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Payroll errors - are you making them?

Payroll errors - are you making them?





Payroll errors..... have you been a victim to one? Would you know if you were?


In today's world, software is king. Payroll software is easily available, some is even free. Software can be used to work out the tax deductions and an employee's net pay at the touch of a button. Easy job, right? Understandably, if you have a handful of employee's you often want to run your own payroll as it's easy enough to do and it saves your hard earned money going into an accountant's or payroll bureau's pocket.


But.....


the quality of the end result is only as good as the information that is entered into the software. A bit of missing data, or a box ticked or not ticked in error and the end result may look right but can easily be wrong. Would you know if it was?


Payroll processing without any real understanding of the way payroll works can be a dangerous thing. We've heard of the high profile stories where even the likes of Tesco and John Lewis have got things wrong. Recently the news has reported of multiple cases of student loan repayments being wrongly taken from employees, due to payrolls being set up incorrectly. These are just a few examples.


Add to the mix the many rules and regulations around auto enrolment, minimum wage, holiday pay as well as the PAYE and NI regulations and it's no wonder so many employers can unknowingly incorrectly pay their staff.


Software is amazing but software without knowledge can be a dangerous thing. There is an old saying "you don't know what you don't know". Are you sure you know everything you need to know to run your own payroll correctly?


Accountants aren't just here to prepare accounts and file your tax returns. We support with all aspects of taxes including payroll taxes. At Marshall Smalley we have our own in-house payroll bureau to support both our accounts clients and payroll only clients.


Outsourcing your payroll can free you from the hassle of keeping up to date with ever changing payroll rules, ensure your employees are paid correctly, and it will most likely cost a lot less than you might think.


Get in touch to see how we can support you. Give us a call on 0115 956 9452 or email us on info@marshallsmalley.com


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