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 must be performed with 100% accuracy month after month. Failure to do so 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 impact the company's reputation.
Then there are the potential financial penalties that can be incurred for late or inaccurate reporting or for out of cycle 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. It also supported Pauline by alerting her to any errors made before finalising payroll.
For Pauline, this last point was particularly useful as it helped ensure that each of her payroll runs met 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?
Read more about Pauline...
Meet Pauline – Hooli's payroll & HR manager
Meet Pauline, Hooli’s payroll & HR manager. Over the next few months, we will be chronicling her journey and explaining how PayFit has supported her with her payroll problems.
Pauline's Payroll Problems – Payroll Journals
PayFit simplifies payroll and finance processes by allowing admins to download payroll journals and then seamlessly upload them to various accounting software.
Pauline’s Payroll Problems – P11Ds & Payrolling Benefits
Processing benefits is not a task that many look forward to. Unfortunately, Pauline had to find out the hard way. Discover how things have improved since she switched to PayFit.
Pauline’s Payroll Problems – End of Tax Year
In this latest episode of Pauline's Payroll Problems, we look at end of tax year pain points and explain why moving to PayFit has helped Pauline manage this difficult period in the year.