Payroll and payments workflows are a headache for small businesses and their accountants. The act of calculating payroll has always been separate from the act of settling the payroll…until payments platforms came along.
Modern platforms are taking the pain out of payroll and delivering new ways of securely managing and automating payments and payroll, all via a single online portal. And, because there’s no integration required, you can get setup and running quickly, and your accountant can start processing payroll straight away. Let’s show you how …
The weakest link in the chain – The payment file
Traditional payroll is a time-consuming process that carries a heavy administrative burden. For accountants, having to deal with manual workflows means they have less time to advise you on your business. There’s lots of downloads, uploads and file sharing. It’s a long process even before we consider the time taken to manually fix file errors, incorrect value inputs, doublechecking, duplicates and payment rejections.
The weakest link in the chain? The payment file. Payment files, which use outdated technology, are what is traditionally used to bridge disparate payroll and banking separate systems. They are widely used because they are the only compatible method of exchange with legacy bank accounts.
Introducing automated payments – the biggest new trend in payroll technology
Businesses no longer need to rely on their banks to make and receive payments, and they don’t have to rely on manual, error prone and slow payment files. That’s because companies like Modulr are using the same technology that Google, Netflix and Uber use as standard.
Modulr’s payments technology integrates with your chosen accounting software to merge payroll and payments to create one simple, cost saving and streamlined process. Seamless payroll, at the touch of a button.
Why bringing payments and payroll together will make your (and your accountant’s) life easier
- Modulr delivers a payments account that enables your accountant to make payments quickly, securely and easily, so you can benefit from seamless payroll workflows. And it works with whichever accounting software you choose to use.
- Modulr’s single and secure online portal allows you to make payroll payments at the same time as running client payroll. This will save both you and your accountant time by removing manual processes and eliminating costly errors.
- Payroll payments can be initiated within your chosen accounting software without the need for payment files, allowing for a flexible, secure and fast way to make and approve payments.
So, what’s the process?
- Run payroll as normal
- Once payslips are finalised within your accounting software, select ‘pay by Modulr’ to send the payment instructions to Modulr, without the need for manual payment file exporting.
- Approvers are notified payments are awaiting approval
- The person authorised to make payments is notified that payments are pending approval and logs into the Modulr portal to approve by secure mobile two factor authentication.
- Top up the Modulr account
- Transfer funds to the Modulr account in one single transaction from the primary business account. Once the account is funded, employees can be paid in minutes.
Simple as that! If you’d like to find out more. Get in touch!
