Payroll compliance is not always top-of-mind when teams are busy managing day to day operations. Taking time to identify challenges and make improvements seems like a tedious task but evaluating your payroll and compliance processes can discover potential issues and reduce the opportunity for problems or penalties down the line. Up to 30% of small businesses are fined each year for payroll errors and lack of a cohesive compliance process. Here is a quick checklist to keep your payroll process on track:
General Issues or Mistakes
Incorrect payments to employees, submitting information late to HMRC, and problems with auto-enrolment are just a few of the common mistakes payroll teams can make when they are under deadline pressures. Due to outdated technology or lack of resources, payroll errors and the fines that result can cost your organisation thousands and can also cause employee attrition due to unstable pay or payroll errors. Ensuring your payroll technology is helping your team and automating manual processes is a key factor to simplify your payroll process.
Companies using automated or online payslips save money instead of using paper versions. Providing digital payslips for your employees saves resources and budget by providing a secure method for employees to retrieve payment details. Employees can access payslips via email or a self-service portal, reduce risk of loss or data theft, and can quickly verify details on the payslip each month. Digital payslips also help manage remote workers, so you don’t have to mail payslips. Historical data is also easily accessible for HMRC or personal banking purposes without having to pull reports, look for paper copies, or store paperwork in your office.
GDPR continues to be the law, but the UK has independence to keep GDPR under review. As laws change to protect personal data, so staying ahead of the latest requirements and ensuring compliance with existing regulations is key to maintaining strong data protection for your organisation. As other countries enact privacy and data protection legislation, it is important to maintain compliance with regulations in each country if you have customers outside the UK.
Payescape has created easy-to-use payroll technology so you can enter employee details, create custom monthly reports, and gives employees access to a self-service portal to manage personal details. We make payroll, HR, and time management easy with our integrated solutions, and you have direct filing with HMRC and a CIPP-certified staff to help when questions come up. To learn more 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.