End of the payroll year: How technology can help you prepare
Updating payroll systems
At the end of the financial year, payroll professionals need to ensure that they are using the most up-to-date rates—otherwise they are at risk of providing false information that will need to be corrected at a later date. To achieve this, payroll professionals should update their current payroll software so it uses the latest rates and thresholds for Income Tax, National Insurance, and student loan repayments.
By having the latest payroll software in place, the right rates can be guaranteed for the end of year calculations. Without the latest software update, payroll calculations will need to be done manually. This will take up a lot of crucial time and increase the risk of payroll errors.
Making adjustments to payroll
Often, organisations may need to make important edits to their final update procedure, particularly if an employee is leaving or a new one is joining in the new year. If companies need to request a final update process, electronic results can be produced, which will save time by allowing changes to be made online. Any further adjustments to an employee’s payroll status can also be processed using a TYE Payroll Adjustment screen. This ensures that last-minute editing is as efficient as possible.
Automating manual tasks
With the end of the payroll year being an especially busy time, using the right technology can help to automate other manual tasks. This frees up payroll professionals to direct their attention to meaningful end-of-year tasks rather than spending time completing menial administration jobs.
For example, HR and payroll professionals can use technology to review employee statistics and trends, including training and sickness. Alongside this, HR and payroll professionals can concentrate on tasks that require emotional intelligence and more strategic approaches that automation can’t be applied to.
-
The end of the financial year can be difficult and time consuming, but by using technology—or an outsourced provider that uses the latest technology—payroll teams can ensure that their tasks are completed on time and accurately. Furthermore, by overcoming these time-consuming admin challenges, payroll departments can concentrate their newly freed time on important HR and payroll tasks, like achieving GDPR compliance.
To learn about how to prepare your HR and payroll department for GDPR, click here.
Related articles
Small- and Medium-Sized Enterprises and their Growth Challenges
Small- and medium-sized enterprises (SMEs) are the lifeblood of economies worldwide. Their agility, innovation, and ability to adapt quickly contribute significantly to economic growth. However, navigating the complex business landscape while growing themselves – both as an organization, as well as across new markets – is no easy feat. Below, we’ll explore the multifaceted challenges that SMEs encounter across different company sizes, drawing insights from the Netherlands, the UK, Germany, and Finland.
How Costco's HR Strategies Can Inspire Other Industries
Retail is one of the most dynamic and competitive industries in the world. It faces constant challenges such as changing consumer preferences, disruptive technologies, and global competition. To survive and thrive in this environment, retail organizations need to have a strong and agile workforce that can deliver exceptional customer service and drive innovation.
3 reasons why international companies should consider payroll outsourcing
Why is outsourcing becoming ever more popular in these times of continuous change? Or to put it another way, what exactly are the benefits of outsourcing payroll as your company expands internationally? Those who already reap the benefits of payroll outsourcing claim that these are the three most compelling: