If your company is not using a cloud-based software to manage payroll, it’s time for a quick chat. We need to talk about those spreadsheets you’re using each month to calculate payroll.
As payroll has always been a very manual, time-consuming aspect of the business, teams have become accustomed to using spreadsheets to calculate and pay employees. But spreadsheets are not only error prone, they are also a data security risk.
In a recent study, almost 25% of payroll professionals surveyed responded that they do not use payroll technology to manage salary calculations. 10% of respondents also reported using spreadsheets and paper timesheets to calculate employee pay. These responses are concerning, as manual calculations lead to mistakes and compliance issues for the organisation. As more teams work remotely and use email to communicate, sensitive employee data could inadvertently get into the wrong hands.
In the same survey, over 35% of payroll professionals reported spending 12-17 hours each week on payroll. That is almost half of the work week spent on payroll – not to mention more time spent on correcting errors as they are identified. This is not an efficient use of time for payroll teams or the organisations they work for – payroll should not be this difficult.
Some payroll professionals believe that using cloud-based technology is not safe from a data security standpoint – but the opposite is true. Using a cloud-based system is more secure than most internal company systems – especially if they are using spreadsheets and email. Cloud-based software can ease the burden for payroll teams, provide data security for sensitive employee information, and reduce hours spent on compliance or reporting.
It’s time to stop using spreadsheets to manage payroll. There’s a better way – cloud-based technology with automated updates and customised reporting ensures you stay compliant with updates to payroll regulations, direct files with HMRC, and provides integration capabilities with other company systems. Talk to our team today to learn more about simplifying payroll for your organisation.
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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.