16 Jun The three benefits of better payroll support
When you’re operating a small business or limited company, knowing where to start with your documentation is nearly impossible.
That’s why having all of the right payroll support in place is one of the most important parts of getting started. Learn more about the three biggest benefits of having payroll support below, and the difference they make for small businesses.
Less on your plate
When your business is up and running, it feels like a thousand different things happen at once. After all, you’re working on products, a marketing strategy, creating a structure of employees, tracking finances and more. By using payroll support, you remove one of these many tasks, allowing you to focus more on the more practical aspects of your business and generate revenue as soon as you can.
Although not the most interesting part of running a business, staying legally compliant is an absolute necessity. Breaking the law, especially in regards to paying people fairly and in full, has the potential to lead to significant fines and punishments for your business. Using payroll support means that you pay your staff members exactly what they are owed on a regular schedule, taking a task out of your hands and automating the service to keep your company’s payment schedule as consistent as possible.
Every financial year, companies require a significant amount of payroll information in the form of a P60, showing every employee’s salary in the tax year. Getting a P60 out to each staff member is tough, especially as a sole business owner that completes accountancy yourself. This is where using payroll support makes things simpler. You receive all the P60 and P45 documentation you need when you need it. Completing this documentation is a relatively rare task, but getting it right makes the difference in an effective business.
If you’re looking for reliable accountancy services in Manchester and beyond, get in touch with the SQK Accountancy team today. Our team can let you know all about our quality services and support you in the early stages of your business.