Constructing a successful payroll service

28 Oct 2021

Published in: Member News

Constructing a successful payroll service

Payroll has always been a vital element of the workplace, but sometimes employers are guilty of not recognising its importance.

After 18 months of uncertainty due to coronavirus and its ongoing impacts, payroll has never been more vital to the workings of the economy and the work world.

Business leaders have had to reconsider how crucial timely pay is amid the financial insecurity of their employees.

Not only this, recent research suggests that nearly half of British businesses now believe their organisation will look fundamentally different after the crisis.

Therefore, we think it is important to enlighten businesses on the significant aspects to consider when constructing a successful payroll service.

Firstly, a growing number of UK businesses are introducing flexible payroll practices to enable staff to choose a payday that best suits their personal lives or drawdown advances on wages.

Employers wanting to operate multiple payroll dates should find that their current payroll provider already allows this.

However, switching to a newer payroll adviser can massively reduce the workload, with the amount of work, administration and data sent to HM Revenue & Customs (HMRC) taken off the company’s hands.

With the rise in businesses using temporary staff and freelancers, more companies are outsourcing their payroll functions.

Small and medium-sized businesses that wish to avoid the expense of a full-time in-house payroll team may consider this a cost-effective and practical move.

Preparation of the weekly or monthly payroll can be time-consuming. When your focus is on making sure your customers are happy, sorting out the weekly or monthly payroll can be another unnecessary distraction.

How can AGS help?

We have a dedicated team of highly experienced payroll professionals who can deal with all your company’s payroll requirements, including handling workplace pension compliance, giving you peace of mind to get on with what you do best, running a successful business.

We can help your business set up flexible payroll schemes, enabling you to process multiple payrolls of varying frequencies such as weekly, monthly and more.

Submitted by Lindsay from AGS Accountants And Business Advisors Limited
Share on Facebook Share on Twitter Share on Linked In

Comments

Post A Comment

You must be logged in to post a comment. Please click here to login.