With National Payroll Week being marked nationwide with a celebration of the power of forward-thinking and efficiency, London-based accountancy firm, Grunberg & Co is getting things started with a bang.

The firm commended payroll teams up and down the country for the support they offer, both in-house and in-practice – as well as recognising the impact a talented payroll team has had on the firm’s own range of accountancy, business advisory, tax and payroll services!

“The right payroll team is more crucial now than ever before,” said Vijit Verma, Payroll Manager at Grunberg & Co, “Wages are rising, and more businesses are targeting retention with taxable benefits, which is serving to make payroll more complex for many.

“Getting it right is the key to all other business operations, including investment and budgeting for growth – as getting it wrong can lead to fines, high tax bills and delayed wage payments.”

The firm further emphasised the importance of taking a proactive approach to payroll, as staying on top of regular outgoings and employee taxes is critical to the long-term allocation of profit in other areas of the business.

Vijit continued: “Payroll is an area of any business where superheroes are made – but they often fly under the radar.

“Not only is it essential to smooth internal operations and efficiency, it is also a business’ first defence against tax penalties or legal issues that come from incorrectly paying staff.

“This is particularly important with the introduction of new employee tax and holiday pay legislation this year, such as the 2024 changes to the way in which holiday pay is calculated for part-year and irregular hours workers.

“However businesses choose to do payroll – bringing it in-house or outsourcing it to the experts – we always recommend prioritising the time and resources to the team to get it right first time.

“That’s what National Payroll Week is for. We’re taking the time to recognise these unsung superheroes and supporting the businesses that still need some help to reach the top rung of the payroll ladder.”