Many people have misconceptions about the way payroll works, who manages it, and what it means for businesses. In this blog, we address four payroll myths to set the record straight.
Myth 1: Payroll is all about the numbers.
Most people think payroll is only about the numbers, and of course, they are very important in this line of work, but payroll is about so much more than that. From ensuring we are compliant with and understand new tax laws, to make sure we adhere to follow government guidelines and communicating with our contractors and agencies our payroll team have a lot more than numbers to keep them busy!
Myth 2: Payroll doesn’t take more than one day per month.
Payroll is a demanding job which requires time management, interpersonal skills, high levels of the organisation, as well as an excellent head for numbers. It also requires a certain amount of adaptability as the landscape with payroll can change, making an understanding of compliance laws and changes in HMRC guidelines imperative.
Myth 3: Payroll only deals with salaries.
As you can probably tell by now, payroll experts aren’t just ‘one-trick ponies’ – they also take care of invoicing, pension schemes, statutory deductions, and much more.
Myth 4: Payroll doesn’t require much training.
Our payroll team are experts in their field and usually have gained a qualification in accounting or something similar. As well as professional qualifications, our team have real-world experience, meaning they are able to tackle a myriad of payroll issues from the simple to the more complex.