Payroll – A Risky Business
Business is risky. You can’t truly predict what’s going to happen month to month or even day to day. That’s before you even start to think about payroll and all of the issues that can arise! You obviously want to avoid payroll errors – nothing gets an employee’s back up quicker than not being paid correctly.
Let’s take a look at some of these risks and what you can do about them.
Miscalculations or Data Entry Errors
Humans make mistakes, it’s a fact of life that you cannot escape. It’s easy to miscalculate how much tax needs to be paid, how many hours have been worked, press the wrong button – paying too much or too little of an employee’s wages. This could, realistically, happen at any point during your payroll process.
That’s even before we get on to the tired old topic of compliance – auto enrolment, holiday pay and audit trails.
All of these errors can have very real consequences attached to your business and your employees. You could be fined for non-compliance or repeated errors.
If you’re late with your full payment submission you can be fined up to £400 a month, depending on how many staff you employ. If you fail to auto enrol staff you might get fined twice, £400 for failure to comply with notices and from £50 to £10,000 (by the pensions regulator) a day based on how many staff you employ.
The solution to these payroll risks is to outsource the entire process. Not only can you minimise your risks, but you can reap the rewards of having an expert provider do the work for you. Some of the benefits include a reduction in recruitment and training costs, saving yourself time, money and guaranteeing compliance.
It’s what we do. Why not contact us now to see how we can transform your payroll?