Businesses of every size have to cope with the burden of taxes. However, the tax system is generally designed with the interest of business in mind, enabling losses and expenses to be written off.
There are aspects of the tax system that can put an undue burden on a business regardless of its situation. Determining how best to cope with such aspects can be a difficult challenge for business owners.
One such aspect is that of payroll calculation. Businesses around Ireland are required to calculate deductions from staff wages based on the year’s financial budget. This can add a not insignificant administrative burden to the staff. It is certainly not something that can be taken care of as an afterthought. A poorly managed payroll can have costly consequences for a company and may even lead to stressful and time consuming audits by revenue services.
Larger and medium sized companies can typically absorb the cost into an accounting department or even outsource the process to a payroll bureau without much difficulty. For smaller businesses the decision of how to handle a managed payroll can be more difficult. Different types of software that are available and are affordable even to a small company allow payroll to be managed quite effectively even by untrained staff. Clear and comprehensive software suites do much of the work for the company and beyond a basic familiarisation most of it involves inputting the figures for employee payments. Companies such as Payroll matters can provide on-site one day training to bring staff up to speed enabling companies to get back to business with the reassurance that their payroll needs are taken care of.
A company may decide that even with the availability of comprehensive software and professional on-site training it is still better to have their payroll managed externally. Perhaps the staff that would be appointed to payroll are too valuable in their other roles or perhaps the company expects substantial growth in the near future. Other reasons might involve a high turnover of staff. Certain industries have higher staff turnovers so training one individual to manage payroll may not be desirable. Payroll Matters provides comprehensive Payroll Bureau services.