Our Expert Payroll Services
Wage calculations
Our payroll accounting team will accurately calculate the wages due to your employees each payday. Maintaining a high level of accuracy will build trust with your staff and ensure that everyone receives the pay they’re entitled to.
We’ll calculate every employee’s tax and national insurance deductions, making allowances for sick pay, maternity/paternity leave, and holidays. Adjustments for factors such as health insurance premiums and salary sacrifice schemes will also be made at this stage.
Calculating payroll transactions is by far the most time and resource-heavy task in payroll management. Outsourcing this process will immediately free up loads of time that can be invested elsewhere.
P45 & P60 preparation
Another aspect of payroll accounting is the production of P45 and P60 forms. P45 forms are created when an employee decides to leave your business and show how much tax the employee has paid so far in the tax year.
P60 forms are issued at the end of every tax year and show how much tax an employee paid on their salary over the period. These forms act as proof of tax payments and are used when claiming back overpaid tax. We’ll produce a P60 form for every employee at the end of the year.
Payslip distribution
After we’ve calculated the pay due to your employees, we’ll send the numbers over to you for approval. We’ll then take care of distributing payslips to all staff members. Payslips can be sent either via email or physically via paper payslips.
The Benefits of Using Accountants for Your Payroll
Save your time
Payroll accounting is a huge time sink. Outsourcing payroll management is one of the most effective ways to save time and cut back on your resource usage. If you often find yourself dragged away from important tasks for payroll chores, then a payroll accountant might be exactly what you’re looking for.
Time is the most valuable asset a business owner possesses. Without the time to dedicate towards growth and development, it’s easy for a business to lose momentum. Freeing up your time in any way you can is a surefire way to start moving towards your goals.
Cut out mistakes
Every business owner has been there – dealing with the payroll process after a long week in the office, only to receive a barrage of emails from employees claiming mistakes with their payslips. Not only does this require a time-consuming fix, but it could affect your team’s harmony.
A professional accountant has the time to triple check payslips before sending them out to employees, eliminating the chance of any time-consuming errors. They will also know exactly which deductions need to be made, whether for state income taxes or voluntary sacrifices.
Build accurate records
Our payroll accounting team will record accurate payroll entries so that you always know exactly where your business is up to. You’ll be able to view gross wages, any employee compensation payments, and the amount of employer taxes that you need to account for.
Having a precise record of gross wage expense is essential in working out your payroll costs over the year. When managing the payroll in-house, it’s all too easy for these records to get misplaced.
In summary, payroll accounting is almost certain to save you valuable time, improve the accuracy of payslips, and ultimately improve the efficiency of your payroll accounts.
Choosing Payroll Accountants to Simplify Your Business Payroll Taxes
By choosing Lumbview Accounts for payroll management, you’ll be accessing a tight-knit and friendly team dedicated to helping businesses flourish. Spending hours calculating wages and payroll tax will be a thing of the past, giving you the freedom to retake control of your business.
Get in touch today to find out more about our payroll management services.
Get in touchFrequently asked questions
Payroll Service FAQs
Are payroll services essential for my business?
Outsourcing your payroll is not essential, and many businesses choose to operate their payroll account themselves, however, letting a reliable accounting company take care of the payroll offers several benefits that are hard to ignore.
The main advantage is time-saving. Running the payroll can take up loads of valuable time, especially when payday comes around. Outsourcing will give you the freedom to focus on other elements of your business.
Additionally, professional payroll accountants will calculate tax and national insurance contributions and make allowances for sick pay. This can be done in-house, but the process is often very confusing, and mistakes are easy to make.
Can a payroll accountant simplify my payroll overall?
Outsourcing to payroll accounting professionals will undoubtedly simplify your overall system. At Lumbview, we use the latest payroll software that seamlessly integrates with your business. It doesn’t matter how many employees you have; we’ll be able to maintain an accurate and smooth payroll.
Payroll outsourcing allows you to retake control of your business whilst handing over complex and time-consuming administrative tasks to a dedicated professional. Simplifying your payroll system gives you the time and space to work towards important goals.
How will you process my payroll?
Our team will first calculate the pay for each of your employees. This includes making deductions for income tax, national insurance, student loans, sick days, health insurance, and other voluntary deductions.
We’ll then share the final net pay calculations with you for approval before sending out the payslips to your staff. In addition, we’ll prepare P45 forms for your employees if they leave the business and put together P60 forms for every employee at the end of each tax year.
Will you provide my business with electronic payslips?
We are happy to provide paper payslips or electronic payslips to your employees. Most businesses choose to go electronic, but some prefer traditional slips, however you want your employees to get paid, you can be sure that we’ll accommodate you.