Any business or firm with employees must have a payroll; it’s the basic system that pays employees for the work they do. Confirming a withdrawal may seem like an ordinary task, but the truth is a little different; it comes with a number of responsibilities, including ensuring that each government agency receives the necessary funds, as well as withholding taxes at source for each withdrawal.
Incorrect completion of payroll data can cause a bundle of undesirable stresses, even for small enterprise owners. In addition, misrepresentation of taxes or exceeding deadlines while filling the payroll can have serious consequences, including imprisonment. To be safe, small business owners are advised to use a payroll system. The payroll system helps you manage the appraisal and tracking of the entire workforce at work.
How our payroll system works
Our payroll system is specially designed to organize and present employee payments and taxes; thus, it offers flexible payroll solutions. We can personalize the system to your needs, including tasks such as tracking working hours, calculating wages, tax reductions and deductions, paying government taxes on behalf of employees, along with printing and delivering payouts.
Our 101Accountant online payroll system makes your work easier as all you need to do is only keeping the system up-to-date by entering your working hours and salary information, then the system will automatically calculate your salary. In the case of changes in the law, we will assist you in managing your payroll system and updating it on your behalf, along with the filing of tax forms on due time to avoid penalties.
Benefits of using our online payroll in London UK
Our best UK payroll software ensures accurate and timely payments to your employees with better efficacy. The system benefits the employer, employees, and the entire organization. Our system is highly automated and computerized and helps you with the following tasks;
- The 101Accountant UK Wage Calculator helps you estimate your salary faster by filing taxes, making social security deductions, student loans, sick leave, and other sorts of deductions before generating the receipt.
- Create payroll, submit returns to HMRC, and print all required employee forms.
- Generating automated tasks such as end-of-year reports
- Securely store important data such as payroll and annual reports
In addition to this, using our online payslip in London UK also provides the following benefits:
- Easily manage employee schedules – Our online payroll software includes an employee calendar that makes it easy for you to manage the absences of employees, sick days, and even overtime. It is enough to look at the system to find out how many days an employee was working or suspended, whether the employee was at work, and what type of employee is.
- Cost Savvy – By subcontracting all of your payrolls to us, you reduce costs of the process along with minimizing the risks such as overpaying employees, not complying with regulations on timely payment of employees, and exceeding tax deadlines that may include fines. These avoidable costs can be reduced by only outsourcing a Payroll Specialist by us who has better know-how of tax and labor law.
- Receive up-to-date tax information in a timely manner – You may not be aware of the latest tax updates, but our online payroll system will prove to be effective by sending you the latest notifications as soon as an update is available.
- Payroll creation – The software is highly effective as it allows you to quickly and easily create payrolls for employees. In addition to this, you can also use a template to define the minimum legal information included in the payroll.
- Accelerates Payroll Processing – All payroll processing is improved as our software is fully automated for the entire payroll management process.
- Minimize the risks of mistakes – Unlike manually filling your payroll, our state of the art payroll software systematizes the entire process, making it very less likely to make any sorts of mistakes. As an additional benefit, you can perform a comprehensive system verification and outage verification prior to entering the data into the system.
- No special experience is required to operate – Our payroll system is unassertive and easy to use and can be managed by anyone with basic IT knowledge. This quality of our unique software makes it suitable for all sorts of small and medium-sized businesses that are looking for flexibility.
- Customer service – As part of our unique package, we also offer comprehensive customer service about the use of our online payroll system. Our unique support can easily assist you to easily understand how the whole system works.
Why you should outsource your payroll to a specialist
Payroll management and processing are not as easy as it may sound, but it is one of the most time-consuming processes that require comprising all sorts of details. As a small enterprise owner, you are required to make sure that your payroll system is understandable to all the legal degrees and that you pay all of your employees on time. Managing your own payroll system can be a very difficult feat because you have a bundle of other business responsibilities. In place of spending too much time trying to understand all the payroll processes, simply assign the task to a competent and trained payroll professional. Outsourcing the process has the following competitive advantages for you:
Helps you save time – No matter how many employees you have in your company, payroll processing can take a long time as it is one of the painstaking processes. You may assign the task to an expert instead of wasting your valuable time processing payroll in your company. Instead, use your saved time to perform other essential functions, such as improving customer service, sales and marketing, and increasing workflow efficiency.
Minimize risk – Managing the payroll system can cause a number of errors in recording working hours spent by an employee, which may result in overpaying them. In addition to overpaying, logging inaccurate data can also result in incorrect tax returns that could result in penalties. Also, payroll processing is one of the most time-consuming processes, and as time is money in the business world, every time you will sit down to concentrate on processing your payroll, you will run into losses. You can save much of your time and money by outsourcing this task to our professionals. Outsourcing can also help you minimize the risk of important information breaches by human resources or accountants.
