There are moments when you’re scaling your business or establishing new priorities, when it’s time to seek out additional support to secure the next step in your core business operations.
Managing payroll completely as an internal aspect of your organisation can be complex and time-consuming, particularly for enterprises that don’t have a dedicated HR or finance team of their own.
Between December 2023 and December 2024, the total number of employees on payroll in the UK increased by 0.2%, from 32.1 million to 32.2 million. British businesses require secure payroll systems to effectively manage payroll for their employees.
In this article, we’re exploring why using payroll software can effectively support your business, reduce administrative time burdens, decrease financial obligations and increase productivity.
If you’re wondering: why use payroll software, this guide answers your questions and helps you find the right payroll software solution for your organisation.
Contents
- Why use payroll software?
- Do I need payroll software?
- Interbacs payroll software delivers for your business.
Why use payroll software?
If payroll is being managed internally and manually via business banking, or through legacy, outdated systems in your business, you may be suffering significant constraints that could impact your ability to meet goals, expand and introduce flexibility or versatility in payroll workflows.
It’s important to note that paying employees on time and calculating salary payments accurately are both business-critical items. This foundation means that you can report precise and transparent financial information to HMRC and maintain clear payroll records to meet compliance requirements.
Some companies use business banking to do payroll. This approach is likely to prove inefficient long term, in terms of reporting capabilities and working with other internal software. With growth, the bank will often suggest using a BACS approved software which has multiple capabilities that banks do not, as typically, they are not easily integrated with other essential software solutions you need for seamless operational efficiency.
Using payroll software helps you to:
- Generate accurate payroll reports and financial statements for official records.
- Maintain compliance with employment laws and regulatory bodies.
- Make cost savings due to improved time and admin management.
- Automate accurate payroll submissions that minimise errors.
- Increase employee satisfaction with regular, precise salary payments, irrespective of pay frequencies.
Do I need payroll software?
If you’re finding that you and your teams are managing the following areas, it could be that the integration of more advanced and efficient payroll software would better support your business.
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Time-heavy administrative tasks
Processing salary payments, ensuring employees get paid on time and keeping accurate financial records can really impact your teams. Particularly if your business is growing and you take on more employees, payroll administration will increase and diversify, year on year.
Payroll software automates your payroll processing, ensuring that people are paid on time and that changes and additions can be made quickly and efficiently to keep payroll on track.
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Errors in payroll
Payroll software is known to eliminate many of the errors that can occur in manual payroll processing and with other types of payroll management.
Employees are more likely to receive an accurate monthly salary payment with payroll software, which also reduces employee dissatisfaction.
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Business expansion
As your business grows, payroll will undoubtedly become more complicated and time-consuming. Ensure your payroll expands with your business by using payroll software.
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Rising payroll costs
Manual payroll processing or working with an accountant to manage payroll can be expensive. Using the right payroll software solution can be cost-effective and simplify your financial commitments for a more streamlined payroll process.
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Restricted financial reporting
Future financial planning and the allocation of funds are both reliant on accurate and detailed financial reporting. Payroll software delivers clear data on employee payments so that you can easily keep track of financial transactions and maintain regulatory compliance.
Interbacs payroll software delivers for your business
Interbacs payroll bureau software is an efficient, dynamic and secure solution that complements your business processes and helps you streamline payroll management.
If your business has a Service User Number (SUN), then we provide you with automated payroll software to simplify your whole payroll process. In the scenario where your business is a Bureau acting on behalf of multiple businesses, we work with you using payroll bureau software to optimise your operations.
Interbacs payroll bureau software allows businesses to submit files to Bacs and manage multiple files from one intuitive and secure platform with bespoke customisation and expert support. Here at Interbacs, we ensure your payments are completed in time and with advanced accuracy.
Looking for payroll service support? Get in touch with our expert team for a friendly chat and to discover more about payroll bureau software.
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