How to Track New Regulations With Payroll Software

When a company doesn’t keep up with rules and regulations when it comes to HR and payroll, they may be at risk of being fined. But staying up to date with regulations isn’t easy when HMRC is continuously making changes to regulations each year that impact payroll.

However, when organisations outsource their payroll to a reputable payroll provider, they can rest assured that they’ll be compliant. Here are five ways payroll software will keep you in line with regulation!

Payroll and Compliance Reporting

Every company is legally required to send payroll reports to HMRC, but reporting is a time intensive process. Additionally, when reporting is done manually there’s a higher risk of errors being made.

However, payroll software such as Payescape offers custom reporting, which reduces manual processes and spreadsheets needed to create monthly and year-end HMRC reports  accurately and on time.

Personal records are kept in a centralised place

It’s vital that businesses keep employee details up to date and in a secure, centralised place. It is the employer’s responsibility to ensure all employee details are up to date and processed properly, from pay rises to maternity leave and sick pay.

Keeping this information up to date and ensuring it is stored and processed correctly is made much easier through managed payroll software. This eradicates the need to store information on spreadsheets, and ensures complete compliance.

Keeping compliant with workplace pensions

For employees who qualify for pensionable earnings, employers must contribute 3% of their employee salary.

However, it can be difficult for businesses with a lot of employees to stay on top of ensuring employees are enrolled and both parties are contributing the right amount.

But keeping up to date with pensionable earnings becomes much easier when payroll software can integrate with pension providers, and pensionable earnings are automatically calculated.

PayEscape’s Payroll and HR software is designed to be used in conjunction with several pension providers, including Smart Pension, The People’s Pension and more.

Keeping an audit trail

Payroll software makes keeping an audit trail easy.

Audit trails of reports, actions and information on employees helps protect business reputation and prepares HR in the event of a dispute or tribunal. Audit trails also offer great insight into the health of a company, and ensure all accounts are accurate.

Integrating HR and Payroll

Payroll and HR systems use the same employee information but this information is usually stored on separate systems. This creates many duplicate entry points and processes to manage the same employee data.

Stay Compliant with Payescape

Having payroll and HR integrated in one system reduces errors, simplifies payroll and HR for both teams in the organisation, and securely manages employee data. With integrated payroll, HR, and time management tools from Payescape, your team will spend less time on data entry and reduce costly errors.

Keeping track of new regulations and staying ahead of new HMRC changes doesn’t have to be challenging.

If your team has integrated payroll and HR tools and custom reporting, you can simplify payroll for your team and ensure compliance for your organisation.

Talk to our team to learn more about integrated, cloud-based payroll, HR, and time management tools to make it easy to manage employees and reduce resources spent on payroll. Request a demo today.