We now live in a world where there is no escaping conversations about data and systems. As government and legislative obligations increase for business owners, accountancy software developers are continuously evolving to counteract the pressure this creates on business workload and expertise.
Payroll is no exception. As with many fundamental systems in business, payroll is probably not discussed with great regularity. But when you consider the significant amounts of information and the potential for error, it seems pertinent that the accounting software companies are turning their efforts to streamlining payroll operations for businesses. Keeping on top of employee salaries, bonuses, pension schemes, and tax contributions are vital for the smooth operation of companies. In simple terms, paying your employees what they are owed and on time is crucial for a happy workforce.
Companies like Sage and Xero have been developing ways to broaden the scope of cloud accounting systems to keep management information in one place, by adding basic HR functions such as holiday, attendance and performance management into the mix too.
Dawn Stansfield who manages payroll for clients at Barnett Ravenscroft in Birmingham commented, “We have been working closely with our software providers to understand the efficiencies that clients can realise through the automation of things like payslips and processing payments.”
“Payroll has long been a back-office function relying on spreadsheets and macros to manage complex and sensitive information. The growth of cloud accounting and the accessibility of such software for smaller businesses is having a huge impact on our clients at Barnett Ravenscroft”.
“While for some of our clients a standalone payroll system suits their working practices; with the introduction of Real-Time Information and Making Tax Digital, we are finding many clients prefer to aggregate systems and processes into one cloud accounting package.”
The benefits of this approach include transparency, data analysis and accuracy of information. The opportunity to manage the full audit trail and seamless reconciliation of payments highlights the broader implications of such systems.
If you believe that your business could benefit from an automated payroll system, or if you’re exploring options for cloud accounting of any type, then we’d love to help. You can get in touch with us here.