How to maximise your Director Payroll
96% of businesses in the UK are micro-businesses (employing 9 or fewer people) and 76% of all businesses don’t employ anyone aside from the owner. We are seeing massive growth and potential for director payroll processing in the industry, but do bureaux have the right tools to take advantage of this 'mass' market?
That's where automation comes in.
1. Keeping it simple
Some may think of automation as a system too complicated to try. If that's you then maybe you're the 63% using spreadsheets or the 58% still using paper payroll?
But automation is not this hulking scary practice; it's actually more straightforward than you would think and even simpler to implement for director clients. With the right approach and tools, bureaux can reduce human error, save time and scale their operations as they grow, easily tapping into the growing director market without the stress or need to switch entire systems.
2. Crushing automation myths
- Automation is difficult to implement
Automation is really not difficult to implement at all, think about your current accounting system. You onboard clients and then every pay cycle pull all the client’s data together for a pay run Automated systems do the exact thing except when onboarding a client you’re setting up automation along the way such as their bank details for automatic payments or their contact information so their payslips can be automatically sent to them, simple.
- Automation can’t be trusted to do the job accurately
Automation is actually the best way bureaux can increase accuracy. Payroll errors are caused far more frequently by human error due to manual calculations and the double handling of data. People get tired and tired people make mistakes, in fact, a report by MHR found that those who used manual systems knew this led to more errors. Automation means bureaux don't have to get slowed down by tiny mundane tasks and letting them focus on the larger picture for all their clients.
3. Automation on your terms
Each client is different and so is each bureau. The benefits of having an automated system that is both customisable and can work alongside existing platforms for specific clients opens up strategic and revenue opportunities many bureaux are yet to realise.
Take Director Pays.
Unlike other platforms, Director Pays is designed to be used on a specific market rather than for all clients. Bureaux onboard their director clients just like any platform except you opt to use the automations you want, and use as many or as few features as you like! It's not complicated, and it doesn't require bureaux to commit their entire client base to trial or use.
With the director market growing, the biggest barriers to success remain its size and sourcing systems that enable bureaux to take on large quantities of clients with minimal impact on time and costs. While automation can be a solution, Director Pays doesn't bloat itself with unnecessary features or try to be everything for everyone. It aims to be what you need, and what your clients want, enabling you to tailor your automation experience across:
- Pay runs and pay schedules
- National Insurance and tax deductions
- Payslip distribution and notifications
- HMRC reporting including EPS and FPS submissions
- Reporting, including total gross earnings, taxable earnings, loans, NIC, net earnings and PAYE
- Journal entries and integration
Simple, easy to understand automation, tailored to your workflow and your clients.
With the director payroll market growing, automation will undoubtedly play a future role. By focusing on key areas and keeping it simple, bureaux can position themselves to not only attract more director clients but scale with the market as it grows.
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