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Outsourcing is an effective tool for resource management as it boosts the profit level of a company helps in saving money and at the same time. Nowadays, business owners consider payroll outsourcing services to be highly useful for their businesses. With this service, any company can grow, make their results, and accumulate benefits for their business. The entire process of outsourcing their payroll services enables effectual management in small, medium, or large-scale companies. Moreover,opting for a payroll outsourcing service is also cost-effective and efficient.

Payroll outsourcing service is considered as an absolute accounting solution for meeting the needs of a company's payroll systems. Payroll requirements are different for different companies and many of the packages offered by professional payroll and HR outsourcing services are quite acceptable and can be accepted in any kind of industry. This process of outsourcing is selected by many companies as it is highly cost-effective.

A company can opt for the services when they want to cut expenses and keep up cash flow in the organization. In addition, these services help in saving the valuable time of their in-house company officials, who can then devote their precious time to conducting other office work. After all, managing the company's payroll is a time-consuming process. Moreover, a company opting for these services can claim them as expenses, saving taxes for the company and the privacy of its employees is protected.

When you are opting for a HR and payroll outsourcing service solution, you must see that the company is a SAS70 certified payroll vendor and can give proof that they are insured and bonded if required. Also, you must make sure that they use proper backup strategies for when of any disaster. They should have proper infrastructure to store your data and fix problems easily.

When you choose a HR and payroll outsourcing service solution make sure you gain knowledge about their customer service response. It is imperative to gather information about the person who is going to handle your payroll and he needs to be an expert in this field. You must ensure the pricing is affordable before opting for payroll solutions. You should opt for an employee self service solution provider who can offer more services like pay-as-you-go workers compensation, HR solutions, time and attendance solutions, health insurance and time, employee access online and many other facilities as well.

When you choose a HR and payroll outsourcing service solution make sure that they work on a large-scale basis and can handle multinational clients as well as regional clients. Since these are outsourcing services, if the organization is handling the payroll of a company based in some other country, they must understand the tax compliance laws of that country. Moreover, if the company provides an employee self service solution package,they must ensure the privacy of the employees by making their details password protected.

Remember, opting for HR and payroll outsourcing service solutions can ease your workload and enable better efficiency so consider outsourcing these services as soon as possible.

If you are interested for HR & payroll solution, see: HR outsourcing services

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The check stub is mainly established for employees who cannot access the direct deposit for every pay day. Organizations issue salaries/wages to their employees at regular intervals in collaboration with their HR department. The HR issues sealed stubs to the processing center or the entire department. Every organization employs a different stub system. There is no defined sample format for a stub to be followed by all organizations or organizations of the same type.

Check stubs are issued to employees according to the nature of the employment. Organizations maintain a separate and unique format for the skilled and unskilled employees, whereas there are some limitations and specifications for the contractual and permanent employees.

Mainly unskilled laborers are hired on wage-based system, while the skilled laborers are hired upon a well-structured remuneration package. This includes various fringe benefits and some deductions from the salary at regular intervals. Usually, there are no deductions from the wages of unskilled laborers.

Check stubs are maintained by the HR personnel in conjunction with the finance department to ensure error free payroll. Stubs of the salaried employees include various deductions on account of withholding federal taxes, social security, Medicare, employee benefit plans, employee share scheme, etc.

These deductions are made directly from the gross amount of salary after which the resulting figure is the net income. This is the total and actual amount an employee takes back home and there are no further deductions. The stub also includes important information related to an employee, such as, name, address, contact number, bank account number and company email address. Besides personal details, it clearly mentions the gross salary for the period and the net income figure after deductions.

Many organizations that offer fringe benefits to senior employees also mention them in detail on their stubs. These fringe benefits include home allowance, fuel at a specific rate, car allowance, annual bonuses, gratuity fund contribution, cell phone allowance and other details. Not all organizations offer these fringe benefits to their employees, but it largely depends on the financial scale of the organization.

Check stubs are also widely used by the employees to secure loans from various financial institutions and within the organizations. Another form of these stubs is known as payroll warrants. This works like a check and functions through the traditional banking system. Employees also refer to them as pay checks, but actually they are not withdrawn against an employee checking account. This is said only in relation to the similar working process of the pay checks.

Check stubs also facilitate employees to keep track of any changes in their deductibles, insurance coverage, leave entitlement, sick, vacation and overtime pay. This document should not only be kept within the records of the organization but also with the employees to meet any discrepancies in the future.

If you are looking for Check Stub Template, you can download free samples at http://www.checkstubtemplate.org/.

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The consultation for Real Time Information (RTI) was released in July 2010 and also included the prospect of centralised deductions. The proposal was that employers would submit payments and information to HMRC every pay period (week or month) and HMRC would collect the gross pay and calculate the net entitlement of the employee and submit it to his bank account. A move towards this kind of state control was strongly resisted and so a release in December 2010 sought to allay fears and took out the prospect of centralised deductions in favour of pure RTI.

Real Time Information (RTI) will be introduced next year (2012), piloted by large employers such as banks and government departments and then by medium employers the following year. It is the biggest change to the UK taxation system since the introduction of Pay as You Earn (PAYE). HMRC (the government's debt collection agency) have stated the requirement to change PAYE as it is "outdated" and no longer fit for the purpose in the modern workplace. The government estimate that £2 billion is lost every month through unpaid tax in the current system which only requires detailed reporting by employers at the year-end every April.

Under the current system of PAYE, when w person has more than a couple of jobs at the same time it is hard for HMRC to issue tax code notices quickly enough to enable employers to tax the individual properly, usually resulting in the employee paying too much tax and having to reclaim the following year. This causes temporary hardship for the worker and a whole lot of admin for HMRC.

