As companies grow, they tend to hire more employees, and this means more time spent handling staff pay, including salaries, benefits, overtime, bonuses and so on. To ensure that your focus remains on fuelling the growth of your business, it’s important that the additional burdens that come with payroll don’t set you back. Outsourcing your payroll can be a great way to free up that time and ensure that your staff are looked after, month after month.
There are plenty of benefits of being able to rely on an accurate payroll management system. As well as relieving the burden and stress on you and your team, outsourcing this service to specialists will also minimise errors; negate legal compliance risks; avoid penalties from HMRC for incorrect and late filings; and also maintain employee trust and satisfaction.
Payroll is typically the largest expense for most businesses, and any errors or delays can have a significant impact. Inaccurate payments and penalties also result in additional costs that can add up quickly and impact the financial health of your business.
Our Payroll Service
We are proud to offer tailored services for our clients with our Payroll service. Typically, our essential Payroll service includes:
- PAYE registration
- Processing payroll – this can be weekly; fortnightly; monthly or annual.
- Processing pension auto-enrolment uploads
- Handling statutory payments – maternity, paternity, sickness and redundancy
However, we are always happy to chat with you in more detail and find out how else we could support your business.
How We Work
Our Payroll team will take care of every pay run, granting you full visibility of the whole process. Every month, once your payroll is finalised, the payroll summary reports will clearly show the amount that you need to pay each of your employees.
You will also be able to see the amount you will need to pay HMRC in PAYE and NI taxes. These payments can be made manually each month, or we can help you set up a direct debit with HMRC so they are taken automatically.
Payslips will be made available for individual employees to access and download from the payroll portal. Additionally, once the final tax month’s payroll has been processed in March, your employees will be able to access their P60s on this same portal.
Why Finerva
We have an experienced Payroll team and use cloud-based technology to ensure your payrolls are processed quickly and accurately. All payslips are accessible from the secure employee-friendly portal, therefore erasing the risk of data breaches.
Get in touch with us
020 3422 9800-
Seema Kher Partner, FaaSSeema has over 21 years of experience at KPMG working with small to medium sized businesses across a wide range of industries. At Finerva, she oversees the accounts compliance service for clients and provide a seamless ‘one stop shop’ that provides all their accounting and finance needs.
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FAQs
01. How do I communicate monthly PAYE changes?
We will share with you a rolling spreadsheet that allows you to detail the monthly changes to payroll that need to be processed.
02. How do I know how much PAYE/NI I need to pay to HMRC and by when?
Once your payroll is finalised you can access the amount that you need to pay on our online payroll Dashboard. If you prefer, your bookkeeper will also include this in your monthly update email that they send to you. You can either choose to make the payments manually each month or we can help you setup a direct debit with HMRC.
03. What happens if I need to make a change to my payroll once it is finalised?
If you need us to re-run the payroll for the month, speak to our payroll team or your bookkeeper and we can help to process this.
04. Will you also support with uploading monthly pension contributions to our pension provider?
Yes, as part of our payroll service, once the payroll is finalised, we complete the upload of pension data to your chosen pension provider. You will then pay the contributions, normally by direct debit.
05. What happens at the year end, will you process and submit P60s for all our employees?
Once the final tax month (March) payroll has been processed, the payroll team will generate the P60s for your employees. They will be able to access these on the same portal that they access their monthly payslips.
