Posted on August 27, 2019 by admin in News

While the majority of firms with paid employees prefer to outsource their payroll process to an external accountant or payroll bureau, it is entirely possible to handle your business’ payroll yourself. This course of action is most suited to very small businesses with few employees and limited resources, and still requires a degree of computer literacy, excellent organisational skills and a substantial amount of elbow grease.

If you do wish to set up a company payroll yourself, there are a number of things you must ensure you do before, during and after the fact. Here’s a quick rundown of what’s involved with rolling with the punches and handling your own payroll.

Pre-payment

Payment

Post-payment

In addition to the above steps, you’ll also need to keep abreast of specific employer codes, issue P45s and P60s to outgoing employees and constantly update the system, among many other concerns.

Getting professional help

As you can see, there is a significant amount of legwork and no little concentration involved in doing your own payroll, which is one of the major reasons why the vast majority of businesses outsource the process to an external professional company. Factor in the huge fines that can be incurred if you inadvertently make a mistake or do not comply with HMRC’s strict rules, and it’s easy to see why outsourcing is such an attractive option.

Fortunately, professional accounting and payrolling services can now be obtained at very competitive prices. At Profile, Chartered Accountants and Registered Auditors, we offer a range of services and packages – including comprehensive payrolling – tailored to meet the needs of small- and medium-sized businesses which don’t have the extensive resources of larger companies. With more than 16 years of experience in the industry, we have the expertise and knowledge to take your business to the next level, all at an affordable price.

To find out more about our services, get in touch with us at [email protected] or give us a call on 020 8432 2289 today. We’re waiting to hear from you.