So they want to create a system where they know each week or month, exactly what a person has earned in any year and to apply a tax code notice accordingly. They will also know exactly what tax is due from the employer at the point of payment and therefore will know when an employer underpays the amounts due. Currently some employers might underpay their tax with the intention to repay it the next month in order that they can use the funds for cash flow reasons. Employers shouldn't be doing this but the temptation is obviously there as HMRC will not know at the end of the year if they have paid up to date. I assume that employers using the tax for these reasons often go bankrupt and therefore HMRC never manage to recover all the tax, costing us all up to £2 billion a month in lost tax revenue.

It must be noted here that if HMRC cannot cope with issuing tax code notifications in a timely manner annually or monthly, it is hard to imagine what they will do with the masses of information they are going to receive weekly once RTI is fully implemented. There are currently around 20 million people employed in the UK, if a quarter of them are weekly paid that's 260 million reported transactions per year, in 52 separate reports.

Jason Paul Hargreaves is the Operations Manager for Bar 2 Limited http://www.bar2.co.uk/ a payroll and Umbrella Company in the UK. He also runs the company blog at http://blogger.flexibleworker.org/.

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It is the responsibility of all employers to provide their workers with documents which inform them of the tax that they have paid throughout their employment. There are a number of PAYE forms - some of which may seem more familiar than others, for example we have probably all heard of the P45 and know its association with leaving an employment. But how many of us know the purpose that a P11D would serve for us?

In this article, we will explore the functions of the different PAYE and the importance that these documents hold for your employees.

P45 / P46

P45s are issued to employees when their employment ceases - it provides them with a record of the pay that they have received and the tax that has been deducted for the tax year. As well as earnings for the tax year, P45s will document the date that an employment began, the date that it ceased, your National Insurance number, tax code, PAYE reference number and tax/National Insurance deductions.

P45s come in four parts - Part 1 must be sent to the HMRC while the other three parts are to be issued to the employer. Part 1A can be kept for the employee's records while Parts 2 and 3 will be required should they wish to start another job or claim Jobseeker's Allowance.

Employees are entitled to a P45 by law therefore it is important that these are issued in a timely fashion. If employees do not have a P45 when they begin their employment with you, for example if it there first or second job then a P46 can be used as an alternative to establish the amount of tax an employee should pay.

P60

P60s denote the amount of pay that an employee has received in the tax year. This should be provided to employees at the end of each tax year as a summary to keep for their records. Again this is a legal requirement for employees who are still working for you on 5th April.

Employees are likely to require their P60 for a number of tasks including completing their self-assessment tax return, claiming back any tax or National Insurance deductions or to apply for tax credits.

This can now be given to employers in paper format or electronically. If you would like to submit your employees' P60s electronically then you should seek their permission for this first.

P11D

P11Ds are used to identify to the HMRC any benefits that your employees may have had throughout the year as these could effectively increase their income. If your employee has earned more than £8,500 per year then you must ensure that all benefits such as company vehicles, private medical insurance are declared. It is important that this is completed accurately as P11Ds may be required by banks if employees are looking to secure a mortgage and to help them complete self assessments.

The calculated worth of the benefits should be documented on the P11D and sent to the HMRC who will this for tax purposes.

Tax can be taxing for any employers however it is vital that the correct forms are completed, submitted and given to employees in a timely manner. If you are struggling to get your head around tax procedures, you may wish to consider seeking the guidance of a professional firm of Chartered Accountants who may be able process all aspects of PAYE for your employees and take the weight off your mind.

John T Hughes writes for Juniper Accountancy, a professional Bristol Accountancy firm. As chartered Bristol Accountants we can provide your business with a complete end to end service to take care of all your accounting and tax needs.

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If you love numbers, enjoy working with computers, and are interested in breaking into Toronto's growing business world, you may want to consider entering the field of accounting. One of the best ways to enter this field is by enrolling in an Accounting Clerk Diploma program at a local career college.

Accounting Clerk Diploma Programs train students to become immediately employable in a variety of positions, including Payroll Clerks, Accounts Payable Clerks, Accounts Receivable Clerks, Inventory Clerks, and Cost Clerks. Graduates also have the option of working for different kinds of organizations, from small private companies, to public organizations, multi-billion dollar corporations, and governmental agencies.

The critical nature of clerks in accounting departments - and the simple fact that the great majority of companies need accounting clerks to manage their businesses - means that the job market is always attractive for Accounting Clerk Diploma Program graduates. This is especially true in large urban markets with strong business communities. Furthermore, although most graduates will enter the workforce via junior roles, dedicated and ambitious accounting clerks can move up the ladder if they are willing to apply their talents.

Because it is comprehensive in nature, an Accounting Clerk Diploma Program is typically 25 weeks in length. This ensures that graduates are well prepared to enter the work-world once they complete their studies. It also means that students can expect to go from the classroom to the workforce in a relatively short period of time - a very attractive feature for many people. Instruction is typically given by teachers with many years of accounting experience, and students are encouraged to ask questions to further their understanding of the discipline. Topics covered in the program are similar for all schools in Ontario, and include the following:

· How to compute pay by subtracting federal and state taxes

· How to calculate contributions to insurance

· Determining retirement and saving plans amounts

· Analyzing data

· Basic bookkeeping skills

· Payroll compliance legislation

· Computing business trends

· Analyzing and coordinating accounts receivables and accounts payables

· Analyzing and coordinating inventory

· Analyzing and coordinating cost reporting

In today's world, computers are an increasingly necessary tool, and this is no truer than with Accounting Clerks. Accounting Clerk Diploma Programs cover software systems in great detail, ensuring that students graduate with a high degree of accounting software comfort. Students can also expect to learn common word processing, spreadsheet, and slide presentation software, as well as more specialized accounting software such as ACCPAC and Quickbooks pro.

