Real-time Information (RTI) is a weekly or monthly task that can be a real bind to small businesses. Late or inconsistent filing can lead to penalties that are costly to your business.
How do you ensure you are keeping up with changes in the minimum wage, pensions and tax rate changes? We can manage your payroll and ensure you are compliant. From one employee upwards, no business is too small. We will work with you to ensure that everything runs smoothly and your payroll is processed promptly and accurately first time.
- Set up a new payroll system and register your business for PAYE with HMRC
- Provide statutory documentation - P45s and P60s
- Prepare employee payslips, which are emailed directly to you and your employees
- Become your agent with HMRC to submit all returns including the payroll year-end
- Become your agent for auto-enrolment, filing your returns and ensuring you are meeting your obligations as an employer
- Calculate PAYE, national insurance contributions, statutory sick payments, etc
- Supply all the payment details you need, showing PAYE, employees NI, and other deductions
- Process weekly, fortnightly or monthly payroll, with amendments for payment structures such as commissions, bonuses, and hourly rates
Pros and cons of Using Cloud-Based Payroll Applications
You’ll probably be hearing the phrase ‘the cloud’ more and more frequently in reference to businesses and applications. All it means is that, instead of physically installing an application on a PC in your office, you access the application over the internet. The application will be hosted on a server somewhere by the company that provide it.
Cloud-based applications are becoming increasingly common, and recently a number of cloud-based payroll solutions have been released. But how can they benefit your business? Is it worth the investment, or should you just stick to your existing solutions? Hopefully, this article will clear up a few of these burning questions by giving you the pros and cons of using a cloud-based solution.
Pro 1: Cost reductions
This is obviously one of the main reasons why you’d invest in a cloud-based payroll solution. You’ll often find that cloud-based solutions are just inherently cheaper because they require less time to implement and fewer resources. The company won’t have to send someone out to install the software on your company’s PC’s, for example.
However, before you get too excited, it’s important to realise that the cost of a cloud-based payroll solution (much like any cloud-based solution) is that the cost will vary drastically depending on a whole host of factors. One of the most obvious factors is the size of your business. However, it’s a good rule of thumb that any cloud solution will be cheaper for your business.
Pro 2: Reduced stress
Another benefit of having your payroll software in the cloud is that any issues that happen with it won’t be your responsibility. In the past, you may have had to pay to train an IT technician so that they could fix any issues that may arise. If they couldn’t fix it, you’d probably have to call out a technician from the company that provided of the software. All of this takes up a lot of time and can cause a lot of stress.
Luckily, if the software is hosted off-site, there’s no responsibility on you to fix any issues that may occur with it. Companies who provide cloud-based software will realise that making sure that their software is available 24/7 is integral to maintaining their client base, so they’ll be quick to fix any issues that do arise and will probably also have a DR policy in place in order to reduce downtime. All of this means a cloud based solution can be far less stressful.
Con 1: Security issues
Interestingly, although having a cloud-based solution can reduce stress in terms of downtime, it also has its downsides. One major downside is that there could be security worries. You have to trust that the company providing the software is serious about protecting your information and, in a world where cybercrime is on the rise, this is becoming increasingly difficult to guarantee. That said, like with the issue of downtime, a lot of companies know that guaranteeing security is very important when it comes to maintaining a client base. It’s for this reason that they take security incredibly seriously.
Con 2: Customisation issues
One of the benefits of having a payroll solution that’s physically installed on PCs in your company is that there’s far more room for customisation. Before the installation process, a technician may consult you about your needs and install a solution that’s perfect for your business. Although cloud solutions do often offer different subscriptions, they do tend to be one-size-fits-all. This will be fine for most businesses, but if you have some particularly niche needs, a cloud-based solution may not be the one for you.