Payroll compliance is an important component of every organisation, but can quickly get out of control when new regulations are introduced or changes are made. At the end of the year, it’s a good idea to evaluate your payroll process to identify potential challenges that can cause problems down the line. 30% of small businesses are fined each year due to payroll errors and failure to maintain payroll compliance each year. So what are common payroll challenges to avoid?
Incorrect payroll and auto-enrolment errors are common when teams are under pressure to hit deadlines. Whether it is lack of resources or aging technology, payroll errors and the resulting fines can cost your company and cause employees to be unhappy and leave their jobs due to pay-related issues. Making sure you have the most up-to-date technology and reporting is one of the best ways to avoid errors in your payroll process.
Payslips can be challenging if your team is still using paper. More than 80% of companies use automated payslips to save money instead of using paper. This gives your employees instant access online and reduces the risk of loss or data theft. Online payslips help you manage remote teams easier as well, so there is no need to mail payslips each month.
GDPR compliance and HMRC regulations are another huge factor for payroll teams to consider. Staying informed on the latest filing deadlines and requirements, existing and updated data security regulations, and payroll-related changes are important to keep your process in compliance and maintain a strong data protection framework for the company.
Payescape has an easy-to-use payroll platform to manage employee data, payroll, custom custom monthly reports, and integrates with HR and time and absence management tools. With a self-service portal employees can manage their personal details to avoid additional paperwork for your payroll team. We make payroll easy with automated payroll updates, direct filing to HMRC and a CIPP-certified staff to help when questions come up. To learn more about simplifying your payroll process, click here
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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.