Headlines: ● Almost a quarter of respondents identified between 1% and 10% of payments had errors. ● Only 31% of survey respondents recover 91-100% of these overpayments.
BACS deadlines
The payment deadline for BACS means payroll teams must finalise payroll at least two days prior to pay day. Often, payroll teams will sign off final payments even earlier than this deadline to provide additional contingency time within the payment cycle. Only 1 in 3 respondents submitted payment on BACS deadline day, with almost 30% submitting payments three or more days before the deadline day. This results in payments that can’t be altered for a week or more prior to payday. This rigidity can prevent the flow of late data into payroll, such as late leaver information. This generates risks of overpayments, or a need to recall entire payments. This is evidenced by 73% of respondents who confirm employees had been overpaid as a result of late data. With 47% confirming that a chargeable BACS recall had been required to correct the errors in the pay run. Headlines: ● 73% of respondents confirm employees had been overpaid as a result of late data. ● 47% confirm chargeable BACS recall has been required to correct the errors in the pay run.
Correcting payment errors
How do you make payments to employees outside of usual pay days?
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FASTER PAYMENTS SURVEY REPORT 2022
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