If you love business, want to break into the business world, and are interested in holding an important position with responsibility within an organization, consider enrolling in an Accounting Clerk Diploma Program. It just may be the right move for you.

Contact The Academy of Learning Toronto for more information on their Accounting Clerk Diploma Program.

Percey Evans is a freelance writer who works for Higher Education Marketing, a leading Web marketing firm specializing in Google Analytics, Education Lead Generation, Search Engine Optimization (SEO), Mobile SMS Alerts, Social Media Marketing and Pay Per Click Marketing, among other Web marketing services and tools.

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An Umbrella Company is simply a company that is structured to employ temporary agency workers permanently to work at a variety of temporary workplaces, stating in the workers contract that their permanent place of work is their home where they carry out the duties of finding work and keeping records of expenses incurred and contract assignments. The Umbrella employee should be able to claim a tax free amount each week of £3 for the use of their home for an office. The benefit of this employment structure is that (mostly) travel related expenses from home to temporary workplace can be claimed as well as temporary accommodation and incidentals like replacement tools and a certain amount of subsistence. The expenses are taken from the gross receipt (the amount you would have been paid as gross salary if employed directly by an employment agency) and after being subtracted whatever is left is taxed as gross salary. It should be stated in the "overarching" employment contract that the workers salary is variable for this reason, but will never be less than the national minimum wage (NMW). Once the salary is taxed the net pay is then added to the tax free expense amount and paid to you. There is usually a fee or "margin" that is taken from the gross receipt as the Umbrella Company is in business to make money. Different Umbrella Companies have different "margin" rates; you would need to enquire with them at the time you sign up. Some companies quote gross fees and some quote net fees.

At the end of each working week you let the Umbrella Company know where you have been working, the name of the client (agency or contractor) and the hours and rates at which you agreed to carry out the work. The Umbrella Company will invoice your client (agency), collect the money, and when you have submitted your work related expenses they will calculate your pay and transfer it to you.

A well structured Umbrella Company will cover you under their employers and public liability insurance, give you access to a pension and cover all of your statutory rights like Statutory Sick Pay (SSP), Maternity and Paternity Pay and paid holidays. The most compliant Umbrella Company's will take their responsibility so seriously that they will provide you with an employee handbook which should outline their Diversity and Equal Opportunities policy as well as give you guidance on their disciplinary and grievance procedure.

Jason Paul Hargreaves is the Operations Manager for Bar 2 Limited: http://www.bar2.co.uk/ an Umbrella Company that permanently employs temporary workers on a series of assignments. It is a tax efficient method of employment. To register and receive detailed advice pleasse visit http://bar2.co.uk/page.asp?id=16&start=true to begin the process.

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Now that your college life has come to an end, it is the right time to start searching for a job and get prepared for the best in your life. Job market is on your focus now and every single student must overcome the stress and tension developed during this period for a smoother transition from a college student to a professional.

Here are few tips to help you succeed if you have enrolled in payroll training so that things work out better than you expected it to be:

• While you are still enrolled in payroll training, you can start preparing your CV which is the primary step to be undertaken. You can even get enough assistance from your teachers to include the outstanding aspect that everyone loves to see in a fresh CV. It is always good to get enough information and guidance from your teachers so that you come out with the best.

• To get in touch with other professionals, workers and other companies, you will have to attend the professional networking events. Here you are exposed to various faculties where there are interviews conducted and other training procedures to boost up your confidence levels when you attend the real ones.

• While you are into payroll training, you can adjust your timings and try for a part time job as it gives you enough experience and also serves as the first step to success. With this you will learn more practical aspects about your field giving you a higher grade when it comes to the fresher's interview.

There are many companies offering payroll training and therefore it is important to conduct a good research on these and then finalize your destination carefully. Check the aspects that are covered in the training program and make sure they include Tax (PAYE), income levies, social charges, revenue returns and deductions (gross and net). The course that you undertake must be efficient in teaching you the payment management system adopted by the majority small businesses helping in reaping the maximum benefits to the business as well as its employees apart from the pay slips. It should also help you in learning more about both the monthly and yearly techniques employed in efficient payroll management system.

Before stepping into the payroll training program, it is important to recognize and realize the significant talents to be developed for an efficient payroll management. They include legislative knowledge, advanced skills and wonderful software to support work apart from the most important aspect - common sense!

A payroll training course is of course the ideal choice to excel in the business market as it is the most important aspect to be carefully managed and supervised.

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The paperless office has been a cliché now for many years, however, when is an office really paperless, then answer is never. Paper arrives in the post every day, unless you are one of the very few businesses that scan and electronically file everything that arrives then the post simply adds to the large and ever increasing paper mountain.

The paperless office then maybe is just an urban myth or something flowery in a mission statement to aspire to. There are however areas that can be paperless, these are processes within the office; this article discusses one of these processes that have many participants working to make it a totally paperless process, this is the area of payroll services.

Traditionally payroll services consisted of timesheets being completed by staff, manual calculations of taxes and net pay, leading to a payslip in an envelope, most likely with the cash payment inside as well.

The first "paper" to disappear was the cash payment, today very few members of a workforce get paid in real hard cash. The vast majority are paid directly into their bank accounts.

Timesheets were the next to disappear; traditional cards to log on and off work have been replaced by electronic systems that use intelligent swipe cards to record employee attendance information. This data passes through to the payroll system which in turn calculates the pay due.

The most innovative ideas in the payroll service industry come from the outsourced payroll suppliers, who need to make their service more appealing to the business owner in order to retain or gain their custom.

Surveys show that the two most important aspects of an outsourced payroll service are the simplicity of the service and the time required from the business owner to administer the service.

