Undertaking payroll isn’t easy, and as HMRC continues to introduce new legislations, it’s easy to miss things and make mistakes.
Staying ahead of new regulations and ensuring compliance can be difficult for payroll teams. Especially if the payroll process is manual, and there are several spreadsheets or softwares in use.
Many companies face payroll challenges due to technology gaps and manual processes that could be avoided with the right tools in place. Here are three challenges businesses may face with payroll, and how Payescape can resolve them.
If a business is using payroll software that doesn’t automate changes to payroll regulations as they happen, or teams are managing payroll with manual spreadsheets, it’s time to look at new payroll software.
It may even be worth thinking about whether business goals and targets align with business goals and objectives. To understand this, it is worth undertaking an audit of payroll processes to identify where the technology is lacking, and thinking about business goals will help.
Data security is another benefit of using a cloud-based payroll platform to manage employee data. Automating processes also helps ensure compliance, as inconsistencies can be identified and corrected before payroll is processed.
Another challenge payroll teams encounter when using manual payroll processes is lack of reporting.
If a team is using spreadsheets to create payroll reports, mistakes are made and information is missed out.
Payescape automates payroll reporting, which allows team members to create custom reports within the software, view payroll costs in real-time, and provide monthly and year-end reporting to maintain compliance with HMRC.
Payroll, HR, and Accounting teams often use different software but house the same data. This creates duplicate processes across the organisation.
However, when software is integrated it removes any duplicate processes across teams. This will ensure the accuracy of employee data, reduce the need for multiple data entry points, and help teams across the organisation ensure data security.
Payescape has cloud-based payroll and HR software to manage employees on one platform, ensure compliance, and create customised reporting in real time
Our team is CIPP-certified to help with payroll and HR questions, help you ensure compliance with statutory payroll and HR requirements and identify opportunities for improvement in your process.
Talk to our team about integrated solutions so you can avoid payroll and compliance challenges in your organisation. Request a demo today.
Payescape Limited is authorised by the Financial Conduct Authority under the Payment Services Regulations 2017 (register number 821826) for the provision of payment services.