Payday is something that most of us look forward to each month. However, for payroll managers, the monthly payroll run and, more specifically, finalising it can be a source of dread.
Time-consuming, difficult and fiddly, finalising payroll is an unenviable task that simply must be performed with 100% accuracy month after month. Failure to make the necessary checks and assurances can result in incorrect and late payments – something that payroll managers look to avoid at all costs.
Making mistakes can have serious consequences. Employees may not receive their pay and could fall behind on payments. Unsurprisingly, this can lead to a loss of morale among workers and could also impact the company’s reputation.
Then there are the potential financial penalties that can be incurred for out of cycle payments for late or inaccurate reporting, and payments to pension providers and HMRC.
Did you know?
Payroll problems can have serious consequences on businesses and their employees. A 2019 study revealed that one in five Britons has quit their job as a result of poor payroll experiences.
For Pauline, Hooli’s payroll and HR manager, the monthly payroll run was always a time-consuming and frustrating process.
Pulling all the data together was a laborious exercise that required an awful lot of patience. Sometimes, when the data was not available, she would have the painstaking task of manually checking each individual payslip for Hooli’s 100+ employees to ensure there were no errors.
Not only was this extremely tedious, but it was also a stressful process that ate into some of Pauline’s more important tasks.
This was until she started using PayFit's payroll software.
How did PayFit help?
PayFit’s payroll software helped Pauline in a number of different ways.
The automated reporting detailed all the variances in employee pay. Equally, the reporting function allowed her to monitor pay compared to the previous month and the overall year to date data.
She was also able to set her own filters and parameters to stay on top of any company-specific data variances – e.g. bonuses or expenses.
The software helped by automatically identifying tax code changes as well as any new starters and leavers each month.
Finally, PayFit's software identities any errors that have been made and lets admins know before finalising payroll.
For Pauline, this last point was particularly useful as it helped ensure that each of her payroll runs was meeting the necessary compliance regulations.
Interested in finding out how PayFit can support your payroll needs? Why not book a demo with one of our payroll specialists?
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