24 Nov Payroll and small businesses: Why is it so important to get right?
When it comes to key areas involved in running a business, payroll is often near the top of the list.
This is because it is vitally important to get right for any organisation which employs staff. But what does it involve exactly? In simple terms, it is the monthly process of calculating staff pay/deductions, reporting these details to HMRC and also paying staff their wages correctly.
But why is payroll so key for small businesses to get right?
Keeps employee morale high
A major reason to focus on getting payroll right every time is the impact this has on employee morale. If staff are paid the correct wages on time each month, they will feel like you care about them and will feel motivated to perform well. In addition, it shows them you are a well-run business they can have pride in working for. All this will see them put their maximum effort in and help your company succeed.
Saves time and hassle
Getting payroll spot on each month in terms of small business accounting also saves a lot of hassle and a lot of time. This is because you only have to do the job once and do not have to waste time fixing mistakes after the initial run. It also means you do not have complaints from disgruntled staff to handle! All this combined will make running your business much easier.
Keeps you out of trouble with HMRC
The last really crucial reason to get your payroll right every time is to stay out of trouble with HMRC. If you are constantly submitting incorrect details or constantly having to re-send over revised payroll reports, it will not go down well with them. In some cases, penalties can be applied for inaccurate reporting, so it is essential to get right each time.
Help with small business payroll Manchester
If you run a small business in Manchester and want to get your payroll correct every time, why not call in the professionals at SQK Accountancy? Our experienced team can handle payroll on your behalf and make sure your staff get paid correctly each time and that HMRC gets the right details. Contact us on 0161 706 0444 for more details.