There are many ways in which our payroll accounting can help you. When you run a business, you have to make sure that all your finances are in order. Sometimes, completing your payroll can be time-consuming and can hinder the rest of your company. If you have a multitude of projects on, the last thing you want to do is take time out so that you can complete your payments. So, how can you make this aspect of your professional life easier than it is now?
Here at 1st Online, we can provide you with an in-depth online payroll service, which will help you out.
What is Payroll Accounting?
If you have not heard of payroll accounting before now, you should take a look at a payroll accounting tutorial. Right now, you might complete this aspect of your business manually. Doing so takes a lot of time, which you could better use elsewhere. If you have to spend a lot of time paying your staff and figuring out tax codes, you are wasting precious business hours. There is no doubt about the fact that accountancy is difficult. If you are not an expert in the field, it means that you might need a little help along the way. Using a high-tech system, you can keep a firm grasp on your balance sheet and your income statement. That means that it will be super easy to manage your company finances.
Why Should You Use Online Payroll Accounting?
There are many benefits of using this software. For instance, you can use the accounting software to create customised payslips for each of your employees. You can also set salaries, wages and overtime pay. If you want to keep track of your staffing costs, the software will give you a comprehensive rundown of these costs. That means that you can assess your business progress with utter ease. In short, the system allows you to complete all the processes you need to when it comes to staff payments. The system will also enable you to prepare your P11D documentation. That means that, when the end of the tax year rolls around, you will be 100% ready to start completing the paperwork it entails.
How Can You Set Salaries and Wages?
When it comes to setting salaries, nothing could be easier. Each staff member will likely fall into a unique salary bracket. You can use the software to figure out tax brackets so that you know how much is due to each employee. This aspect of the software should make your job quick when it comes to administering salaries. You should, of course, make sure that you understand your legal obligation to pay tax and keep your accounting up to date. A salary and a wage are two different things. If your workers are on an hourly rate, that means the amount you pay them can fluctuate throughout the year. If you have salaried workers, though, their yearly income should not differ. Using accounting software, you can oversee both these payments.
What About Overtime Pay?
Aside from your regular monthly fees, you will have one-off costs, such as overtime, which you have to pay. For example, when people work more than 40 hours a week, you may have to pay them an overtime fee. (You should check whether this rule applies to your staff or not, as some staff members are exempt.) Overtime premium pay is when you pay someone an extra half on top of their hourly rate. So, if you usually pay a worker £7 per hour, you will need to pay them £10.50 instead. With our software, you can make these payments in a matter of minutes. Since the digital platform is user-friendly, you should have no trouble paying these costs.
So, How Can Our Cloud Accounting Software Help?
At 1st Online, we offer a complete accountancy software package. Our Payroll Accounting systems allow users to take care of all their finances and are quick and easy to use. Whether you are administering holiday pay, statutory sick pay or other expenses, you can do so using the software. The application allows you to keep track of all your staffing costs, which means that you can ensure it is cost effective.
…..1ST ONLINE WAY
We do what we say on the tin – timely, accurate contractor accounting and support, in return for a fixed, manageable fee.