Companies that provide managed payroll services need to innovate as they are always competing not only with each other but with do it yourself online payroll systems that claim to be a more cost effective solution to payroll. However the online payroll solution suffers from the same drawbacks as doing it yourself using an in house system, namely, that it is complex and requires a large time investment from the business owner.

Very rarely will an in house or self administered online system meet that holy grail of the paperless process. The last piece of the paper trail to disappear is the payslip. Payroll service providers used to offer pdf format payslips as an option, now it is the norm with an option to take paper payslips at an added cost.

The preformatted paper payslips are normally printed by the employer and distributed to their staff; however this is the choice of the employer. In the age where most people have an internet connection, the time cannot be far off when all the payslips will be distributed by email; and sent directly to the recipients. At present there are one or two technology issues together with more than a few legal issues regarding the direct distribution of payslips to employees. However, these are being worked on and around by the payroll services industry and it will not be long before the last piece of the paper chase is removed and payroll processing will be added to the ever increasing list of completely paper free processes.

Philip Gurnhill is well known in the UK payroll services Industry, in addition to being a qualified accountant he has managed and written about payroll for over 20 years. He has recently launched Indigo Payroll Services a payroll company dedicated to making life simple. To find out how little this service would cost your business, simply enter the number of staff you employ on the instant quote tool at http://www.indigo-payrollservices.co.uk/ and the results will be sent direct to your inbox.

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Payroll services are offered by agencies and firms that specialize in helping companies and other businesses with the salaries for their employees and workers. Many big and even average sized companies have problems dealing with the salaries and taxes of their workers. They often hire other people to do this but can also have problems with the salaries of these employees also, so instead they hire a firm that specializes in this field. There are a variety of things and support that an agency like this can do for them.

Preparation

One of the foremost things that a payroll services agency is expected to do is to prepare the salaries of the workers of their clients. Depending on the agreement between the agency and the company that hired the, they might be the one in charge of preparing the actual salaries of the employers. The agreement might also include the direct deposit of the actual monies into the bank account of the employee or the issuance of a check or whatever has been agreed upon between the employer and employee. This is usually the case for most firms that management of this nature. There is likely to be several copies of the paperwork that is involved so that they can submit these to the human resources head of the business that hired them. The workers are also likely to receive a copy of their salary report along with the necessary details such as deductions, taxes and other relevant things. Another preparation that is included in payroll services is the filing of annual reports for the income tax and other relevant government taxes that may be included in the salaries of the workers. Taxes come in the form of federal, local and states so it may be confusing if a person who has no background in these computes or prepares them. These taxes may also be deposited straight to the local government agencies that are collecting them. In connection to taxes, the firm that has been hired should also include in their management offer the filing of year-end tax documents of the employees.

Retirement and Savings

Some agencies also offer the management of the savings and retirement plans of the employees and workers of the company that hired the. The health benefits and insurance benefits might also be included in these. Even after the worker has retired there has to be benefits that go to him for the duration of time that he or she has worked in that specific company. Some employees that come from another business establishment might need their retirement plans, benefits and savings coordinated with the present one. The payroll services firm is also likely to keep track and follow up on time clocks that are installed in the business establishment's premises. These are a great help in keeping track of employee's comings and goings.

These are among the most common things that these kinds of agencies are likely to offer their clients. Other payroll services may be brought up specifically for companies that prefer to have specialized management.

Whether your business is small or large, consider Louisiana payroll services to handle a portion of your company's finances. Find out more by visiting http://www.payrollrx.com/.

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On-paper HR management is dead and gone, but today many companies find themselves on the other end of the inefficiency spectrum: spending hours of in-house time and energy to process payroll information using clunky systems that bleed time and resources. Today, more businesses are making the switch to payroll processing companies to ensure accuracy and security, improve payroll processing speed, and ensure better metrics and oversight.

However, for many small and medium-sized businesses, making the switch can seem troublesome and even impossible, given the range of options available.

One factor that contributes to the problem is the variety: as more companies offer payroll processing outsourcing, more are also offering value-added "extras" to draw in new business. While these services often look attractive, they can also draw business owners into a deal with an inefficient company as easily as with an effective one - so, how to tell the difference?

Below is a list of the most popular features and business factors the best payroll processing services must offer before you can consider them good potential options.

Factor 1 - Access to Payroll Data

Payroll processing companies offer different levels of accessibility and control over information, and these options should match the goals and requirements of your organization and employees. Mobile access for cell phones can be a big plus if managers and HR personnel need to access payroll information on the go. Some companies even find it helpful to grant all of their employees' mobile access to payroll information, as a way to help them review earnings from home and take those numbers into account when budgeting.

Factor 2 - Timekeeping Integration

The best payroll processing outsourcing software must integrate well with your existing time keeping software or time clock system, to help preserve continuity during the switch and minimize errors. Your business has no "pause" button for time clock changes, so this factor can be an important money-saver to help make the switch as quick and simple as possible. Look specifically for a system that can import employee work hour data exported from your current time system.

Factor 3 - Seamless Software Integration

Many smaller business use one system to track employee time, and another set of systems to analyze that data and incorporate it into higher-level accounting functions. Some outsourced payroll systems will integrate well with the first system, but resist easy integration with accounting software, creating a whole new set of time-wasting manual tasks for your company. Look for a system that integrates well with your existing accounting systems, or provides sophisticated output options that you can adjust easily to a format that meshes well with those systems.

Factor 4 - Up-to-Date Regulatory Compliance

This is a brief point, but an important one: good payroll software absolutely must meet the latest regulatory compliance requirements. Failure to adhere to federal and state payroll compliance requirements can result in hefty penalties and fines for your company, so a little extra attention on this point can save a great deal of money down the line. For similar reasons, also make sure to assess potential payroll processing companies for proper server security and data-backup safeguards.

