Payroll & Auto-Enrolment
Payroll and auto-enrolment services are two important services that can be outsourced to us at Exchange Accountants.
Payroll services involve managing your payrolls, including calculating employee salaries, processing pay slips and ensuring that taxes and other deductions are accurately calculated and paid on time. This can be a complex and time-consuming task, particularly for businesses with several employees, which is why some companies choose to outsource their payroll functions.
Auto-enrolment services, on the other hand, refer to the process of automatically enrolling eligible employees into an employer-sponsored pension plan. Employers are required to offer eligible employees the opportunity to participate in a pension plan, and to automatically enrol employees who do not opt out.
When it comes to payroll and auto-enrolment services, we offer both services as part of a comprehensive package.
Tasks that may be included in these services are:
- Payroll processing:
We can calculate employee salaries and process pay slips on behalf of the employer, including tax deductions and generating payroll reports. All payslips and year end P60’s can be emailed to the employee and have a secure password set. We can also prepare a bank file for the client to upload to the online banking software to pay their employees. This reduces the setup time for payments in the clients bank account dramatically.
- Tax filing and compliance:
We ensure that all taxes are accurately calculated well in advance of deadlines and advise on the due date. We prepare and file all required paperwork.
- Benefits administration:
We administer employee benefits, car benefits, including pension plans, health insurance, and other employee benefits.
- Auto-enrolment and compliance:
We ensure that eligible employees are automatically enrolled in a pension plan and comply with all legal requirements related to auto-enrolment.
- Recordkeeping and reporting:
We maintain accurate records of all payroll transactions, employee data, and benefits administration, and generate reports as needed. We are able to tailor reports on a bespoke basis including departmental breakdowns for more accurate financial reporting or wage costs to a business.
Overall, payroll and auto-enrolment services are important functions for businesses as they help ensure that employees are paid accurately and on time and that the business has complied with all tax and legal requirements.
To find out how we can help you can: