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All employers are required to submit PAYE information online each time they make a payroll payment under HMRC’s Real-Time Information (RTI). RTI is designed to make the payroll process easier to manage and it has been integrated fairly unobtrusively by most organisations.
There’s a wealth of fantastic payroll software designed to make the promised reduction in paperwork a reality. What’s more, what was once enterprise-only software is now available to those with smaller budgets and even fewer HR resources. So, which option is right for you?
How to implement a payroll system
Historically, smaller businesses shunned payroll tools, preferring to run a manual payroll setup. However, even the smallest of businesses will be better off using a payroll system.
There are three ways to implement a payroll tool:
- Add a payroll module to an existing accounting system.
- Implement specialised, standalone payroll software.
- Utilise HMRC’s free, basic PAYE tools.
The method you choose will depend on your existing accounting systems, the number of staff you employ (and therefore how big a task payroll is) and your budget.