Organisations that process Bacs payments for multiple customers need secure and efficient solutions to ensure they can operate at pace and peak performance levels.
Even though payroll software was introduced in the 1950s, recent automation advancements have generated payroll tools that streamline administration while also keeping confidential information safe.
According to the Chartered Institute of Personnel and Development, 82.9% of all UK businesses use a payroll software to process employee salaries.
This functionality enables SMEs, Bureaus and financial services businesses to maintain regulatory compliance, keep accurate records and access custom payment workflows.
In this article, we take a look at exactly what is payroll software and how does payroll software work so that you gain a clearer picture around what payroll software can do for your business.
Contents
- What does payroll software do?
- What should I look for in payroll software?
- How will my business benefit from payroll software?
- Discover smart payroll software with Interbacs.
What does payroll software do?
Payroll software, or payroll bureau software, helps businesses of all sizes manage payroll effectively. By automating tasks, this software solution cuts down on time-consuming payroll workflows, reduces manual processing and increases accuracy.
Ideal for payroll bureaus or for businesses that handle Bacs payments for customers, payroll software can securely route salary and pension payments for employees and meet rigorous compliance standards.
In terms of increasing productivity and reducing operational friction, payroll software integrates with internal CRMs and accounting software, which helps payroll services to be more accurate, efficient and flexible.
What should I look for in payroll software?
Excellent customer support
Getting your teams on board to install a new software solution can take some time. However, with an experienced payroll software provider like Interbacs, you gain comprehensive support to help you implement, integrate and optimise payroll bureau software from the beginning.
Advanced security features
Data loss, human error or information breaches are commonly among the highest priorities for UK businesses today. The security processes involved in payroll security, such as file validation and confidential data encryption, ensure that your business fulfils key compliance requirements.
Enhanced flexibility options
With a premium payroll software solution, you’ll gain agility in running different frequencies for payroll. This allows you to pay employees at different times, such as monthly or weekly. Plus, if you have contractors, you may need to set varying salary payment dates, which the software can accommodate.
How will my business benefit from payroll software?
With payroll bureau software from Interbacs, you have access to a range of valuable functionalities that help you to process payroll efficiently so you can focus on your business priorities.
Your bureau or financial organisation could benefit from:
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Accurate file validation
Payroll bureau software from Interbacs provides you with a solution that validates your files and checks that they are in the correct standard 18 format.
The software also checks for errors and warnings, making sure that any erroneous files are not processed. You’ll receive system notifications so you’re aware of the issue.
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Effective SUN alignment
Interbacs Payroll Bureau software allows businesses to submit files to Bacs and manage multiple Service User Numbers (SUNs) and numerous files from one intuitive and secure platform.
We can link your SUN to our software, or, if you’re a payroll bureau, our software can attach to your BUN (Bureau Use Number) alongside your clients’ SUNs.
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Bacs files submission
A professional and experienced payroll bureau software provider will process, validate and submit your files to Bacs via the 3-day processing cycle. This cycle is important so that financial transactions are completed in a timely and efficient manner.
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Key report access
Keeping on track of the latest changes to customer or recipient accounts ensures payments are made to the right people at the right time using the correct bank details.
With an experienced payroll bureau service provider, you should have access to Bacs submission reports for transparent record keeping.
Having access to AWACS (Advice of Wrong Account for Credit Service) reports is also essential as they inform your business of any changes to recipient bank details for a Direct Credit payment, such as a salary transaction.
Discover smart payroll software with Interbacs
Businesses acting on behalf of their customers face considerable risk and challenges when handling transactions for their clients. Bureaus of all sizes who perform this function and require software to connect to Bacs can manage any number of SUNs seamlessly within one solution.
Overseeing significant amounts of confidential data takes up time in your organisation’s workflow and requires high levels of security with robust safeguards. Using Interbacs payroll bureau software provides protection, assurance and streamlining of operations for increased efficiency.
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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