Payroll teams have to handle new payroll regulations, compliance requirements, and filing deadlines each year. Making payroll easier for your team and ensuring employees are paid on time can be challenging. So how can you make payroll more efficient and effective in the new year?
Here are the top 3 ways to simplify payroll for your organisation:
1. Cloud-based payroll
Using a cloud-based payroll system offers many benefits to the organisation including one system of record for all employee information, reduced manual processes as payroll calculations are handled within the system, integration capabilities with HR or time management tools, automated updates to any new payroll regulations, direct filing with HMRC, and self-service portal so employees can manage their own personal details. Using one platform also provides data security, as you avoid using spreadsheets or email to manage sensitive employee data.
2. Reporting and Tracking
Payroll reporting is a necessary component of the payroll process but is often manual. Automated reporting functionality within your payroll system allows you to view payroll in real-time, identify errors before payroll is processed, and prevents filing mistakes or miscalculations prior to paying employees. Creating custom reports once payroll is completed each month gives your team the opportunity to spot trends, identify improvements, and simplify year-end reporting.
3. Compliance Improvements
Payroll regulations have changed many times over the last year due to new job retention and furlough schemes, which puts a strain on your payroll compliance. Using a payroll software with a CIPP-certified compliance team can help ensure you’re on the right track and your payroll is in compliance with the latest regulations. Auditing your payroll process is a great first step to making sure your payroll is in compliance.
To learn more about simplifying payroll and compliance, talk to our team. Our cloud-based platform, custom reporting tools and compliance experts can get your payroll process running smoothly and in compliance for the new year. Reduce payroll admin time so you can focus on growing your business: Click here to learn more
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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.