Every single company, no matter how big or small, has to do payroll. It is an essential process, and as a business grows, the payroll and HR administration that comes with managing the demands of payroll can often be too much for one employee to handle.
Due to the sheer amount of paperwork and demand when it comes to payroll, there can be a lot of pressure and risk involved (especially if something goes wrong).
If you manage your payroll in-house, or you’re using payroll software and are still experiencing the following five challenges, it’s time to consider outsourcing your payroll to Payescape.
If you’ve noticed your finance and HR departments are spending several hours on payroll, and as a result they’re unable to do any other tasks or meet their targets, then it’s time to look at outsourcing to a managed payroll service.
Think about it, when your employees are spending all of their time on administrative tasks that could be automated, they’re not able to focus on any other tasks or strategic jobs that can help drive business. As a result, business growth may take a hit.
Payescape’s managed payroll software frees up time and resources as it eliminates the need for manual tasks, multiple spreadsheets and the data management that comes with undertaking your payroll in-house. This means your team can focus on what they do best.
From missing administration deadlines to using the wrong tax codes, and even underpaying or overpaying employees, payroll mistakes can be costly, stressful and impact team morale.
There have been instances where companies have submitted the wrong employee details and have been fined, and said employee has left as a result. Clerical errors and missed deadlines can also lead to penalties from HMRC.
If you’ve noticed mistakes crop up time and time again, it might be worth looking at a managed payroll service that will eliminate these mistakes. A reputable payroll provider such as Payescape has been designed by experts - we have finely-tuned our cloud-based software so that records are accurate.
Many companies are still reeling from the impact of COVID-19. From having to make budget cuts, to stripping down the workforce, employees have had to adapt to hybrid roles and undertake tasks they wouldn’t usually have to do.
And as payroll gets more complicated each month due to the ongoing repercussions of the pandemic, accountants and payroll teams are struggling to manage these changes. Staying up to date with new rules and regulations, ensuring you’re remaining compliant, and getting payroll done on time each month is no easy feat.
However, this can be simplified when you use Payescape’s managed payroll service. Our cloud-based software is always up to date and has adapted to stay in line with government changes.
Even before coronavirus changed the workplace, remaining compliant with HMRC has been a real challenge for a lot of companies who manage payroll in house.
And with new regulations and changes to minimum wage, taxes, cost of living and employee contributions, staying up to date can be really overwhelming (and not to mention costly).
If you fail to remain compliant, it can lead to a penalty. In most instances, late payments and first offences are tolerated if they’re resolved within 30 days. However, late submission of FPS documents start from £100 (companies with 10 employees or less) and can go up to £400 for companies with over 250 employees. Businesses that fail to comply for more than three months in the tax year are penalised and fined for a further 5% of the tax owed.
If you think your business is at risk of being fined, or you’re struggling to remain compliant then it is definitely time to consider outsourcing to a managed payroll provider. Payescape is authorised by the Financial Conduct Authority under the Payment Services Regulations 2017. Payescape offers so much more than just payroll software as it is managed by a team of CIPP qualified professionals who are all up to date with the latest regulations.
In order to pay your employees, you need to collect and store employee data in a safe, secure and GDPR compliant manner. It’s important to remember that data privacy for your employees is vital, and any violations or breaches can not only damage employee trust, but harm brand reputation or even lead to fines.
Outsourcing your payroll to a tried and trusted provider (such as Payescape) is one of the easiest ways to ensure your employee data is secure, due to the technology and expertise of the team working with you. We regularly update our software to make sure it is safe, secure and compliant with industry regulations, meaning your sensitive data is always secure.
Payescape managed payroll services can be integrated with your HR systems, giving you complete control and real-time access to your employee data and costs.
This gives you an extra layer of data as you can spot trends, make adjustments, and even improve company morale by using the latest payroll and HR administration technology. If you are struggling with compliance, or just looking for a better way to manage your payroll operations, talk to us today. We can help simplify your operations, manage compliance, and save time and money.
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Payescape Limited is authorised by the Financial Conduct Authority under the Payment Services Regulations 2017 (register number 821826) for the provision of payment services.