You’ve started a business that has expanded to the point of requiring more staff to meet demand. Congratulations!
This means you’ll have more complexities to deal with as you add new staff, namely a new set of processes to pay employees, applicable employee tax, and maintain compliance where applicable. All these things must be done on time, every time.
It’s a new world for an entrepreneur to step into and there are many intricacies and scenarios that makes for a unique payroll scheme. It can be difficult to stay on top of everything. This guide aims to break down the basics of payroll in phases; setting up a payroll scheme, understanding compliance, processing payroll, options for how to best manage it all, and how to decide which is best for your business.
Employees quite rightly, and perfectly reasonably, expect to be paid accurately, on time, every time. And they should never need to worry about the process that makes that happen. But you’re aware of the complexities involved in payroll and understand it’s the linchpin of employee and, consequently, business confidence.
According to Sage research conducted in the UK, 35% of workers would look for a new job if their employer paid them incorrectly just once. A further 51% would lose trust in their employer and half would positively resent them.
This puts a tremendous weight of responsibility on your shoulders to ensure your employees’ confidence in the business that employs them. Beyond explaining the basics and the options for a solution, we’ll also recommend the features and benefits you should look for in a solution.
