Why is payroll so important? And how could establishing a relationship with your payroll expert bring your business real benefits? Rachel Impey, Payroll Manager at chartered certified accountants and chartered tax advisers Bulley Davey has some suggestions
Payroll is a fundamental part of the modern business, and the areas that it now encompasses are growing – from tax and more recently auto-enrolment; to childcare vouchers, apprenticeship levies and student loan deductions. This makes keeping it in check an increasingly time-consuming, but important, task. As a result many businesses look to external experts to handle the payroll process. But are you getting the most out of your payroll expert and the process as a whole?
With the growth in the scope of payroll, the Government has become increasingly stringent on enforcing compliance charges for those who report their payroll late or inaccurately. Depending on the size of your company this could begin at £400 a month for a late or inaccurate payroll report. Similarly, in the case of auto-enrolment, this could result in charges of £50 to £10,000 a day if you continuously fail to report. While understanding these compliance factors is crucial, there are actually a lot more benefits to having your payroll organised and handled by an external expert.
Most prominently of course is simply the reassurance and peace of mind that you’re not going to have HMRC chasing you! However, that reassurance also extends to knowing your reporting is being organised and analysed by people with the knowledge of each element, be it auto-enrolment or student loans, as well as any changes to the law.
Unfortunately many businesses, while being compliant, simply see payroll as standard practice and so don’t get the most out of the process. For this same reason some businesses will use bureaus to report their payroll. These are semiautomated services, with no single point of contact, and here is where many business owners could be missing an opportunity.
At Bulley Davey we believe that the relationship with your payroll expert is potentially the most trusted and longstanding relationship you’ll ever have. That’s why having this relationship be personal and human is beneficial – because a personal service ensures a quick response and in payroll those compliance charges are proof that quick turnaround is important.
We are lucky at Bulley Davey to have a number of different disciplines and areas of expertise under one roof. This means that should we see, for example, the benefits of you having better management and oversight of your finances, then we can put you in touch with our wealth management team. This same process extends to cloud accounting, employer pensions and more.
The way we work – providing you with a single point of contact – means that over time we slowly and continuously become tailored to you and your business. What works for you? What doesn’t? There is also a support network behind that contact who you also get to know, which means you can rest assured knowing that should your contact be away, there is experienced cover that can help and understand the context of your business and situation.
Having this network extends to proactively identifying problems and issues – which is where a bureau, for example, can often fall short. We can spot where there may be gaps, or anomalies based on previous reports, then call you to sort it straight away. This allows us to work well alongside your office management team, saving them time and you money in avoided HMRC charges!
For more information on Bulley Davey’s payroll services, visit www.bulleydavey.co.uk or call 01733 569494.