As anyone who’s ever checked their bank balance after pay day only to find their wages haven’t been deposited properly can affirm, it’s really important for companies to get their pay roll right. Online pay rolls are rightly making their mark, as even the major players such as Sage are prioritising them as the preferred future system.
On a very basic level epayslips are so much more convenient than faffing about with those annoying little brown envelopes every month. And for companies who still pay wages weekly that’s covered too, so you don’t have to change the payment dates people are used to. It also makes it easier for employees to store their wage slips to print when needed on demand. There’s nothing more infuriating than searching the house from attic to basement looking for a particular month’s wage slip that the bank’s requested a photocopy of before issuing a loan.
From the business’s perspective the fact that reputable packages such as Sage One can be trialled for free and then signed up to without a long term contract brings confidence to the online accounting market. Pay as You Go options help businesses, particularly SMEs, to budget their payroll expenses, aided as well by a sliding price scale based on the number of employees, so companies aren’t wasting resources paying for software capacity they’ll never need.
Knowing that the online software is HMRC approved simplifies the decision to switch to an online version. Nobody wants to fall foul of the tax man, and you’ll have a tough time explaining to a bunch of angry employees at the end of the financial year why they’ve been sent letters saying they’ve been underpaying tax and now need to pay more. Add to this the complications of pensions, sick pay, maternity or adoption leave and it’s imperative that the pay run every month is completed correctly.
Most online accounting options are scalable so it’s easy for them to grow with the business, providing an adaptable solution to payroll requirements. It’s also easier for additional staff,who join a business to get involved with the processes when it’s all online – most new staff should be confident using standardised online systems, rather than an antiquated idiosyncratic in house method. Ultimately changes such as these keep all staff happy: those who eagerly await their wages at the end of each month, and especially those who issue them in the first place.