Small businesses spend almost £300 and two and a half hours each time they run payroll, new research finds.
The study, conducted by TLF Research in February, found that, collectively, UK small businesses spend up to £1.7bn each time they run payroll for their employees, part-time and casual staff.
Of the respondents, 10 percent said they spend between £500 and £1,000 each time they run payroll, while eight percent pay more than £1,000.
The most common way that businesses run payroll is via dedicated software, at 41 percent, with 31 percent having their accountant take care of it.
The study found that as well as the high cost of administering payroll, it is also a very time-consuming task, due to the complexity. Business leaders said they spend an average of 30 hours a year on admin each time they run payroll.