Oct 2018
30
Manually processing payroll? It’s time to modernise your payroll processing.
With PAYE Modernisation just around the corner, it is now essential for all businesses to start planning for the updated PAYE system. Employers should be aware of how the change will affect them in order to ensure they can cater to the demands of the modernised system.
Worryingly, a significant number of employers are still processing their payroll using a manual or spreadsheet system. A manual approach might seem like the most cost-effective option but can result in errors. Inaccurate payroll processing could potentially amount to penalties from Revenue.
For the significant number of employers processing payroll manually on a yearly submission basis, this will no longer be acceptable by Revenue. The last yearly submission will need to be made in January 2019 for the 2018 tax year. From 2019 onwards, the yearly submission to Revenue will cease to exist. In its place, employers will be required to calculate and report their employee’s pay and deduction information as they are being paid.
Payroll calculations are complex and change regularly. A manual system does not have a built-in process to catch mistakes or notify employers of any payroll changes. Manual records are also harder to maintain and store securely (a GDPR requirement).
Free Webinars for Manual Payroll Processors:
We are holding detailed webinars exclusively for payroll processors still using manual or spreadsheet systems. The webinars will dive into the pros and cons of having a manual system in place.
We will take you through your essential PAYE Modernisation checklist making it feasible to streamline the PAYE Modernisation process. Our free webinars include a guest presentation from Sinead Sweeney, the PAYE Modernisation Change Manager for the Revenue Commissioners.
Agenda
- An overview of PAYE Modernisation
- Elimination of the P forms - P30, P60 P35, P46 and P45 forms
- Manually process PAYE Modernisation and the limitations
- How PAYE Modernisation will affect employees
- Importance of securely storing your payroll files
- 10 Step Checklist
- How we are helping small employers
- Q&A
Related Articles:
- PAYE Modernisation for Payroll Bureaus- The ins & outs of increasing fees without losing clients
- How to Master PAYE Modernisation
- Which is really better - the existing PAYE system or PAYE Modernisation?
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BrightPay Payroll Software | Thesaurus Payroll Manager
