Small businesses want simplified payroll software
According to the latest research from Bibby Financial, a quarter of SMEs in the UK want simplified, easier to use payroll software.
In addition to this, other priorities include a commitment to remain in the European Union (30% wanted this), reduction in business tax rates (30% wanted this) and legislation that will put an end to late payments by large companies (20% wanted this).
34% of businesses with revenues over £5million state that the EU membership should be a priority over the coming year. It is also seen that reducing business rates is a priority and that there should be a clearer outline of how much small businesses will be taxed going forward.
Over a quarter of businesses (27%) felt that a reduction in business rates would actually help them grow as well as being keen to see a stable interest rate. This trend is more frequent in smaller to micro businesses with less than £300,000.
At IRIS we also believe that streamlining your payroll process is an excellent way for you to not only increase your profits, but to maintain your compliance with updates in legislation. A faster, more intuitive piece of software will make it easier for you to undergo processes and updates that will make your life easier.
With an easier payroll process, you can afford to spend your time working on more business centric activities that are more likely to increase your growth and reduce your overheads.
One of the main examples in recent times of legislation changing to affect the payroll environment is that of the workplace pension reform; auto enrolment. This means that all eligible employees must now be enrolled into qualifying pension schemes.
The IRIS AE Suite™ automatically assesses your employees for eligibility with each payroll run meaning that you save a vast amount of time checking your employees without having to manually assess their position every single payroll run.
The software also distributes electronic payslips and P60s via a secure online portal and also then sends out the legally required pension letters by way of publishing them to the secure cloud for your employees to access.
Not only does this software save you time in running your payroll, but it also saves you the time, effort and resources that comes with printing and sending payslips, P60s and pension letters.