Why you should integrate your payroll & accounting tools
It’s likely your clients are coming to you with expectations that you can not only help them with managing their accounts, tax requirements, and running their payroll, but also with the expectations that you can provide expert knowledge and support to help them grow their business. It’s not an easy task. It’s certainly not an easy task to exceed these expectations.
Efficiency is key to achieving that customer satisfaction. Successful businesses appreciate the impact that their day-to-day operations can have on their customers and look for ways to reduce inefficient business processes. Improving workflows and integrating business functions can free up valuable time and allow you to focus on making your clients happy and hopefully earning those valuable word-of-mouth referrals.
Creating a financial hub:
Providing multiple types of services to your clients will require you to use a number of different financial tools. Choosing these tools wisely will save you time, increase productivity and improve your overall efficiency. However, none of this will be achievable if the tools you use don’t work together.
3 absolute must-have integrations include:
1. Payroll-Accounting Integration:
When choosing your payroll software, consider how it will integrate with the hub of your financial system, your accounting software. Integration between the two systems will allow you to create wage journals from finalised payslips and add them directly to your accounting software. This integration will keep your accounts always up to date. It will mean you will no longer have to spend time on double entry, manually copying figures from your payroll software into your general ledger, and as a result will dramatically cut down on errors made and time wasted.
BrightPay Payroll recently added even more direct API integrations with accounting packages. Integrations with Freshbooks, QuickFile, Zoho and ClearBooks have been added to the list of existing options which include Sage One, Xero and AccountsIQ. You can view the full list here.
2. Payroll-Payments Integration:
A payroll-payment integration significantly simplifies the task of paying your clients’ employees. Integrating this business function allows you to cut down on costly data entry errors and save significant time. This type of API also adds value to your payroll services. It gives you the opportunity to offer a new service, processing employees’ payments on behalf of your clients.
With the BrightPay Modulr integration, you have access to the Faster Payments Service (FPS) scheme. Client’s payroll payments can be initiated within the payroll software, eliminating the need to download bank files and the numerous steps associated with it. Their employees can be paid 24/7, 365 days a year, with payments entering the employees’ bank accounts within 90 seconds.
Running payroll without the help of APIs would be like trying to start a fire with stones when there is a box of matches nearby. Why would you do it? Find out more about payroll software APIs here: https://t.co/0td1UqsOE7 #Payroll #API pic.twitter.com/6zNenYesIX
— BrightPay UK (@BrightPayUK) July 20, 2021
3. Payroll-Pension Integration:
The third integration that can improve your workflow is, of course, automatic enrolment. Using a payroll software that can cater for and handle auto enrolment duties is essential for achieving this. You’ll need a software that integrates with different pension schemes, one that automatically assesses employees for eligibility, will batch enrol multiple employees, and will automatically prepare their enrolment letters. The time it takes to do each of these tasks add up, so by integrating payroll with the pension schemes, you can improve one more workflow.
BrightPay is compatible with 18 different workplace pension providers, including direct API integration with NEST, The People’s Pension, Smart Pension and Aviva. This makes it even easier to send enrolment and contribution files to the pension provider. BrightPay automates and streamlines many of the auto enrolment tasks, making it easier for you to complete your client’s pension duties. All BrightPay licences include full auto enrolment functionality at no extra cost.
Interested in learning more?
If you’d like to hear more about these integrations with BrightPay payroll software and how they can improve your business operations and workflows, schedule a personal demo with a member of our team today.