RTI Checklist for Accountants Managing Irish Payroll

Brought to you by BrightPay

Real Time Information (RTI) was the most significant change ever made to PAYE. The change welcomed a new and improved way of reporting PAYE information, in real time directly to HMRC. The biggest hurdle was of course, that the payroll submission had to be made to HMRC every time an employer paid an employee, be that monthly or weekly. In Ireland, real time reporting is lingering on the horizon and the deadline is ever nearing. It is called ‘PAYE Modernisation’ in Ireland and it will be introduced into law for Irish employers on the 1st of January 2019.

Can Irish Accountants Profit from RTI / PAYE Modernisation?

Increasing your prices is never very popular with clients but it may be necessary to recoup the additional hours required to comply with PAYE Modernisation each pay period on behalf of your clients. In the past, employers submitted their end of year payroll returns to Revenue at the end of the tax year. Payroll bureaus and accountants typically processed the payroll on behalf of their clients just once a year. However, the introduction of PAYE Modernisation will change that yearly submission process to a more frequent, per pay period model.

PAYE Modernisation changes the payroll process forever. Accountants and payroll bureaus will now need to process their client’s payroll and send the employer file (Payroll Submission Request / PSR) to Revenue each time an employee is paid at every pay period. This will mean that bureaus should look to increase the prices they charge for payroll and PAYE Modernisation services to compensate for the additional work required.

Your client will want to know what they are getting in return for the additional fee, therefore, communication will be fundamental to your success. It is natural for clients to be cautious when they are told that the prices are increasing, however, you must be confident in outlining the additional work and expertise required to process PAYE Modernisation.

In this guide we will examine best practices to consider which will improve profits and increase Revenue:

Communication
Best practice is to clarify the new pricing structure, specify the date at which it will come into effect and explain the benefits to clients. By explaining your price increase and justifying the advantages for your client you will naturally be more successful.

Customer Newsletter
A customer newsletter is a great way to explain how your firm is adapting to the new Revenue PAYE Modernisation obligations and how it will affect your payroll service offerings to clients.

Value Proposition
Be sure to convey the client value proposition of outsourcing PAYE Modernisation and payroll submissions to you. If you take the opportunity to inform your clients about the added value, they are more likely to remember, appreciate and understand your service offering.

Charging Hourly?
Charging per hour is probably best avoided. As a payroll bureau, you are selling your payroll expertise. If you are using PAYE Modernisation and Revenue recognised payroll software tools that allow for automation, it is inevitable that you will become very efficient at payroll processing.

Switch from a Yearly Model to a Monthly Model
To comply with PAYE Modernisation, clients or you on their behalf must submit their payroll information to Revenue each pay cycle, as employees are being paid. It is inevitable that you would move your clients to a monthly or even a weekly payroll service offering. It will no longer be an option to submit yearly payroll returns. As you are now processing the payroll monthly or weekly this presents the perfect opportunity to increase revenue.

Cover Training Costs
Naturally, you will want your increased prices to at least cover any additional costs incurred to prepare and train for PAYE Modernisation. It is important that bureaus shop around for payroll software that offers free PAYE Modernisation training. Some payroll providers are charging as much as €800 for accountants to access training or attend seminar sessions. Both Thesaurus Payroll Manager and BrightPay are working in conjunction with Revenue to offer fully CPD accredited online webinars. What’s more, you don’t have to be a customer to attend. Simply register for the PAYE Modernisation training today.

Automate & Streamline
Recent developments in payroll have allowed bureaus to streamline payroll processing. Technological API advancements are doing the same for PAYE Modernisation employer payroll tasks. Automated and full API integration with Revenue will optimise processing time, increase accuracy and reduce the potential risk for human error.

Customer Support – Extended Hours
Check with your payroll provider to ensure that you are not paying anything for customer support. Over the busy PAYE Modernisation period, your payroll provider should offer extended hours to deal with your customer issues. To help our customers, Thesaurus Payroll Manager and BrightPay are offering additional customer support hours including early morning, evenings and even Saturdays from Monday 17th December until Saturday 16th February (excluding Christmas week).

Free PAYE Modernisation Training
Book a free PAYE Modernisation training webinar for your team. There is no catch and you don’t need to be a customer to attend. Unlike our competitors, we are offering FREE PAYE Modernisation payroll training that is fully CPD accredited. Simply register for our next PAYE Webinar online and receive your CPD cert. Our webinars include a guest presentation from Revenue with a questions and answers session.

Get Going!!
Get out there and make sure your clients know you are catering for PAYE Modernisation. Check that your current payroll provider offers PAYE Modernisation API integration with Revenue, free training and extended customer support hours over the busy period.

Why choose us?
Thesaurus and BrightPay offer an automated PAYE Modernisation facility that is recognised by Revenue. Our payroll bureau package includes unlimited employees, unlimited employers plus free customer support with extended opening hours over the busy ‘big bang’ PAYE Modernisation period.

BrightPay has recently won the 2018 Payroll Software Product of the Year at this years Accounting Excellence Awards. Both of our payroll products have a 99% customer satisfaction rating. Our customer support team is also rated with a 99% customer satisfaction rating. 99% of customers would recommend our payroll products. Thesaurus and BrightPay process the payroll for over 125,000 businesses in Ireland and the UK.

Written by Karen Bennett | BrightPay Payroll Software

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