For growing small businesses, using the right Payroll software is something which requires careful thought, aside from the actual task of finding the right people who are a good fit with the company, which is no mean feat!
You would also need to consider whether or not you need to acquire some office space; this also brings the need to figure out what sort of salary you’ll be paying them (as well as performance related pay and associated financial records) and work things like HR and payroll into your business processes.
Spanning everything from monthly wages and annual leave to statutory sick pay and maternity/paternity pay, payroll is a complex business – as well as potentially incurring penalties from HMRC if you mess anything up, you’re also in direct control of whether or not your employee(s) are able to pay their rent/mortgage/bills from month to month! It’s no wonder that some small business owners are intimidated by the idea of managing their payroll in-house, and consider payroll outsourcing to someone else! Such a move is perfectly understandable, especially for those who gain their experience working for someone else; their past dealings with payroll and its associated software tends to be limited to receiving a payslip at the end of the month! However, for small business owners brave enough to tackle it, there are plenty of packages out there to break the payroll process down and make it seem a little less scary.
KashFlow doesn’t provide any built-in payroll functionality simply because it’s not the path we chose when we started up; our focus is, and always has been, delivering an outstanding accounting solution. However, we acknowledge that as businesses become more successful that will often go hand in hand with employing others and paying them a salary. Fortunately for us, there are already lots of excellent payroll apps out there, so we instead chose to integrate our software with them, rather than trying to put together our own product. All of the payroll programs we integrate with the software are RTI-enabled as well as keeping a record of earnings, so once everything is set up you don’t need to worry about incurring penalties for not submitting payroll information to HMRC in real time.
If you use one of the applications or services listed below you can integrate the product with KashFlow so that the relevant accounting entries will be made automatically for you. Of course, it’s worth keeping an eye on it to make sure that everything’s working correctly but you can pretty much just let it run, so that’s one thing off your plate!
Note: Our acquisition by IRIS in 2013 means that we will be integrating with their payroll software (which, at the time of writing, is being used by more than 10% of UK businesses to pay their employees!) on a very deep level. We’re confident that this will make managing payroll alongside your accounting data easier than ever. Update regarding Payroll matters, KashFlow now provides payroll software functionality in it’s accounting package.
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Traditional payroll software can be inflexible and require frequent upgrades.The Payroll Site offer an easier way to process your [...]View Add On
MyPayUSA is a powerful, low cost, secure and simple to use payroll system, fully integrated to KashFlow for the [...]View Add On
MyPAYE is a powerful, low cost, secure and simple to use payroll system. Fully HMRC accredited and with one [...]View Add On
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