18 Apr Taking on your first employee? Consider online payroll
One key element of small business accounting that is often not explored until the last minute is payroll.
It’s a defining moment in any small business when you go from being a solo trader to a business with employees. Even one employee can present difficulties when it comes to payroll management however, so what can you do to make the process as simple as possible?
Why is payroll complicated?
Payroll takes time to process. There’s no way around it. Whether you’re paying a weekly wage or a monthly salary you’ll need to ensure your employee is paid on time and accurately. You’ll also need to make sure they’re properly taxed and are making any appropriate further contributions, such as to a pension scheme, as outlined in their contract. When you’re doing this manually it can rapidly begin taking up hours of your time every week – time you don’t have to spare as a busy small business owner.
This is why online payroll is worth considering. Online payroll suites offer you greater flexibility and efficiency, in many cases allowing you to make calculations automatically. When the payroll is handled by a dedicated and professional small business accountancy firm like SQK Accountancy, it becomes even easier to ensure your payroll is processed correctly every time.
Is it worth it for just one employee?
Outsourcing your payroll and managing it online might sound like a lot of rigmarole for just one employee. But it isn’t! The truth is that it’s easy and fast to set up your business with a managed online payroll service. Aside from the above-mentioned improvements in accuracy and time-saving, it’s also an investment going forward. As your business grows and begins to take on more employees, it becomes easy and quick to simply add them in to your existing payroll structure. This allows your payroll to scale along with your business.
If you have any further questions about online payroll and whether it’s suitable for your small business, or to get a quote on a managed online payroll service, contact the experienced small business accounting professionals here at SQK Accountancy today.