For any process to be efficient, it needs to be regularly reviewed and improved. That’s where auditing comes in. A payroll audit is the best way to make sure your finances are in check and your employees are being paid correctly and on time, every time.
A payroll audit, also known as a PAYE audit or payroll compliance audit, is a review of your payroll that examines your business's processes to ensure things are running smoothly. An audit can be carried out internally by your finance team or externally by a specialist payroll service provider like Finesse Resources. An audit can also be carried out by HMRC to check that your business is complying with its guidance on PAYE and National Insurance payments.
As well as checking employee tax codes, a detailed audit will also examine things like expense payments, benefits and schemes e.g. car allowance, minimum and living wage compliance and right-to-work checks. For more information on what a payroll audit is, read our detailed guide.
If you manage your payroll internally, it’s always a good idea to bring in an external company to perform an audit. Our specialist knowledge can help identify any mistakes or areas for improved practice, and it also saves time for you or your finance department, allowing them to focus on the day-to-day running of the business.
If your payroll is managed externally by a payroll services company, it’s likely that you will have scheduled audits built into your plan. Outsourcing payroll is popular with small to medium-sized businesses that don’t have dedicated in-house payroll departments. It’s cost-effective and gives you peace of mind that one of your core business functions is being taken care of by an industry specialist.
Based in the North West of England, Finesse Resources deliver specialist payroll services to businesses of all sizes and sectors based in the Lancashire and Greater Manchester regions, as well as nationwide. We cover everything from single audits and payroll health checks to full-service payroll management.
Fill out the form below or call us on 03303 201 924 to discuss your payroll needs.