HIRED YOUR FIRST EMPLOYEE? - HOW SO SET UP PAYROLL



December 11th, 2024.



Smallbusiness.co.uk has teamed up with Sage to explain the basics of payroll. Learn what payroll is, how to register and more...


This step-by-step guide to setting up payroll is right for you if you are a sole trader who is hiring for the first time but you’re yet to hire an HR manager. Explore what payroll actually is as well as how to manage it.

What is payroll?
Get ready – this will likely be one of, if not the biggest, expense you have in your business. Payroll is the process of compensating your staff for their work. This isn’t just salary or wages, it could be benefits and holiday pay too.

It has multiple meanings. Payroll could be the department in charge of employee remuneration, or it could refer to a list of the company’s employees or the records of compensation. It also contributes to calculations of the total money going out of the business at any given time, letting the company know how much money it has left over.

It’s beyond crucial to get your payroll right. Mismanagement can lead to financial, reputational and legal issues.


For the full story at smallbusiness.co.uk CLICK HERE. 
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