Access the Expertise and technology – Trade-offs in your business may not give you time to learn about the latest technologies and the knowledge related to current expertise. These structures are always useful for the future of your business and its growth. You may also not have ample time to familiarize yourself with the new regulations. Hiring a Payroll Specialist allows you to keep yourself up-to-date on the technological trends and all sorts of legal changes. In addition to this, a team of our experts will follow all the complex legal degrees and deadlines for you. A specialist always uses top-notch automated software that can enable him to capture large amounts of data and thus update the payroll system in line with the growth rate of his business.
Elevated data security– Payroll processing and management internally comprises many risks, including identity theft, misappropriation of funds, and manipulation of personal files for personal gain. In addition to the risks associated with employee data, there are risks associated with the network and server systems. If your server or network system has security gaps and shortcomings with the latest firewall, your payroll system is always at risk of a data breach. As the companies that provide payroll services use the latest and cutting edge technology to keep all your data safe, you can avoid all of these risks associated with data theft by outsourcing payroll experts. The technology used by the Payroll services will also alert you in the event of any fraud or changes to the employee’s payment details via messages.
Guaranteed legal compliance– The UK managed payroll service is always up-to-date with employment and tax policies and laws. With this information, you can be sure that your company’s payroll system will be compliant with all sorts of legal requirements. In the event of any mistakes that an expert may overlook, a good payroll provider will take all the responsibilities for penalties and obligations.
Outsourcing the payroll system of your business provides you with a bundle of benefits and peace of mind, thus provides you with enough time to focus on other tasks.
How to find payroll number UK
Every time an employee receives a salary, monthly payroll is issued. The salary slip contains all sorts of essential details of the employee’s salary, including gross salary, deductions, and take-out. Every employee in your company is entitled to a pay slip before payment is made. The proof of payment does not necessarily have to be printed but can also be sent to the employee via e-mail. The payment receipt has the following characteristics;
- Payroll Number– This is the number of employees that the enterprise uses to identify people on the payroll.
- Tax period– these numbers represent the tax period for the payment slips.
- Tax Code– Shows the rate at which an employee is taxed.
- National Insurance– this is a number that proves you with the eligibility to work in the United Kingdom.
- Expenses– this represents all expenses that a company owes to its employees. This may also include transportation and lunch.
- Retirement pension– If the employee is retiring from the workplace, this section shows the amount that the employee has contributed.
- Student Loan– Shows the amount of the student loan that the employee pays in case of any payment.
- Workplace Benefits– Lists all employee benefits, including health or car insurance.
- Maternity, Paternity, and Adoption Payment– If the worker is on paternity, maternity, or adoption leave, payment will be determined in this section of the payroll. However, there are certain conditions that the employee must meet in order to be eligible for these payments.
- Patient Allowance– Patient Allowance depends on the length of time the employee is ill and the company’s sickness policy. If an employee has been ill for four days or more, you are responsible for the payment of his or her Statutory Sickness Benefit as long as they meet certain conditions. SSP is considered a salary and is therefore subject to tax deductions, social security contributions, and deductions for student loans.
- Court Order and Child Support– If the employee has a court order that allows the deductions, it will be withheld directly from the payroll and delivered to the creditor. You can also make deductions from your payroll to cover child support.
Find your Payroll Number
UK Payroll Number, also known as Personnel Number, is included in the comprehensive version of the employee’s payroll. You can outlook this number by following these four simple steps:
- Go to the Employee Self-Service section and go to the Payment and Benefits section
- Select the payslip and click on the open the simplified version of the receipt.
- Download the streamlined version of the detailed recipient by clicking the “Download” button
- You can see the payroll number in the top half of the detailed payroll right below “Reference Number.”
The importance of keeping the payslip safe
One of the main benefits of relying on 101Accountant to process and manage your payrolls is that all details of your employee’s payroll are highly secure. These are the basic reasons why all of your employee payrolls should be safe;
- Increased employee safety –The payslip contains a lot of important and vital information, such as the amount of salary, deductions, and social security number. If this information is subjected to data theft and incidentally falls into the wrong hands, it may be used for fraud and identity scams.
- Record keeping –It is highly important to keep detailed information about employee’s earnings and records of tax for purposes of future reference.
- Show proof of wage payment –The employee can use these entries as proof of earnings and as an employer that he is paying his employees.
101Accountant Payroll System
We have the best and cutting edge payroll system in the UK to help you automate, streamline, standardize, and centralize your payroll. By using our services, we help in the effective calculation of employee remuneration, tax deductions, and employee benefits. The 101Accountant payroll system provides you with the following advantages;
- Payment Management-Helps you to automatically calculate employee’s salaries according to your company’s pre-set calendar, regardless it is weekly, bi-weekly, or even monthly.
- Leave management –We can also help you to effectively monitor the employee vacation schedules and advise employees appropriately about accepted or denied leaves.
- Expense management –our system also helps you to effectively manage all the expenses, loans, employee advances, and deductions. It also has a credit book showing features for all the approved loans.
- Benefit and Bonus Management –Our state of the art software can also assist you in managing all the benefits, including bonuses, collective bargaining agreements, and all sorts of other employee benefits.
- Tailored to your specific needs –Each company has its own certain payroll requirements depending upon how it remunerate its employees. We can adapt your payroll system depending upon all these requirements.