In a company, payroll is the sum of all financial records of salaries for an employee, wages, bonuses and deductions.
In accounting, payroll refers to the amount paid to employees for services they provided during a certain period of time.
Payroll plays a major role in a company for several reasons.
From an accounting perspective, payroll is crucial because payroll and payroll taxes considerably affect the net income of most companies and they are subject to laws and regulations.
From an ethics in business viewpoint payroll is a critical department as employees are responsive to payroll errors and irregularities: good employee morale requires payroll to be paid timely and accurately. The primary mission of the payroll department is to ensure that all employees are paid accurately and timely with the correct withholdings and deductions, and to ensure the withholdings and deductions are remitted in a timely manner.
Businesses outsource their payroll functions to reduce the costs involved in having payroll trained employees in-house as well as the costs of systems and software needed to process a payroll.
Business payrolls are complicated in that taxes must be filed consistently and accurately to applicable regulatory agencies and can be difficult to manage especially for new or small business owners.
Affinity will deal with all HM Revenue & Customs inquiries and deal with employee’s queries. We produce reports for the businesses’ account department and payslips for the employees and can also make the payments to the employees if required.
Our national payroll service replaces the concerns and worries, experienced by business owners, with confidence that all the important aspects have been dealt with to ensure compliance with current legislation. You provide us with gross pay details and we will do the rest.
Your staff is one of your biggest assets and at the same time, one of the largest expenses. As we all know, making sure your staff are paid on time, with the correct pay and deductions is not only a legal requirement but also a necessity as far as staff relations are concerned.
We can provide you with:
• Hassle free process – just ‘fill in the blanks’ and we will expedite the salary information to you
• Total flexibility with unlimited pay types
• Dedicated, experienced payroll experts, providing peace of mind
• Quick and easy, with multi-site functionality
• No payroll knowledge is required by the client
• Accurate employee records, constantly maintained
• Specialist support 52 weeks of the year
• Sealed payslips to ensure staff security is guaranteed or online PDF
• Extremely cost effective rates
Other reports available through the Payroll system include:
• Maternity leave reports
• Attachment of earning report
• Gross pay to net pay report
• Multi-site branch report
• PAYE/NIC reports
• All year end reports, P35, P60, P14, P46, P11D
• Budget comparison
• Submission and administration of End of Year PAYE Return*
• Real Team Information (RTI) PAYE submissions**