Factor 5 - 24/7/365 Support

Let's face it: no company wants to run into a situation where they need to review payroll information urgently and immediately, but if and when those situations do arise, responsive support teams are a must. From help with major changes to your company's payroll requirements, to basic troubleshooting for access functions, a good service should provide prompt assistance that keeps your company's problem-solving time to a minimum.

These 5 factors are a good starting point, but be on the lookout for additional options that may fill a unique gap in your company's payroll needs. Beyond these basic "must-haves," some payroll processing outsourcing companies offer additional services such as payroll tax filing. Make sure to evaluate the optional extras along with the basic features to determine what your company needs to ensure payroll calculation or processing that is accurate, reliable, and effective.

At Payroll-Outsourcing-Services.com we provide guaranteed, affordable and reliable payroll services to businesses whether large or small. Among other payroll processing companies we are dedicated to give your business a flexible, timely and accurate payroll processing services.

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It should be pointed out that the information contained in this article is for the use of Directors and payroll administrators that are based in the United Kingdom of Great Britain or are working within the tax requirements of the UK

With the arrival of the new tax year there is also an increase to the optimum salary that Directors should pay themselves to remain tax efficient in the way that they extract remuneration from their own companies.

For some years now Director of UK based limited companies that are self owned have been able to take their remuneration in a very tax efficient manner, whilst at the same time still qualifying for the long term pension benefits acquired through National Insurance contributions.

As long as the salary paid to the Director is above the lower earnings limit (2012-2013 £5,546) then the Director will be shown to have made a contribution for National Insurance purposes for that year. If the Director takes a salary up to or less than the secondary threshold for National Insurance purposes (2012-2013 £7,488) then no actual National Insurance or Income Tax will be payable.

The optimum salary recommended by accountants for Directors who own the shares in their own company is £624 per month. This salary should be paid through a payroll system and the Limited Company properly registered as an employer with HMRC, the salary is disclosed when the yearend p35 submission is made by the company to HMRC.

This may all sound a little bit confusing; however it is sound advice if you are a contractor, freelancer or family Director who operates through a limited Company.

Even with the best financial planning a salary of £624 per month is not going to go very far, that is why your monthly payroll will be topped up by dividends paid by your company out of the profits that it makes.

A dividend is a payment per share that the company will make to all of its shareholders one or more times a year to distribute the profits after tax that the company has made through its trading. As dividends can only be paid when there are profits to pay them it is normally the case that a company will pay interim dividends throughout the year and a final dividend at the end of the year once the accountants have calculated the profits and tax payable. This means that the company can be confident that it is not overpaying dividends to its shareholders that are not covered by profits; this of course would be illegal.

However in the case of small companies this profit is much easier to estimate, it is usual for a regular dividend to be taken each month in addition to the Director Salary and this dividend to be topped up at the yearend once the final figures are drawn up.

This method of salary and dividends slows the owner Director of the limited Company to extract their remuneration in the most tax efficient way, it also requires the companies payroll services provider and their accountants need to work together to ensure the best outcome for the Client.

Philip Gurnhill is well known in the UK payroll services Industry, in addition to being a qualified accountant he has managed and written about payroll for over 20 years. He has now launched Indigo Payroll Services a payroll company dedicated to making life simple. To find out how little this service would cost your business, just enter the number of staff you employ on the instant quote tool at http://www.indigo-payrollservices.co.uk/ the results will be sent direct to your inbox.

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When a company first starts out, there are many pressures from varying sources, all with equal weighting of importance.

To many start-up businesses, the world of pay and tax is probably the biggest obstacle from turning a business dream in to a reality.

This is why most companies now choose to outsource payroll work along with other areas of their accounting. There are many benefits to outsourcing payroll to an external company. Some of the key elements are:

No in House Position

Having your own in house bookkeeper can prove costly; the average bookkeeper can cost a company from £35,000 per annum upwards. Obviously this is a cost that many midsized businesses cannot always necessarily afford straight away.

If a company outsources its payroll, it can look to make substantial savings compared to having an in house service. As well as the cost of outsourcing being lower in many cases, there are no hidden costs often found through employing and providing benefits for a member of staff.

Companies often face problems when an in house employee has to go sick or is unable to complete their work for whatever reason. External payroll companies will have support mechanisms in place to be able to process your pay whatever happens.

Staff Benefits

The secret to a happy work place is happy staff. Issues with payment are often the lead cause of upset between staff and their employers. Outsourcing your payroll means companies can offer services such as direct deposit to bank accounts and tax consulting. These services are normally exclusive to larger companies but they are services employees will really appreciate.

Expert knowledge

As any sized business can profess the hardest element of running any company is being aware of the many regulations that affect them. This issue is no different when it comes to the world of taxation and pay.

Slight mistakes regarding the filing of a tax return could cost a company a great deal of money in fines. It is common with outsourced payroll that built into a company's contract there are guarantees against these fines affecting the client.

Also due to the size of these outfits, a company can be assured that the outsourcers are up to date with any developments in the field of accounting and taxation.

Effective reports

If a company chose's to outsource its payroll, certain payroll companies will offer the option of reports. If your company is suffering from high costs on overtime or for a particular client these reports can help to highlight problem areas enabling swift action.

If your company is based in the South of England and you're interested in finding out about Accountants in Hampshire or the surrounding areas you should contact Langdowns. Langdowns is the South's leading accountancy firm offering Accountancy Outsourcing Basingstoke and surrounding towns and counties.

