Using Technology to Simplify Payroll
Managing payroll can be a complex undertaking, with different employee types, pension schemes, and tax considerations. In-house payroll teams often use manual spreadsheets and email to administer payroll, and this can lead to errors and potential compliance issues. As payroll technology advances, so must payroll teams in order to keep up with HMRC filing requirements and compliance changes each year.
Technology in the payroll industry has advanced to give payroll teams access to real-time information, automate filing taxes to HMRC, and managing compliance for an organisation. Using payroll technology reduces the risk of fraud, because you can quickly see any discrepancies as the payroll is processed, and automated reporting gives you instant access to payroll data that would typically take over a month to produce manually. HR and finance teams that are spending time managing payroll can now spend time working on strategic company initiatives as well.
With new GDPR regulations, it is no longer compliant to email payroll data or payslips to employees, so using a payroll system with employee self-service features provides a way to safely and securely deliver payslips and change payroll data. Accountants are also using payroll technology to manage payroll for their clients, as it provides more accurate payroll and does not require any email communication back and forth with the clients.
If you are currently managing payroll with manual spreadsheets and email, your company could be at risk for fines and penalties under the new GDPR regulations. Using manual processes also puts the company at risk for payroll fraud. Look for a technology that is web-based, offers employee self-service functionality, and can integrate with HR administration as well. The time and resources you will save, in addition to improving your compliance, more than pays for the technology itself. For more information on integrated solutions for payroll and HR administration, click here