All employers have a payroll to complete, whether they have employed just one person or thousands. A payroll is the total amount of money paid to employees over a set amount of time. This time is usually monthly and/or annually, although many companies also produce them weekly, and bi-annually. A payroll is a legal requirement, and there are certain guidelines that you must follow. Some responsibilities include withholding certain amounts of money from your employees to cover the likes of income tax, social security, and medical care. It is vitally important that you get these correct; otherwise you can face fines or even legal action.
Payroll taxes are levied by a government agency. They are the taxes that are taken off tips, compensation, and wages. There are a number of different taxes that may be taken off wages, including the ones mentioned above – income tax, social security, and medical care. These amounts are usually transferred straight to the government.
Completing Your Payroll
A lot of small companies and businesses don't have their own in-house accountant or human resources manager. It is then down to the overall manager to ensure that the payroll is accurately recorded and completed, and that it is done on time every time. If you don't have any experience or knowledge of these financial processes, then it can be confusing and time consuming. Over time you will find you understand what is going on, but it is imperative that you get it correct the first time. Because it is a legal requirement, if it is not completed or completed incorrectly, you could face some heavy fines and legal action.
If you don't possess the skills and knowledge required to successfully complete your payroll, then it is wise to hire an accountant for payroll processing services.
Why You Should Not Outsource To a Freelancer
There are quite a few companies who outsource their accounting and human resources aspect of their business to other individuals. They believe that it will be cheaper than hiring a professional accountant or human resources manager as an in house employee, and cheaper than approaching a financial firm to help them.
There are a lot of freelancers who deal with payroll processing services and other human resources services. You may find that a lot know what they are doing, but they are also not properly monitored. You may end up paying for a payroll processing service that has been completed incorrectly, and you will never know.
Why You Should Hire OfficeOnCall
Here at OfficeOnCall, we have a team of highly trained and experienced staff who specialise in the area of payroll processing. We can offer you payroll processing services that are fantastic value for money, so you won't have to worry about being out of pocket.
We will sit down with you and discuss everything related to our payroll processing services, so that you know exactly what is going on at all times. You will know what is involved in the payroll processing service, as well as how it is constructed and how long it usually takes.
If you simply want advice on how to create them yourself, then this is something we can also do. We will discuss your company with you, including how many customers you have and what levies you need to pay to the government. We will help you to work out a plan regarding how often you should complete your payroll, and how it should be done.
If you would like more in-depth support, then, as part of our payroll processing services, we will happily take control of your payroll and complete it ourselves. This could be as a once-off, monthly or annually; whichever works best for you. All you will need to do is provide us with the information required, and we will fill out your payroll and submit it on your behalf.
Don't let your payroll get out of control, and don't put it off; there is no need to pay fines and late fees simply because you can't complete it yourself. By hiring one of our specialists at OfficeOnCall, you can be safe in the knowledge that your payroll is in good hands.