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There is a growing trend with small and medium sized businesses today. More and more of them are outsourcing paying their employees (and everything that goes along with that) to a payroll processing company. There are several reasons why this is an attractive option, not the least of which is that payroll companies are experts in this field that are able to do this task much more efficiently and usually can save a company money over the cost of employing people in-house to do this work.

When it comes to choosing a payroll processing company, one thing to keep in mind is that they are not all created equal. Some are more expensive than others, and some offer more extensive services. The ideal company is one that strikes the right balance of affordability and service offerings to fit the needs of your business. With that in mind, here are 3 things to look for in choosing the right payroll services company:

1. Personalized Customer Service

Payroll companies come in all shapes and sizes. Some are large publicly traded companies, others are small and privately held. Some have large call centers where you speak with the first representative you are directed to, others assign a personal representative to each client or even offer them the chance to speak to the owner of the company. In a perfect world, with all other factors being equal, you want to work with a payroll processing company that offers personal service-one phone number to call, one person to talk to. So whenever you call, you always talk to the person who is most familiar with your account and most able to address your concerns.

2. Customized Service Offerings

As mentioned above, in a perfect world, you want a company that is privately held (not answering to Wall Street) and offers personal service to each client. Unfortunately, this is not a perfect world. Many times, the trade-off for personalized service is a smaller firm that lacks the ability to meet the needs of a company your size. However, there are a few payroll companies out there that are both personal in their service and flexible in their offerings. The best is to find a payroll processor with top of the line technology and the ability to custom-tailor their offerings to meet the needs of any size business. This in turn allows you to pay for only the services you need, usually saving you money over a typical 'one size fits all' program.

3. Concern for your Security

This is a big one that is often overlooked when searching for the right payroll services provider; security. Many companies process your paychecks, but they are drawn from your bank account-exposing you to check fraud. It is much better to work with a payroll company that uses their bank account and not yours. This puts all the risk on them and gives you the peace of mind of knowing that no disgruntled employee will be able to pull off a check fraud scam on your account.

PayDay - payroll services Medford NJ provides complete payroll from checks to W2's. With our Medford NJ check services we give you the piece of mind that everything is taken care of

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Most businesses use some type of accounting software to manage their financial information. Then of course there is also the need to pay employees, which can be handled nicely by payroll software. Many accounting software systems can operate separately from payroll software. However, it may be to your benefit to keep the two systems integrated as one system. Here is why.

Posting to the General Ledger
If your payroll software is integrated with your accounting software, the payroll information is automatically posted to your general ledger. When you have two separate programs, of course, this posting needs to be done manually. Having the systems integrated not only saves a manual import step, but also may bring in more detail for you.

Reporting
What good is your payroll software and accounting software if not for the ability to pull out the information you need with reports? When your systems are separate, you need to create reports in both systems. This takes more time and work. Save yourself the time in creating and running those reports by integrating the two systems.

Support
No two systems are the same, and there is a learning curve associated with each and every accounting software and payroll software system. Even after you are familiar with your software, you will likely have questions or need help in setting things up along the way. It is much easier to learn about, get support for, and maintain one system, rather than two different systems. By having your payroll and accounting integrated, you can become more of an expert in that system, and also cut down on the number of phone calls and questions you may have.

Pricing
Since software vendors would like you to stay with their program, some will offer you a discount for using their accounting software as well as their payroll software. The discount can be significant, so that should be another consideration in your decision process. Ask your vendor if they will offer you a discount on the software and ongoing support, if you purchase them together.

Accuracy
Managing two systems and trying to get them to work together can lead to a larger margin for error, with the manual entry of information. Having the systems connected and working together can not only save you time, but can also reduce the chance of mistakes.

In conclusion, integrating your accounting software and payroll software may be an excellent way to save your business money, get the information you need, and cut down on program maintenance. You may not be able to integrate systems because of certain features you need, but at least check into the possibility of using one vendor. It might make a big difference for your business! Many companies who develop the accounting software and payroll software separately can make them work well together. However, if you can make them work together, you may be able to save yourself time and additional work!

Jimmy Fargo is the author of this article about payroll software and accounting software.

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Problems with outsourcing your payroll

Lets start with the big problem first. By handing over your payroll information and control to an outsourced provider, you hand over critical information that can destroy your business.

Imagine if you will what would happen to your organisation or business with a contractor doing your payroll this week. Answer these questions below and see how many you would confidently answer yes to.

You know all the legal payment rates, allowances and awards for all your employees.You understand your superannuation obligationsYou easily understand how to calculate or check your pay as you go tax payments for each employeeYou would detect if payments went to a fake or non-existant employee

This is where the biggest disadvantage of outsourcing comes to a head. You still need to know what is needed to be entered in the payroll system, you need to know how many employees are to be paid and how much, and whether the payroll contractor is actually making your tax payments as required.

Having payroll done by contractors doesn't remove your obligation and responsibility to ensure it is correct.

Your employees will still blame you

When payday comes and goes, your employees will not care about who does the payroll. When employees are not paid they will come to you for a solution. This means you will have to chase the service provider and hope they can explain the situation and fix it quickly so that your business can get back to work.

It is not a rare event, but payroll contractors have been known to make payments to themselves or clean out your bank completely without you knowing for days.

The management of payroll can be worse than doing it

Before you outsource your payroll I want you to think about a few facts first. You will need to have all the payroll information ready to hand over to the contractor anyway.

Then you will need to explain any organisational documents, timesheets or employment contracts before they get started. On top of this you will need to spend extra time checking their work to ensure that it is being done correctly.

I would suggest that you give them a sample set of timesheets and get them to demonstrate that they are capable of managing the payroll before letting them loose in your systems.

This will also require that you update your insurances to cover any problems that might arise from using payroll services and stoppage of employees wages.

