Three ways to streamline payroll and accounting in 2020

With cloud-based accounting applications now the norm, payroll in the UK is also adopting more and more of a cloud focus - but there are very few payroll systems that are truly cloud-based. Using a single, shared database with real-time access between the client and bureau / accountant opens up opportunities to provide a whole new set of services.

Trusted by over 90,000 businesses, processing $20bn (£11.2bn) in pay runs a year - KeyPay is the first truly cloud-based payroll platform that is designed specifically for the modern payroll bureau. Yes – KeyPay is a payroll app – but it has loads of features that help streamline the payroll process for accountants and payroll bureau, and automate all of those previously manual processes. Here are 3 ways KeyPay can help make payroll simple in 2020:

1. Employee self service

KeyPay has an employee self service portal and app called WorkZone (WorkZone is only used by over 40,000 people!) which puts the onus on the employee to manage their data.

But it's not just a platform for viewing payslips, applying for leave or changing bank details. WorkZone can also be used to streamline time and attendance. Employees can login to WorkZone and clock into and out of shifts using their mobile. Instead of asking employees to fill out timesheets or using a separate system to gather that data, WorkZone shifts the responsibility to the employee and bureaus don’t need to worry about chasing timesheets or manually inputting any information. Employers can then approve and manage all of this data in KeyPay, which then automatically calculates the hours and inputs into the pay run. It just makes sense!

Similarly – why use a separate system for expenses when employees can claim and manage these through WorkZone? Managers are notified of the claims and can approve them in real time in KeyPay, reimbursing the employees in the next pay run. It’s one less thing to worry about and all data is managed in once platform.

2. Automated compliance

Payroll is an ever changing beast when it comes to compliance. With things like pension scheme auto-enrolment, RTI and GDPR to worry about, there's a lot of manual work and checking to do for the payroll bureau. But there doesn't have to be - KeyPay automates all of these traditionally tricky processes in one simple platform. Whether it's pension scheme calculations, automated HMRC reporting or auto-assessment, KeyPay completely eliminates manual work and ensures peace of mind for bureaux. This sophistication is not as common in payroll platforms inside of accounting platforms, but is more common with dedicated cloud payroll platforms, like KeyPay.

3. Location tracking

Another feature bureaux can use to streamline their payroll processes is the ability to allocate employees / employee groups against locations.

For example, a retail store may have several outlets in different locations, with employees working across different stores throughout the week. Using KeyPay, employees are able to select the store they were working at for that shift and apply it to their timesheet. In turn, the employer can then run a report by a selected location to have visibility of how much of their wage costs were allocated to that store for the week. ‘Locations’ can then be mapped in the General Ledger of the accounting platform – providing some really useful insights and more granular reporting. Pretty cool – considering not even Xero supports exporting GLs with location tracking within their own payroll capability!

These are just a few gems from KeyPay’s treasure chest of features that make payroll a much simpler process. We urge you to explore KeyPay and ensure you’re getting the most of the platform, reduce the number of systems you’re using to manage payroll, and just make things easier for yourself.

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