As year-end approaches, there have been new changes to regulations that will make payroll more complicated. Making sure you stay ahead of changes and keep track of ongoing legislation is key to payroll compliance. Each year your team should review a compliance checklist to make sure you’re ready for what’s ahead.
HMRC is making changes to legislation during the year that impact payroll – in the past it has been furlough, now it’s IR35 changes. Is your payroll software automatically updating with new regulations? If you’re not sure your payroll technology is regularly updated, it’s time to look for a cloud-based payroll solution that can ensure compliance and auto-update with any changes from HMRC.
Reporting and Compliance
Payroll reporting can be a manual, arduous process – especially when it comes to year-end reporting. HMRC reporting can be time-consuming and take your team away from day-to-day operations. If your payroll technology can provide customised reporting, your team doesn’t waste time on manual reporting on a monthly basis, and more importantly at year-end. If you don’t have access to a reporting feature in your payroll software, your organisation should start considering other payroll options.
In most organisations, there are different systems in place for payroll and HR admin. The same employee data is used in both systems, so this causes duplicate processes to manage workforce data. Integration is a huge opportunity to reduce duplicate processes, simplify payroll and HR admin, and ensure data security and compliance. The best-case scenario is that payroll, HR, and time management are integrated so payroll and HR can spend less time on manual data entry and reporting and more time on day-to-day operations.
As payroll and HR regulations evolve each year, your teams need tools and technology that evolve as well. Using technology that provides automated updates and custom reporting will simplify payroll and compliance for your organisation. If your team is facing challenges with payroll, reporting, or compliance, we can help. Our cloud-based payroll, HR, and time management tools make it easier to manage employees and reduce resources spent on payroll. Click here to learn more
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