What Is Payroll? Get The Full Details (2020)

What Is Payroll? Get The Full Details (2020)

Payroll is the blanket term used to describe how much money employees are due and the process of paying them. We know that administrative duties can be a tedious and time-consuming task, but it’s actually very important. Processing payroll requires you to understand current regulations and detailed tax knowledge. Our highly organized systems ensure that every single employee is paid the right amount of money, on time. Our years of experience have shown that outsourcing your payroll duties is the best option in order to enjoy accurate accounting.

Processing payroll includes a lot of record keeping on your staff, logged onto something called the payroll register. A catalogue of information is kept on each individual, showing amounts paid for each pay period, totals for the year, any deductions, their tax code, and authorizations for any changes in pay. This is then fed into the overall financial statements for your business. If you’re thinking that this all sounds a little complicated, you’re right. Hence why we have specialists to take care of it for you.

 

Using payroll for budgeting

A majority of companies HR departments produce budgets by drawing up data from the previous year. This is to see how close actual results come to the forecasts that are made. However, this isn’t always 100% accurate as there are many variables to consider that can change over the course of a year. Employees pay may rise, additional staff may be taken on and sometimes other payroll data isn’t taken into account. By collecting and using data in real time, we are able to monitor and justify any budgetary increases. The data we collect is able to give a better all rounded view of how the company works and can ameliorate decision making. Consequently, preventing going over your budget and instead, bring in actual results in line with our predictions. This not only saves you money, but also time, which can be appropriately channelled into other business activities.

 

Why use Nordens for your payroll?

Not only do we have a highly skilled team of expert accountants and tax advisers, but we also have an amazing payroll software system that you can rely on. In fact, we even have a 100% success rate! Our clients recommend our services because of the constant updates they get from us about payroll information. Regardless of the size of your company, we are equipped to handle the full payroll process for you in real time (RTI – Real Time Information). On your behalf we can:

  • Gather and collate employee information using necessary forms
  • Manage employees’ pension contributions and provide access to legal and general workplace pensions provisions
  • Depending on your choice of processing method, information can be organized so that you can track the specific hours for which employees work daily
  • Estimate gross wages for each employee at the end of each day’s work
  • Calculate payroll taxes so that you don’t have to do all the maths

 

We know that this may be a relatively new concept to you. Click HERE to visit our page with answers to all of the frequently asked questions regarding national insurance (NI) and our payroll services. If you have any further questions or are interested in booking a free consultation, please give us a call on 02085300720. Alternatively, email us at enquiries@nordens.co.uk

 

 

 
Beyond Accountancy

At Nordens, we're more than just accountants - we're business experts who can help you achieve your biggest goals.

Nordens Strategic

Our specialist strategic division at Nordens boasts some of the leading entrepreneurial business minds in the country. We cater towards delivering consistent success stories, whilst helping businesses achieve above and beyond their initial goals.

Through highly-tailored guidance, coaching and advice, Nordens Strategic are able to define exactly how your business can reach new levels of success.

Regardless of how you define ‘success’ for your business, our strategic service is guaranteed to bring about real and lasting change. By partnering with some of the UK’s top business coaches, we’ll steer you along the path to a greater future.

Accounting 2 You

Every business, no matter how big or small, needs to make the right decisions, and how to best manage your accounts can put huge question marks over your business. Accounting2You is here to take that pressure off and provide you with all the answers you need.

Our bookkeeping branch offers a fully inclusive, comprehensive service that you can trust. Since 2005, our specialist bookkeepers have been successfully managing the accounting of both individuals and small businesses.

With experts in payroll analysis, credit control and financial recording, Accounting2You will lead your business efficiently, and with real purpose, towards a prosperous future.

Voted as EXCELLENT - 9.9 out of 10 based on 174 reviews

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Chris Dyer

Director - Metro Bank

Nordens are always very easy to deal with and extremely professional and efficient. I would have no hesitation in recommending them to my clients for their accountancy needs, no matter how complex they may be.

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Jamie Brown

Co-Founder - Chicmi Limited

Very good to work with - the team go above and beyond to make the accounts easy and efficient. They're all super friendly and a joy to work with.

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Simon Rose

Director - Rose Opticians

I have been using Nordens Chartered Accountants for 5 years and very happy with the service provided. All members of the team are very knowledgeable and have a wealth of experience which has proved very beneficial to my organisation

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Rebecca Bossick

Founder & Director - Physio LDN

Very easy to contact and put me in touch with the right person whenever I need to ask any questions. Extremely knowledgeable and can help me manage my various businesses whenever I need.

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James Aconley

Principal - Pauline Quirke Academy

Great accountants, always available to offer advice. The team have transformed my business.

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Christopher Wilce

Founder - Dataphone

Having worked with Nordens over the last 5 years, not only to look after my annual accounts but they have also provided outstanding professional advice. They have guided me through a Company share buyback with clear and objective advice. We have also been using Nordens strategic services for a couple of years, which has helped bring about significant improvements that exceeded my expectations. With experience of working with several local accountants over my 29 years in business, I’m very pleased with the service I have received from Nordens.

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Dave Hodges

Director - Linekers

Trusted our business with Nordens for over 10 years now and watched the company grow into the successful innovative business it has become today. Deservedly so. Every aspect of financial advice we need is always given promptly and with a smile. We have total confidence in all aspects of advice Nordens give. If you are looking for accountants, its a no brainer!

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Tony Charles

Founder - Foundation Sports Limited

A fantastic, modern, vibrant firm that care about the clients and their staff in abundance. It is rare to find an Accountancy firm with such vibrance and focus and relationships. It is no wonder they win award after award in their field.

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Peter Horlock

Managing Director - Prime Time Boilers

I have been with Nordens for many years now and they are a great accountants.

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Simon Cushing

Founder - Vivid Finishes

We have used Nordens for the last 5 years and have had a great service throughout. The guys are very passionate about what they do and have played a part in the growth of our company, highly recommended.

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Andrew Martin

Managing Director - AMD Interior Architecture

Great Service at Nordens from a friendly very approachable team Particularly Kirsty Willis and Joe Sword who have been helping us since we started the business in 2016.

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James Robinson

Director - Forma London

Nordens provide a first class service. We moved to Nordens last year and have been impressed with the level of service provided. Keep up the good work!

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Accounting 2 You

In November 2002, having sold our other business interests off earlier in the year, I decided to set up Nordens Chartered Accountants. The easy part was knowing how to do it, as I had established and built a smaller practice a few years earlier. The difficult part, for me, was not following the traditional accountancy path. Having run businesses, both successfully and unsuccessfully, I wanted to help business owners resolve their short term problems and work with them to achieve their longer term goals. Business has always been my interest and I love that I can help business owners achieve what seems like the impossible every single working day.

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Mark Norden
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We're Professionally Certified

Our limited company accountants have a range of qualifications from The Institute Of Chartered Accountants (ICAEW) to the Association of Chartered Certified Accountants (ACCA). We worry about the bye-laws, regulations and ethical guidelines of the ACCA so you don’t have to! That makes us an ACCA-accredited employer as well as a Professional Passport-accredited one!