Compliance
employees and reduced working hours for financial institutions. During these shorter and more intense working weeks, many employers speak of the scramble to complete payroll processes within the inflexible three-day Bacs payment cycle imposed by current payroll processes. This kind of timeline leaves no room for error. Where tech can help A recent study by FloQast found that 99% of surveyed accountants admitted to suffering from some level of workplace burnout. With the importance of getting payroll right, the last thing companies need is the employees handling it to be dealing with chronic workplace stress. Furthermore, respondents of a survey conducted by Deloitte indicated they had more than 40% of their effort tied to manual data loads, emerging as the most time-consuming aspect of processing each payroll. According to SDWorx, 41% of UK companies cite speed and efficiency as their biggest payroll pain points. Integration, or simply the process of automatically moving data from one system to another, is happening everywhere. We believe it holds the key to simplifying payroll, reducing errors and saving valuable time. According to EY, within the finance function, accounting is the leading candidate for automation opportunities. It suggests that developing an automation ecosystem through strategic partnerships is essential for future success. Automating payments is an integral part of this
ecosystem, reducing manual workload and enhancing accuracy. What’s more, by integrating your chosen payroll software and streamlining payments, business owners and accountancy teams can focus on their myriad of other priorities and strategic activities. “Payroll is a vital part of the business landscape and is integral to the job satisfaction, financial wellbeing and company loyalty of employees” A Faster Payments future In a rapidly evolving tech landscape, innovation is constantly expected. One such demand is the increased speed in payments. Accountancy teams and businesses can take advantage of the payment infrastructure provided by new entrants, transforming how they pay their employees through direct access to payment rails like Faster Payments. Payment rails are the systems that facilitate the transfer of money between a payer and recipient. The key advantages of
Faster Payments over traditional three-day Bacs payments include speed, flexibility and efficiency. Transactions are processed almost instantly, in as little as 90 seconds, ensuring employees receive their salaries without delay, even on short notice or during holidays. This flexibility is crucial when handling unexpected payroll issues or corrections. Additionally, it reduces the need for manual interventions and follow- ups associated with delayed payments. Simplifying payments and saving time Payroll is a vital part of the business landscape and is integral to the job satisfaction, financial wellbeing and company loyalty of employees. It is also central to the wellbeing of the business, managing reputation, and preventing costs associated with errors, recruitment, and compliance. Thirdly, the juggling act demands support for the payroll team, to add efficiency and empower those at the helm to deliver payroll in an accurate and timely manner. The answer is a solution that automates manual processes, integrates with accounting software and leverages Faster Payments for flexibility and speed, ensuring your payments are processed 24/7 without interruptions. But it’s not just about efficiency; it’s about peace of mind. Choosing a payments provider that simplifies the process can alleviate the pressure experienced during payroll deadlines, making the month-end a much smoother process. n
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| Professional in Payroll, Pensions and Reward |
Issue 103 | September 2024
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