In recent years, managing pensions by payroll managers has become burdensome. Majorly, it is contributed to by auto-enrolment regulations and administration challenges.
UK laws illustrate that every company must enrol all legitimate employees into an amicable pension program. Yet, it comes with a string of devotions; keeping track of new employee data, payroll preparations, constant eligibility tests and other tasks.
In a bid to stay in line with pension legislation; in every three years, employers have to conduct a re-enrolment review across their staff.
As a remedy to all your inefficient pension and payroll systems, our cloud accounting technology in line with the pension regulator (TPR) offers viable solutions.
Take a look!
You can access your entire employee database in terms of age, earnings, status in the company just by the click of a button. Planning, organising and enrolment of employees in the correct pension scheme are also possible.
Data and Payments
Our team of professionals will enlighten you on how cloud accounting can create, format and securely upload data files to your pension provider. More, reduced manual processing which means less chance to error.
Cloud accounting can keep audit trails updated by ensuring prompt access and tracking of previous communications. It may entail notices, re-enrolment and auto-enrolment updates.
Most businesses are now leaning towards cloud-based accounting. The use of software-based payroll systems can help you to achieve the following:
- Generating accurate payslips
- Reducing the burden of tax compliance.
- Quick payroll calculations.
- Secure and easy storage of data like payslips and annual reports.
- Calculating bonuses and expenses with ease.
- Automated annual reports.
Good payroll software can give additional data and analysis; it makes payroll information more useful for company and investor decision making.
Ostensibly, pension savings can guarantee a safe retirement plan. Most people invest in pension schemes as a way of saving for retirement. It can be beneficial in the following ways:
- Tax relief; whether you are contributing occupational or public services pension scheme, employers carry out deductions exclusive of the salary.
- Compound interest; investing in a pension scheme earns a return on both original and the first-year return.
- Employer contributions; some employees are lucky enough to be supported by their employers upon monthly pension contributions. Therefore, doubling the amount.
- Guaranteed income in future; there are various ways to stay afloat with the pension money once you retire. Annuities and stocks are a good investment.
Can you manage your payrolls and pensions internally? Manually analysing and updating payroll records can be time-consuming. With many regulations like auto-enrolment and re-enrolment, most companies now prefer to outsource their pension schemes to a trusted company.
The brisk evolution of pension program along with auto-enrolment poses a challenge to payroll departments. Focus on automation and integration of payroll software by our team is working to solve burdensome and laborious payroll tasks. Ultimately, for any business having trouble with pension obligations, try seeking the services of a professional. At Ernest and Co accountants, we provide a complete payroll and pensions service that will guarantee you continued efficient monthly results ensuring compliance with HMRC requirements.
If you would like to find out more about payroll trends, you can always contact us.