Why should I use payroll services?
Payroll is an area of accounting where the stakes are high. Conscientious business owners know that paying employees in full and on time is vital in order to protect their company’s reputation, staff morale, and ensure the business fulfils its contractual obligations.
There are penalties, fines and audits that loom for companies who miss their payroll submission, and inaccuracies in payroll calculations can lead to exponential problems that affect the whole business.
While developing in-house services is often cost-effective, it is not necessarily the case when it comes to payroll. That’s because it takes a great deal of time to get up to speed with the latest payroll software, let alone become fully trained in the complex, long-winded processes involved in payroll processing.
Mistakes in payroll can also be costly, leading to staff disputes and potential tax issues should HMRC discover inconsistencies in your record keeping. Even the most competent, well-organised businesses find the task of payroll a troublesome one to get right.
At Simpson Wood, our payroll department offers a payment service whereby we make net salary payments directly to employees’ bank accounts, using cleared funds received from our clients. This service alleviates the responsibility our clients face in making correct payments to their employees, and can also save a considerable amount of processing time.
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Our Payroll Team
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