Remember that they will have all your employees personal records and taxation information that needs to be protected under the Privacy Act, and they have not given permission for you to hand it over to a contracted payroll provider.

It becomes easier to hire your own payroll employee and keep control over the work.

Information supplied by Paul Baker

Over twenty years of business development & change management strategies successfully used in National organisations across Australia. The focus is on continuous improvement of business systems to stimulate growth through our principles of Initiate, Inspire, Innovate.

Customer-centric focus using our extensive experience in consumer behaviour and business process operations to find ways to help business owners manage their organisations.

Avatar Business Intelligence

avatar@startingbusinessadvice.com.au

http://startingbusinessadvice.com.au/

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A payroll is the total of all salaries that a specific company, firm, agency, or any other kind of business entity may need in order to compensate their workers, employees, and consultants. There are several aspects that are included in this part of a business. Taxes, deductions, bonuses, and others may be included in it.

Many companies hire an outside agency to help manage or organize this aspect of the business. Outsourcing helps to keep the people who prepare these documents objective and unbiased. These firms are also very adept and experienced with handling the various facets of the business. They are aware of the nuances that accompany the job. They are also encouraged to stay up-to-date with new or altered laws, rules, or regulations that may affect their field of work. The workers of these agencies are usually accountants who know what they are doing and what is expected from them.

Agencies that help companies manage their payroll usually offer a variety of services that help their clients. Among these services is the preparation of the actual monies that is to be given to the employee. Many preparations between the employer and workers include the arrangements of how the salary is to be given. Firms that manage this aspect handle the distribution of the salary and can include things like depositing the amount in the bank account of the employee or issuing checks. Other methods include the distribution of actual cash to the person who is hired by the company.

The preparation of the salaries also includes the aspect of taxes. Income taxes are those that the government encourages the employers to withhold in order to pay for benefits. These benefits are usually managed by government agencies. Taxes may include federal, state, and local taxes that are specific to each locale. In most, if not all, firms, they are the ones who deposit the taxes with the corresponding government agency that has asked for them.

Retirement plans and other private benefits that the company may have agreed to include in the salary of the employees are also part of what payroll firms may help to prepare and manage. Some agreements between the employee and the employer may be specific for each individual according to the skill and experience that he or she has shown. Apart from the social security and the government benefits that are often withheld in a workers' income, loans made through the company might also be deducted through this. The employee is usually kept up-to-date regarding the status of his or her loans, benefits, and salary though a detailed account that is prepared by the management company.

Annual or quarterly reports are also prepared by the payroll firms in order to keep their clients apprised regarding the state and condition of their payroll. They might also coordinate with the human resources department of the company in order to keep abreast with the hiring and termination of the employees. Time keeping for the employees may also be part of the services that an agency might offer their clients.

In need of a New Orleans payroll company? Start your search here: http://www.payrollrx.com/.

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If you are a retailer, then it is greatly possible that you are already aware how important a POS solution is when it comes to improving the performance of your business. POS software is capable of providing retail businesses with effective solutions that promote the smooth flow of business activities such as gift cards, inventory control and customer's incentives all year round.

Major Advantages of the POS Solution or Software

1. You can easily customize it. This is one of the many benefits that you will get from using a POS software for your retail business. You get the chance to personalize the software so that it meets the unique requirements of your business.

2. It offers a wide array of services. A POS solution is capable of providing services that are guaranteed to help your business stay on top. These services include training classes offered for free, a year of technical support, inventory import and menu programming.

3. It is secure. You can find a lot of POS software out there that do not only provide the best form of communication in more than five stations but also protect your business from theft. The good thing about the software is that it guarantees that your daily operations will continue to flow smoothly.

4. It does not require you to spend too much. You will never have a hard time installing the POS software into your existing PC systems and this is a huge help if you do not want to spend a substantial amount for installation. The compatibility of the software to any existing PC unit can definitely save you from spending on a brand new computer system.

Effective Tips in Finding the Most Suitable POS Solution for your Business

Finding the most suitable Point of Sale (POS) software for your retail business should be done carefully. You cannot just choose any software which works in scanning items, calculating totals and printing receipts. You have to become aware of a few tips that will help you in buying a POS solution which can offer benefits that are actually beyond what you have expected. Here are some tips in choosing the perfect POS software for your business:

1. Evaluate the software. Before buying, make sure that you check out if the hardware for the POS system including the computers, printers and scanners are suitable enough for your choice. If possible, buy a package which already comes with the software and the hardware so you will no longer deal with the hassle of finding a more compatible option.

2. Determine your needs. You cannot just purchase any POS system in the market without determining what your business really needs. Bear in mind that different types of business also need different types of system. Find a system which is sure to meet the requirements of your retail business.

3. Find out if the provider of the POS system has a good customer support team. You have to make sure that your provider has a reliable customer support team which is capable of answering all your queries and providing immediate assistance in case your system stops to perform its functions.

4. Choose an easy to use software. Choose a POS system which has easy to use buttons and interface and does not come with complex codes as this will prevent you from committing material mistakes, thereby allowing your business to improve its performance.

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Wouldn't it be great if your business could simply generate revenue, collect it and be done with it? You'd be free to spend it as you wish and not have to worry about how much profit you've earned, how many expenses you've incurred and so on. Of course, it would also be great if money grew on trees, but that's now how the real world works!

To keep your business afloat and keep the tax man off your back, you'll have to record your financial transactions. This is what is commonly referred to as "Bookkeeping."

If you are like most of the general public, you probably have no idea of how to get started on bookkeeping. Should you just add up your revenues and expenses or is it more complicated than that? Let's take a look at a few of the key elements of bookkeeping.

Documentation

It is important to document all of your business transactions. This includes both items that you buy and sell.

