Payroll Complications to Avoid
As payroll continues to get more complex, payroll teams are stretched to the limit with new regulations, deadlines, and statutory requirements. With more resources being used to manage payroll, several complications can arise that can cause compliance errors or payroll mistakes. Here are some common payroll complications to avoid.
If you have multiple teams managing payroll and HR admin, there is potential for duplicate work being done to manage the same employee data. Redundant processes often lead to mistakes, and if you have manual entry or paperwork to manage employee payroll or HR there is more room for error. Using an employee self-service portal allows employees to update their own personal data and banking information. It reduces admin time for payroll and HR teams and is a great way to eliminate data errors and duplicate processes.
Another common problem with payroll is software that can’t keep up with new requirements. In the last year there have been so many new payroll updates based on changing furlough schemes, if your software is not automatically updating you could have major errors in your payroll and tax filings. Over 70% of companies in the UK have discovered errors in payroll due to the HMRC furlough changes, and that puts you at risk for fines or penalties. Make sure your payroll software is keeping up with changes in real-time to ensure you stay in compliance.
Lack of Service
What happens when you have a payroll or compliance question your team can’t answer? If you don’t have a trusted service team to help when questions come up, your payroll is at risk of non-compliance. Your payroll software should also provide a service team to help when you need it to answer compliance questions and payroll-related queries so your team can ensure accurate payroll each month.
If your team is facing payroll complications, it’s time to look for a new payroll solution. Payescape has cloud-based payroll software, customised reporting, and a CIPP-certified staff to help when questions arise. Don’t let payroll compliance get in the way of your business – talk to us today about simplifying payroll, HR admin, and compliance for your team.