Be prepared for the future by installing payroll software
Bureau payroll software is a vital part of running a business these days and if it’s not something that you have in place now, it’s going to become even more necessary as changes to the law come into force.
The two main things that will affect payroll processing for accountants are the introduction of General Data Protection Regulation, relating to the data stored on your payroll software and the modernisation of the PAYE system.
General Data Protection Regulation (GDPR)
The General Data Protection Regulation comes into effect on May 25th 2018. It will replace the existing Data Protection Directive. Any organisation that deals with or manages people’s private data will now have to meet new standards of security, transparency and accountability. It is part of the EU Data Protection Regulation and as the U.K will still be a part of the EU in May 2018, companies must comply with this directive.
In relation to your payroll system, this legislative change will mean that companies must ensure that their payroll information is securely stored. Explicit consent may be required from employees in terms of what data of theirs is stored and where it is stored. Payroll bureaus process large amounts of data in relation to their customers and employees and it will be examined if this data is being stored in a secure manner. Traditional methods such as Excel spreadsheets simply won’t cut it, so it’s worth looking into your accountancy payroll software to see if you will be fully compliant with GDPR regulations before it is introduced. The impact this new legislation will have on all areas of your business will be immense, so it is best to begin preparations, not least in terms of your payroll.
Real Time Reporting
In January 2019, employers will no longer have the option to provide annual reports to Revenue. From then on, it will be necessary to submit payroll data on each pay period throughout the payroll year. The contents of each file will be much like the current P35, but now it will be need to be submitted weekly, fortnightly or monthly, depending on when your pay period takes place. This is modernising the PAYE system and employers will need to have certain functions in place in order to process it.
Companies such as Primo Payroll are committed to be fully compliant, working with Revenue to ensure that their payroll software for accountants will keep customers up to date with all the changes that are introduced for PAYE modernisation. The changes are expected to modernise most businesses and reduce over and under-payments of tax. Using compliant software will also reduce administrative costs to the employer.
If you are currently processing your payroll manually or if you feel that your bureau payroll software isn’t working for you, it’s better to change now rather than wait another year when you will be under pressure with the new adjustments.
Primo Payroll offers modern, functional payroll software processing systems that are fully compliant. You can save time and money with our payroll software and rest assured that data is safe with our employer and employee access portals.
So with less than 6 months to go until GDPR, call Primo Payroll on 0845 456 7181 to learn more about how we can help. We work with companies across the UK and are located at Unit 2A, Bourne Court, Unity Trading Estate, Woodford Green, Essex IG8 8HD.