What is enterprise payroll software?

Enterprises in financial and Bacs-related sectors know through experience that payroll is unlikely to be the same from one month to the next. This essential business department requires focused attention as payroll requirements grow and fluctuate throughout the year or even through one payroll cycle. 

According to recent figures, there are approximately 5.5 million active companies operating in the UK. These vary hugely in size and levels of complexity when it comes to payroll processing. Bureaus that process large payment files for other companies typically have dense workflows that require secure systems to operate successfully. 

Many organisations of significant size and capacity use payroll software for efficiency and safeguarding purposes. In this article, we explore what enterprise payroll software is and how it works to support business operations. 

Contents

• What is enterprise payroll software?
• Who needs enterprise payroll software?
• How to choose the right enterprise payroll software for your business.
• Comprehensive enterprise payroll software from Interbacs. 

What is enterprise payroll software?

As an essential cornerstone of a more comprehensive organisation, such as a Bacs bureau or larger financial institution, enterprise payroll software creates the conditions for improved financial flow, stronger compliance and more consistent employee satisfaction levels. 

Enterprise payroll software is a software solution that ensures larger businesses can effectively manage their complex workforce of which is likely to be a notable volume. 

Fundamentally, enterprise payroll software manages the salary payments of employees across intricate business structures, often employing some level of automation. However, enterprise payroll software is more than a submission package; it also effectively meets the needs of expanding companies. 

Who needs enterprise payroll software?

Typically, larger entities with multilayered needs and growing requirements are the most natural candidates for integrating enterprise payroll software solutions into their infrastructure. These organisations may be international and harbour growing workforces with several different teams who process payroll on a regular basis. 

Essentially, enterprise payroll software accommodates growth capabilities and usually offers the following features:

• Scalable opportunities as businesses expand.
• Seamless integration with internal finance, HR and accounting systems. 
• Unique pay structure support, required for contracting, commissions or payroll across nations and regions. 

How to choose the right enterprise payroll software for your business

If you’re a large enterprise running complex operations, using an automated enterprise payroll system will reduce errors, increase efficiency and maintain compliance over the short and long term. 

Larger organisations are also in need of accurate and up-to-date reporting that enables them to manage financial flows with precision. As a key element of enterprise payroll software, insight reporting empowers Bacs bureaus and other financial institutions to meet compliance and regulatory requirements. 

Alongside enterprise payroll software, larger enterprises may also benefit from a Hardware Security Module or HSM. A HSM acts as a signing mechanism that enables files to be sent to Bacs in a fully automated manner without the use of smartcards. 

If your enterprise handles very large volumes of payments that require processing without human intervention, HSM as an automated solution, prevents human error through payment scheduling that is completed without the need for smart cards. 

A HSM is a secure physical storage device that conforms to the correct security standard for cryptographic models. The HSM stores cryptographic keys, so there is no need for a manual payment sign-off. As an encrypted and safeguarded device, the HSM is usually stored off-site for maximum security. 

At Interbacs, we are utilising HSMs to support public sector and larger organisations to streamline complex payment processes and improve system performance. Without doubt, the advantages of cost efficiency and time savings are combined with enhanced digital data security to boost overall performance. 

Comprehensive enterprise payroll software with Interbacs

Businesses acting on behalf of their customers face considerable risk and complex challenges through client transaction handling, particularly if this is on a vast scale. Bureaus of all sizes that 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.