Your record keeping system should reflect the scope of your business. If you own a small antique shop, a simple system will suffice. For example, you could use a shoebox to hold your receipts or a basic cash register.

For complex businesses, a more advanced record keeping system should be used. A cash register that is connected to a computer system may be necessary if you have plenty of customers and a wide variety of products.

Establish and Post to Ledgers

A ledger is a summary of revenues, expenses and anything else you wish to keep track of. You may get started with a blank sheet with lines or a computer file with empty rows and columns, such as Microsoft Excel.

At regular intervals, post the amounts of your purchases and sales into the ledger. This information can be obtained from your receipts. It can be done every day, every other day or even weekly. You can do so monthly, as well, but it is best not to go longer than 1 month without posting to a ledger.

If you find that you are having trouble doing this on your own, you can also use accounting software to assist with your bookkeeping needs. The more complex your business is, the greater the benefit will be to having a professional do your bookkeeping, so consider a professional bookkeeper if you run a rapidly growing business.

Create Financial Reports

Alright, you've jotted down a bunch of numbers of a sheet of paper. What did you do this for?

If properly done, bookkeeping will allow you to compare your income and expenses. Doing so will convey a clear message of whether or not you are making a profit, how strong your cash-flow situation is and other critical information to your business.

So, it is important to generate reports based on your ledger. Key report to generate are:

Cash-flow analysisProfit and loss forecastBalance sheet

All of these can be made by using accounting software or by hiring a bookkeeper.

Conclusion

If you anticipate problems with bookkeeping, consider hiring a professional to do the job. Any significant errors could lead to serious cash-flow problems, errors in business decisions and even the tax man knocking at your door. A strong professional will work with your best interest in mind so that you can avoid problems down the line.

Keel A. Evans is formally trained in accounting through Capilano University in North Vancouver, BC. Having served in the Canadian Forces he knows the importance of quality information. If your business needs Bookkeeping backup, you can contact Private Bookkeeping & Payroll through the web page http://www.ptebooks.com/.

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Payroll services aren't a luxury. They're not something you can put on the back burner until you have more time to think about it. And they're not something you can set aside until you have more wiggle room in your budget. These days payroll services an absolute necessity, especially for small business owners.

Payroll Services Save You Time

There's a lot more to payroll than just writing your employees a check every week. You need to know the current payroll tax laws. You need to calculate overtime and sick pay. You need to keep track of deductions for child maintenance orders and student loans. And let's not forget employee turnover. You're constantly adding someone to the roster or letting someone go.

And then you have to worry about tax credits, pensions, taxable employee benefits, retirement funds and a host of other things that are factored into each and every paycheck. If you have only a half-dozen employees you might spend hours trying to calculate their paycheck and keep track of all the record keeping. And that's after you spend the time learning how to do it.

They Save You Money

Miscalculating your employees' paychecks can cause you some serious financial trouble. You might be able to make it up to them, but the government isn't going to be too happy if they're not getting the taxes you owe. And usually, these mistakes aren't discovered until it's too late. Combined with interest and late fees, when you add it all up, it can really put a dent in your budget. And maybe even do irreparable harm.

You can also be held financially responsible by your employees and the courts if you're not deducting for child maintenance and other court ordered expenses. And you can really hurt your employees' financial future if you're not taking care of student loans and other automatic deductions. Any of these errors could be devastating for you and your associates.

They Add Credibility

As a small business owner you understand how difficult it is to find good, reliable help. Your company will look much more professional to potential employees when they see that they'll get an itemized stub every pay period and that you can offer direct deposit for the paychecks.

People who need these special services, like withholding for child maintenance or payment of student loans, will be more willing to come work for you when they see that their pay is going to be handled in a professional manner instead of just having some guy in the back room write them a personal check every week.

As a small business owner you owe it to yourself and your employees to stop putting it off. Take a few minutes and learn how professional payroll services can benefit you and your company.

Payroll services protect you and your small business from making costly mistakes. Save money, save time and protect your assets with a payroll service.

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Expensive infrastructure, cost on setting up a payroll department, payroll software maintenance and training in-house employees has given rise to Software as a Solution (SaaS)-based payroll services. There are few companies that have initiated online payroll services to help businesses concentrate more on their other important core business operations.

When businesses hire payroll services, they need a computer and internet connection to access payroll summary reports of the employees. Whether it is a start-up business, small or mid-sized business, they can access and process payroll every month without employing people as well as setting up a department. With one account, the business owner can have access to previous payroll information and can process current payroll on time and with accuracy.

The employer enters the working details, pay scale and other essential information to get the accurate amount to be paid to the employee in each pay period. The payroll calculations also include necessary deductions in terms of loans, debts, taxes from the salary amount.

The best part of the SaaS-based payroll service is that the details entered for a particular employee is stored for the next payroll procedure. In addition, it eliminates the need to make manual calculations, which are often considered as a main reason of having errors in payroll processing. Once you have entered the details onto the system, you only need to preview and approve it so that it goes directly to the employees' account via direct deposit.

Apart from payroll services, they also pay and file payroll taxes as per the federal, state and local laws. With this, the company can be sure that they have made the payment accurately and timely to stay away from all types of penalties and charges. Moreover, even if the company receives any type of notice by the IRS department, it becomes the duty of the outsourced company to handle all issues. So, the company can be sure that they will not have to make payments against penalties imposed by the IRS department.

As you are ready to take online payroll service for your small business, you must make a right selection to get maximum features within a reasonable price. You can refer their reviews published online to see their capabilities of meeting their client's expectations. Moreover, a direct interaction with sales representatives will also help you to solve your queries related to their solutions and services. You can ask for a free quote as the first step in making a selection for your company and can proceed further afterwards.

To learn more about Payroll, visit Payroll Services.

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