Introduction of Payroll Software

Payroll software allows companies to manage their employee’s salaries with simplicity by programming the payroll task. The software automatically computes all the applicable deductions, structures the payslips, and generates a form that assists in tax filings with the HM Revenue and Customs (HMRC) in real time. In case an organisation decides to keep the payroll process in-house, they must deploy a suitable payroll software. An efficient payroll software like Nomisma Solutions makes sure that the tax returns and National Insurance (NI) information is submitted in a timely manner to the United Kingdom government. However, in case an organisation does not wish to deploy a payroll software in-house an alternate option is to contract out the payroll services. Numerous organisations in the United Kingdom carry out payroll processes for businesses and charge a monthly or yearly fee – depending on the data to be processed. The decision to contract out payroll services will depend on the precise needs of the business, familiarity with the payroll process and availability of resources The cost of a payroll software varies based on the size and demand of an organisation. Usually, a payroll software supplier will characteristically take a one-time amount while purchasing the software initially – there might be certain annual service charges as well. These charges typically comprise of customer support and software updates. But prominently, organisations must cross-check if updates for changes in pay-as-you-earn (PAYE) and National Insurance (NI) regulations are also enclosed. Apart from paid payroll software, free software also exist, however, the functionality might differ. There is a list available on website for all the free payroll software. It is imperative to evaluate all the features of a free software with those available in a paid one to make a proper comparison The most imperative thing is to ensure the software is fully amenable with present PAYE and RTI (real time information) regulations. If not, the business might face heavy fines or might even get trapped in fraud investigation with HMRC. Few features include: [su_table]
Essential Monthly price
Auto enrolment for pension schemes Accessibility from smartphone and tablet
Calculation of additional payments e.g. holiday/maternity pay, statutory pay Cloud backup
Different payment schedules Employee calendar
HMRC payments and RTI filing Multiple currencies
Tax and NI deductions Payments via BACS

Why Choose Nomisma Payroll Software

Founded in the year 2013, Nomisma – the complete payroll software, is a modern day cloud-based application. Its key features are as follows:
Automatically processing Payroll: Nomisma makes fixed payments easier as the application is capable for running a payroll process for companies automatically
Auto Enrolment: Nomisma is an ideal payroll software for small business and helps to stay compliant with effortlessly circumnavigated auto-enrolment process with a simplified opt-in and opt-out provision
Automatically computes obligatory or voluntary expenses: Nomisma software is capable of computing Statutory Sick Pay (SSP)/ Statutory Maternity Pay (SMP)/ Statutory Paternity Pay (SPP) and paying student loan, among others
Amalgamation with bookkeeping module: Nomisma Solution is automatically integrated with the bookkeeping module eradicating the requirement to move data manually
Dashboard: Payroll module gives the user a glimpse of payroll records, Real Time Information (RTI) submissions and payslips all in one place at a glance
Provision to e-mail or print payslips/P45 (Pay-As-You-Earn)/P60 (End of Year Certificate)
Comprehensive reporting: Users have the option to generate numerous reports depending on their needs and covering all the information pertaining to payroll
Working Papers: Users can upload and keep track of all client information connected to each individual account

Payroll Software for Small & Large Businesses : Nomisma Vs Xero:

Application of business type Company Nomisma Xero
Small Business Solution ? ? Package £22.50 per month (inc. VAT) £10 per month
Number of employees Unlimited For not more than 5 free employees
Additional Information NA Additional charges might apply after the initial 6 months
Large Business Solution ? ? Package NA £27 per month
Number of employees Up to 200 employees
Additional Information Additional fees might be applicable