As a payroll provider, we LOOOOVVVEEE payroll! However, we understand that not everyone is as passionate about it as we are. Understanding what your business needs isn't always easy; this is why we've looked to highlight some of the signs that you may be ready to move to payroll software.
If you’ve been using outdated paper systems or time-consuming spreadsheets and mistakes are a regular issue, then the chances are you look forward to payday about as much as a clip around the ear!
So why not consider using reliable software to manage this important function?
In this piece, we will take a look at the sure-fire signs that indicate you need to change your payroll methods, as well as provide information regarding the benefits of using payroll software.
Payroll mistakes have a habit of surfacing when you least expect them, sometimes years after the initial error has been made. Each time it happens, you run the risk of reducing staff morale, lowering productivity, and damaging your reputation. Payroll providers can help you minimise errors and ensure that you meet your obligations as an employer.
If you make an error doing payroll, such as not sending your Full Payment Submission (FPS) on time or failing to send the correct number of Full Payment Submissions, the penalty can be a hefty one. Depending on the number of staff you employ, it can range from anything between £100 to £400 per month.
Payroll software saves you time and allows you to focus on other areas of your business, such as sales and customer service. It also saves money by automating day-to-day administrative tasks, and minimising the likelihood of late filing and payment penalties.
So on a day-to-day basis, how can payroll software contribute to increased efficiency and lowered costs?
Being able to rely on a payroll solution geared to your business means you can focus on customer service, marketing, and growing your brand. If you’ve lost your zest for running the business, or can’t even remember why you started it in the first place, it could be due to the administrative burden that payroll presents.
With such complexities as auto-enrolment, National Living Wage and National Minimum Wage, and the 2019 changes to the student loan repayment thresholds, staying compliant with this complicated and changing legislation can be difficult.
Payroll software systems that update as legislation changes not only help you manage your legal obligations as an employer, but can also significantly improve your image for existing and prospective employees.
With so many payroll solutions on the market it can be difficult to cut through the noise and find the best option. Simplicity, flexibility, and reliability are all key when it comes to finding the right payroll software. But is there a solution that provides all of these in one user-friendly package?
PayFit offers you all this and more. Seamless integration with HR management software allows you to deal with all aspects of being an employer in one easy package. You can automate all forms of staff leave, submit RTIs to HMRC with confidence, and prevent the mistakes that cost your business money.
Want to find out more about PayFit? Book a demo with one of our payroll experts!