Streamlining Your Payroll
No matter the size of your business or the sector you work in, you’ll confront challenges surrounding payroll at some point or another. As one of the fundamental pillars of any functioning business, efficiently managing payroll is essential to achieving commercial success.
As a business owner, you may be struggling with the payroll process due to a lack of time or expertise. At Boughton Accountancy, our experts deliver fully managed payroll services that make the best possible use of your resources, enabling you to reward employees in a straightforward and cost-effective way.
Our Payroll Management Services
We focus our managed payroll service around your needs, offering expert support in areas that include:
- Dealing with payments relating to employee salaries and pensions
- Calculating tax, National Insurance, PAYE and other deductions associated with employee compensation
- Ensuring compliance with all laws and regulations and liaising with employees and HMRC
- Producing payslips and other key documents, such as a P45, P46 or P60
- Collating and entering data relevant to wage calculation, including working hours, starters, leavers and bonuses
- Managing important changes and their implications for payroll, including changes in tax code
- Reporting on the financial aspects of payroll and monitoring their accuracy
Want to learn more about our payroll management services? We’re happy to help. Contact the Boughton Accountancy team via our contact form for more information.
How Payroll Management Benefits You
As a business owner, you’ll be focused on value above all else. By entrusting your payroll to us, you’ll receive a high-quality service that’s advantageous to your business. Some of the key benefits include:
- Compliance with all rules and regulations surrounding payroll
- A more structured payroll process free of unnecessary costs and delays
- Less time spent on administrative tasks
- Complete flexibility with regard to the areas of payroll you wish to outsource
- Access to first-rate expertise whenever you need it
- Greater accuracy that minimises potentially costly mistakes
- Improved risk management and financial protection
Boughton Accountancy is passionate about delivering a flexible accountancy service that sets your business on the path to success. We believe that managing finances should be straightforward and stress-free, and our approach reflects that belief.
Whichever service you require, we provide clear and jargon-free support at all times. We strive to keep things simple even in the most complex circumstances, delivering personalised solutions along the way.
Frequently Asked Questions
What is managed payroll?
Managed payroll involves outsourcing responsibility for payroll-related matters to a third party instead of completing the work in-house. This method is highly popular amongst businesses looking to manage payroll more efficiently, making it easier for them to comply with regulations, save resources and control costs.
Payroll management requires the completion of numerous tasks related to the payment of employees. Examples that come to mind include calculating wages, tax deductions and benefits, producing payslips and ensuring regulatory compliance. Many businesses lack the resources or in-house expertise to manage these responsibilities by themselves, leading them to work with an external provider instead.
How does a payroll service work?
If you choose to instruct us to manage payroll on your behalf, our accountants will get to work understanding the challenges you’re currently facing. From there, we take ownership of your payroll in whichever way you see fit, offering the right solutions in the process.
By enlisting our payroll experts, you’ll enjoy a more streamlined payroll service at a fraction of the time and cost you’re likely to have incurred managing payroll in-house. At the same time, you will continue to retain complete control of the process without having to deal with any of the hassle or stress.
What is the difference between HR and payroll?
Although human resources (HR) and payroll share some similarities, there are important distinctions to be made between the two. Whilst HR is mainly focused around employee relations (for example recruiting, training and dispute resolution), payroll is strictly concerned with the financial compensation of employees.
This is not to say that HR and payroll are entirely separated from one another. Salary increases, leave of absence and bonuses are just some of the areas that are likely to involve both disciplines, driving cooperation between the two.
How can managed payroll services help my small business?
Small businesses are faced with the challenge of achieving commercial growth whilst making the most of precious resources. Completing even the most fundamental tasks necessary for the day-to-day operation of the business – of which payroll is one of the most important – can often be time-consuming and costly. Things become even more complicated without the right knowledge and expertise at your disposal, paving the way for mistakes and inefficiencies to emerge.
Managed payroll can be an attractive solution for small businesses looking to avoid these pitfalls. With a qualified expert taking charge of your payroll, you’ll be able to shift your attention away from administrative tasks and focus on the areas that matter to you. In practice, that means you’ll enjoy better value for less time and money.
How much does the service cost?
Boughton Accountancy designs payroll management to be flexible and affordable, so we focus our pricing around your specific needs. We steer clear of a one-size-fits-all approach, meaning the price you pay is reflective of what you require. Contact a member of our team to request a quote that’s right for you.