There’s a lot to consider when you decide to launch your startup. In those early days, it may well just be you who’s doing the work, but over time you’ll no doubt have to bring people on board who have the skills to take you to the next level. While it’s sometimes great to be the boss, responsibilities such as payroll can be overwhelming if you don’t have experience, and that’s why it’s essential to get the right payroll software for whoever does your accounts. Having good payroll software will help you keep track of your wages and ensure your company is compliant, so there’s one less thing to worry about.
Small business boom
There has been a boom in the number of startups in recent years, and according to Companies House more people than ever started their own business in 2016, with the trend set to continue. Accounting is an important part of startups, as every penny counts in those early days, and hiring someone is a big decision for small companies.
Some things you’ll need to be include:
- Register as an employer with HMRC
- Decide whether to do your own payroll, use an accountant, or outsource the task
- Check staff contracts carefully and ensure you comply with rules for sick pay, pension contributions and other deductions
- Set pay dates and clarify payment terms in employees’ contracts
- Ensure you have up to date information for your staff such as payment details, and that the information is being kept securely
As you can see, setting up a payroll system is a big task, which is why getting the right software is so important for even the smallest business.
Keeping track
One of the biggest advantages of payroll software is how efficiently you can track what you’ve spent on wages. In a startup, every penny counts, and so when you introduce perks such as company cars or commission, you need to know exactly how much it’s costing you. Using bureau payroll software gives you and your accounts team access to this information quickly and easily, allowing you to make relevant reports.
Payroll can be complex
From student loans to auto enrolment pensions, payroll has become more complex than ever before, and it’s no longer a case of simply making a payment on the same day each month. Startups will often find payroll overwhelming at first, which is why investing in good payroll software is one of the first things you should do when you become an employer. With changes happening constantly, and more and more legislation being introduced, accountancy payroll software will help you to stay compliant with the new workplace pension and other changes.
If you’re a startup needing payroll solutions, then contact Primo Payroll today on 0845 456 7181. Based at Unit 2A, Bourne Court, Unity Trading Estate, Woodford Green, Essex IG8 8HD, Primo Payroll work with companies across the UK to provide software to payroll bureaus and accounts that makes their jobs easier.
