An essential function of any business with full-time employees, payroll accounting ensures staff are paid accurately and on time.
A payroll accountant takes care of filing employee compensation records correctly, taking into consideration taxable deductions, benefits, bonuses, commissions, overtime pay, leave, and more.
There are generally three facets to payroll management. Initial recordings refer to the standard payroll data relating to regular employee wages. Accrued wages are recorded at the end of your company’s accounting period. Finally, manual payments are inserted when an employee’s salary needs to be adjusted at any time.
We keep one eye on the horizon with the very latest payroll management software, ensuring your company always stays ahead of the curve.
As leaders in the field of strategic accountancy, we stay up-to-date with all the latest payroll principles for timely, accurate and compliant reporting.
We provide end-to-end accountancy and consulting to businesses of all sizes and sectors, tailoring our service at every turn to suit the ever-changing needs of your growing venture.
We will issue and process all statutory forms such as P45 and P60. These are essential for annual income tax reporting and instances when an employee leaves your company.
Payroll management requires a high level of attention to detail, especially when you have multiple employees with varying benefits packages. We will meticulously process all payroll in accordance with PAYE, deducting the appropriate tax and national insurance while adjusting wages for those on sick or parental leave.
Payslips will be processed and submitted on time along with quarterly filings and annual returns, and all aspects of pay legislation will be adhered to.
Employee travel, expenses and overtime must all be recorded accurately. We will make payments through the payroll system.
All of the above must be deducted from your employee’s salaries, which can add another layer of complexity to payroll management. However, offering these benefits to your employees can be a fantastic way to reduce turnover and retain top talent.
Salary sacrifice schemes are especially beneficial to you and your staff because you’ll both stand to make savings on National Insurance. We’ll ensure the relevant percentage of earnings is deducted before tax and make pension contributions on your behalf.
Along with income tax and National Insurance, your employees might be subject to additional deductions depending on their current rate of pay and personal circumstances. We will calculate the amount that needs to be deducted for student loans based on each individual’s wage and repayment plan, along with any other relevant deductions.
Generating detailed employee cost reports allows you to gain a deeper understanding of how much each employee costs – a figure which is often far higher than their salary alone. We will create and present these reports to you while suggesting strategic areas for improvement.
Making payments by BACs can be incredibly time-consuming. We will handle the input of all necessary BACs payments to save you time and hassle, from salaries to PAYE, pensions and childcare providers.
Jerroms is on hand to provide precise and professional payroll services to both new and existing clients. Outsourcing payroll management is a fantastic way to free up time and money that could otherwise be channeled into the core functions of your business, igniting growth while streamlining operations.
Payroll management can be offered as a standalone service or alongside our other business solutions. Get in touch today to set up a free consultation about your needs.
Jerroms is a trading style of both Jerroms Business Solutions Limited 08923059 and Jerroms GCN Limited 08433008.
Registered office for each of these companies is: Lumaneri House, Blythe Gate, Blythe Valley Park, Solihull, B90 8AH