Corporate Payroll in London
Wagemate provides corporate payroll for London and surrounding areas. There are a number of challenges businesses face when it comes to payroll management: staff turnover and availability, trying to keep up to date with legislative changes, and benefits administration. Payroll needs to be accurate because mistakes can lead to fines. It can also hurt a company’s employee brand.
Payroll, the monthly nightmare of your finance team
As your employee count grows so will the time it takes to complete your monthly payroll obligations. With a wide range of staff, payroll can become increasingly complex as well as time-consuming however. Your finance team will be accounting for age, pension schemes, and employment contracts and they will be doing this each month increasing the chances something is missed.
Changing legislation adds a further layer of complexity to the equation as you assess how these updates will impact an employee pool that spans multiple generations and walks of life.
Changes to pension contributions and minimum wage increases based on age are just a couple of examples where you could find yourself having to understand, and process many different types of employee. Furthermore, length of service can play an unexpected factor in your obligations. And remember, it’s down to your business to get these things right, not the Government or your employees.
This is why Wagemate has established a cloud based fully managed payroll solution that seamlessly integrates with all required aspects of your company. Saving you time, money, and keeping you compliant
Outsourcing your payroll keeps you agile
The question of in-house or outsourced payroll services is something that corporations ask themselves all the time.
You can get lost in the benefits and liabilities of either side. One benefit is undeniable though, outsourcing keeps you agile. Having your payroll in-house locks you into a more rigid structure of expansion or if needed, contraction.
You need your payroll to match the size of your workforce which can be ever changing. That’s hard to do with an in-house team. Often you will find your payroll team having to go through a period of struggle as they are overloaded with a growing workflow until it can be justified for them to hire more people.
With outsourcing that is no longer your concern. Whether your business needs the capability to handle one additional payroll or one thousand Wagemate’s outsourced solution adapts to your needs.
You also gain the benefits of Wagemate having worked with a varied client base. not only seek ways to improve your payroll process, but look at other payroll requirements and ideas that might benefit your.
Unlock your finance teams potential
Regardless of how important payroll is, it provides little value beyond its necessity to complete on time and correctly every month. It’s rare a finance team will be asked to deliver a payroll report that will provide value to a key decision the Board might be looking to make.
By outsourcing your payroll you free up your finance team to deliver true value in the form of financial forecasts, effective tax planning, P&L reports and many other insights to help the leaders of the business make informed, data driven decisions.
Payroll is more than wages
It can be easy to oversimplify payroll as to just paying employee wages. But the individual processes that make up the entirety of payroll are independent area of specialism themselves.
To effectively provide these different areas of payroll we have split our team into focusing on the following;
- Recording and maintaining employee details
- Recording Employee hours, including overtime, holidays, and sick days
- Calculating salaries, wages, and net/gross pay
- Producing and distributing payslips
- The capability to process additional payments
- Reporting and paying tax with other deductions to HMRC
- Recording and maintaining employee benefits such as healthcare, pensions, and discounts
What does Wagemate provide?
Wagemate provides as much or as little as you need for your business and can adapt this as you grow. We will tailor our services to your business, we can provide:
- Processing payslips
- BACs payments
- Custom reports
- Process to deal with employee queries
- Auto-enrolment Pensions
- Real Time Information (RTI) filing to HMRC including end of year
- Dealing with HMRC and Pension Regulator queries
- P45s, P60s, P11s or any other documents required by HMRC
- Cloud based payroll software