to operate– our payroll system is modest and simple to use and anyone with basic IT understanding can manage it. This quality makes the system suitable for small and medium-sized businesses which are looking for flexibility.
- Customer service– as part of the package, we offer you comprehensive customer support on how to use our online payroll system. With our support, you can easily understand how the entire system works.
Why you should outsource your payroll to a specialist
Payroll processing and management are not as straightforward as it seems but it’s rather time-consuming as it requires capturing all the details. As a small business owner, you have to make sure that your payroll system makes sense of all the regulatory nuances and that you pay your employees in time. Since you have other commitments to the business, managing your own payroll system can prove to be too demanding. Instead of wasting too much time trying to understand payroll processing, outsource the task to a knowledgeable and skilled payroll specialist. Outsourcing the task has the following benefits:
- Helps you save time– payroll processing can notoriously take a lot of time regardless of the number of employees you have in your business. Instead of spending precious time trying to process your company’s payroll, assign the task to a specialist. Use the freed-up time to handle other core functions such as sales and marketing, improving customer experience, and improving workflow efficiency.
- Minimize risks– managing your payroll system can see you make mistakes when recording employee work hours which can result in overpaying some employee. In addition, recording wrong data can result in incorrect tax filings which can result in penalties. Also, payroll processing takes a lot of time and since time is money, you are experiencing losses every time you sit down to focus on payroll processing. You can save a lot of time by outsourcing this task to a professional. Outsourcing also minimizes the risk where the human resource or the accountant can leak salary information of other employees.
- Access to expertise and technology– the commitments in your business may not leave you time learn about the latest technology and current expertise. These features are useful for the future growth of your business. In addition, you may not have enough time to stay updated with new regulations. Working with a payroll specialist ensures you are updated about the trending technology and any regulatory changes. In addition, a team of specialists will keep track of all complex nuances and deadlines. The specialist uses automated software that is able to capture a considerable amount of data and hence keep your payroll system updated depending on the rate which your company is growing.
- Increased data security– processing and managing your payroll in-house has a lot of risks including identity theft, funds embezzlement, and tampering of personal files with the aim of getting personal gains. Beyond employee data risks, there is the network or the server system risk. If there are security flaws in your server or network system, your payroll system is exposed to data theft. You can avoid all these risks by using outsourced payroll specialist since companies offering these services use the latest technology that ensures the safety of all data. The technology used payroll specialist sends an alert message in case of any fraud or tampering with employee payment details.
- Assurance of statutory compliance– managed payroll service the UK always stay updated on the rules and regulations happening on the employment and tax policies. With this information, you are assured that your company’s payroll system will comply with the law and maintain accuracy. In case there are errors that the specialist missed, a good payroll provider will take responsibility by covering all the penalties and liabilities.
Outsourcing your payroll system give you a lot of peace of mind and hence gives you enough time to focus on other business tasks.
How to find payroll number UK
A payslip is issued to the employee on a monthly basis every time he receives his salary. The payslip includes all the details about the employee payment including the gross pay, the deductions, and the net pay. Every casual employee in your company is entitled to a payslip to be given on or before payments is made. The payslip doesn’t necessarily have to be printed and can be forwarded to the employee’s emails. A payslip has the following features;
- Payroll number– this is the employee number that the company uses to identify individuals on the payroll
- Tax period– this numbers indicated the tax period of that payslip
- Tax code– this indicates the rate which the employee is taxed
- National insurance- this is the number that confirms that the employee is eligible to work in the UK
- Expenses– this shows all the expenses that the company owes an employee. These may include transport and lunches
- Pension– if an employee is working towards a workplace pension, then this part displays the amount the employee is contributing.
- Student loan– this displays the amount of student loan an employee is paying if he is making any payments.
- Workplace benefits– this lists all the employee benefits including health insurance or car insurance
- Maternity, paternity, and adoption pay– if an employee is on maternity, paternity or adoption leave, the pay will be shown in this section of the payslip. However, there are certain requirements that an employee must meet in order to qualify for these payments.
- Sick pay- the sick pay depends on how long an employee has been sick and the company’s sick policy. The employee has been sick for four or more days, you are liable for paying his Statutory Sick Pay as long as he meets certain conditions. The SSP is treated as wages and is therefore subjected to tax deductions, National Insurance, and student loan deduction.
- Court order and child maintenance– if an employee has a court order authorizing deductions, they will be deducted directly from the payslip and handed to the creditor. The deductions can also be made on the payslips to cater for child maintenance.
find your payroll number
The payroll number UK, also known as the personnel number is listed on the detailed version of the employee’s payslip. You can view this number by following four easy steps:
- Go to Employee Self Service section and navigate to the pay and benefits
- Select one payslip and click to open the simplified version of the slip
- Download the simplified version of the detailed slip by clicking the “Download Button”
- You can view the payroll number on the half top of the detailed payslip just below the “Reference No”
The importance of keeping the payslip safe
One of the major benefits of trusting WeAccountax with your payroll processing and management is that all your employee payslip details are secure. The following are reasons why your employee payslips need to be secure;
- Improved employee security– a payslip contains a lot of information including the salary amount, deductions, and the National Insurance number. If this information falls into the wrong hands, it can be used to commit fraud and identity theft.
- Record keeping– it is important to keep details about employee earning and tax records for future reference purposes.
- Shows evidence of salary payment– as an employee can use payslips as evidence that he is earning and as an employer, you can use the records as proof that you have been paying your employees.
WeAccountax Payroll System
We have best payroll system UK that helps automate, standardize, streamline, and centralize your payroll processing. By using our services, we help you to effectively calculate your employee wages, tax deductions, and calculating employee benefits. WeAccountax payroll system has the following benefits;