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Continuous payroll mistakes can lead to huge consequences for companies, such as fines and loss in profit. Below will explore three huge companies and the consequences they faced, as a result of frequent payroll mistakes. Learn from their mistakes so you don’t have to.
Making payroll errors such as not paying employees on time or not paying the right amount can damage your company's reputation. Not only this, but it can be extremely costly, due to disruptions in budgets and the extra time needing to be spent on fixing issues.
While payroll and HR teams are busy managing company operations, it can be challenging to stop and take time to audit processes and look for improvements. Sometimes the largest functions like payroll and HR admin are using outdated tools that are not as efficient as they could be or using redundant processes that could be wasting resources. A quick audit of your payroll and HR systems can help identify gaps in technology, duplicate functions across teams, and other ways to improve operations.
Every business must legally store HR and payroll records for a certain period of time, otherwise they risk fines from HM Revenue and Customs (HMRC).
It’s important that HR and payroll records are accurate, up to date and feature all the required information. Without full records, HMRC may give a penalty of up to £3,000.
Every payroll team faces challenges with monthly operations – from managing employee data to legislative changes. There are ways to reduce time spent on payroll and improve processes without breaking the budget – or putting more stress on your team. Simple changes can make a huge difference in the long run.
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