At Petaurum HR, we understand that managing payroll can be complex. That’s why we’ve partnered with Factorial to offer our clients a comprehensive solution that combines our HR expertise with cutting-edge payroll technology.
Understanding Electronic Payroll
The term “electronic payroll” typically has two meanings. First, it describes the standard format UK companies use to process payroll and distribute payslips to employees. Second, it refers to the digital platform used to securely generate, share, store, and manage these payslips.
While Factorial provides the technical infrastructure, Petaurum HR ensures you have the HR foundations in place to make it work effectively.
Who is required to use electronic payroll?
In the UK, all employers must process payroll electronically and report it to HMRC through the Real Time Information (RTI) system. This requirement applies to any company that pays wages, whether for full-time employees or casual workers.
Advantages of electronic payroll and invoicing
Electronic payroll provides several key benefits for both employers and employees:
- Enhanced security: Digital payslips are more secure and resistant to tampering, creating a reliable record for the business.
- Improved efficiency: Automating payroll processes reduces the risk of human error and boosts administrative efficiency.
- Cost savings: Moving away from paper reduces printing and storage expenses for businesses.
- Regulatory compliance: Electronic payroll ensures your business adheres to HMRC requirements and employment laws.
- Increased transparency: Employees have straightforward access to their payslips, fostering trust and clarity in payroll processes.
- Convenience: Employees can view and store payslips electronically, accessible from any device for easy reference.
The Human Side of Payroll
Our role extends far beyond just implementing software. We work closely with businesses to review and implement salary structures, ensure compliance with employment law, and develop robust policies around pay and benefits. Our expertise helps you navigate the complexities of payroll while keeping your people at the heart of the process.
Creating Strong Foundations
A successful payroll system needs to capture all essential information accurately. We help ensure everything from basic employee details to complex benefit structures is properly considered and implemented. This includes helping you develop clear policies around additional earnings, deductions, and special circumstances that might affect pay.
Implementation That Works
While Factorial’s platform handles the technical aspects of payroll processing, Petaurum HR focuses on the crucial preparatory and ongoing support work. We begin by reviewing your existing HR processes, developing clear policies that work for your business, and ensuring everything aligns with current legislation. Our team provides comprehensive training and ongoing support to ensure your transition to electronic payroll is smooth and successful.
The Power of Partnership
What makes our approach unique is the combination of HR expertise and technical efficiency. By partnering with Factorial, we offer our clients the best of both worlds: the human touch of experienced HR professionals and the efficiency of modern payroll technology. This means you get a system that not only works technically but also supports your wider HR objectives and company culture.
Conclusion
Every business is unique, and we believe your payroll solution should reflect that. We work closely with you to understand your specific needs and challenges, creating a system that works for your organisation. From initial setup to ongoing support, we’re here to ensure your payroll processes support your business goals while taking care of your people.
If you’re looking to streamline your payroll processes while ensuring compliance and supporting your people, we’re here to help. Contact Petaurum HR today to discover how our partnership with Factorial can create a more efficient, compliant, and people-focused payroll system for your business.