Tips for Payroll Compliance
Every company is concerned with payroll compliance, but when teams are busy managing day to day operations, it can be challenging to stop and think about making improvements to the compliance process. Evaluating your payroll process can be a key factor to identifying issues that can cause problems or penalties down the line. Failure to maintain payroll compliance is one reason up to 30% of small businesses are fined for payroll errors each year. Here are some tips to avoid being part of that statistic.
Creating online or digital payslips for your employees saves resources and money by providing a secure method for employees to retrieve payment details. Over 80% of companies using automated or online payslips save money versus using paper versions. 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 each month. Historical data is also easily accessible for HMRC or personal banking purposes without having to pull reports, look for paper copies, or store in file cabinets.
As GDPR regulations evolve, companies need to adapt to new changes. Staying ahead of the latest requirements and ensuring compliance with existing regulations is key to maintaining a strong data protection framework for the company. Other countries are also enacting legislation related to privacy and data protection including the US, Japan, and Australia. If you have customers in other countries outside the EU it is important to maintain compliance with the regulations of each country.
Late submissions to HMRC, incorrect payments to employees, and auto-enrolment errors are common mistakes payroll teams can make when they are under deadline pressures. Due to lack of resources or aging technology, payroll errors and resulting fines can cost the company thousands, and can also cause employees to leave due to pay-related issues. Ensuring your payroll technology is working for you and not against you is a large factor in simplifying the payroll process.
Payescape has created an easy-to-use payroll platform to enter employee details, create custom monthly reports, and gives employees access to a self-service portal to manage personal details. We make payroll easy for both the payroll team and the employees to manage with direct filing to HMRC and a CIPP-certified staff to help when questions come up. To learn more about simplifying your payroll process, click here