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How Payroll Software is Overcoming Legislative Challenges

How Payroll Software is Overcoming Legislative Challenges

Running a business comes with a variety of challenges: hiring the right staff, fulfilling orders, and hitting growth targets to name a few. But there are also other challenges lurking in the background, such as adhering to taxation legislation.   

In Ireland, the taxation and social security systems cause their fair share of employer headaches. Not only that, but obligations around payroll rules and regulations also rank among businesses’ greatest concerns. In fact, our Payroll Proficiency Report revealed that 25% of Irish businesses believe legislation is making payroll more difficult. And while that may be the case, there is a light at the end of the tunnel: payroll software.

 

    Findings of our Payroll Proficiency Report

    We recently completed our Payroll Proficiency Report for which we surveyed businesses that ranged in size from <10 employees to 3,000+ employees. For the report, we focused on six key “drivers” of payroll proficiency which were:  

    • Legislation 
    • Technology 
    • Reward 
    • Capability 
    • Workforce 
    • Partner  

    For this article, we’re going to look at legislative challenges businesses face regarding payroll and how software overcomes them.

     

      What is the Biggest Challenge in Payroll and How Does Software Help?

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      When it comes to payroll challenges, legislation and the taxation system in particular rank highly among Irish businesses.  

      From the complexity of the taxation system (63%) and the social security system (53.6%) to obligations in payroll processing imposed by the government (44.9%), businesses face a range of difficulties in adhering to relevant laws.  

      Legislation is a tricky area, too, as the laws that govern payroll are mandatory while the reasons why businesses may find the taxation system complex may differ between organisations and their structure. Whatever the reason, payroll software is seen as a reliable solution.  

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          Payroll Software: The Key to Unlocking Payroll Compliance Legislation

          Payroll software comes with a range of features that make processing payments easier. Dig a little deeper into the tax and legislative aspect and, according to our Payroll Proficiency Report, software is key to helping businesses adhere to tax obligations. That’s because payroll technology, such as On-Cloud software, takes care of everything. Its value can’t be underestimated either, as businesses face more and more obligations for tax calculation and must adhere to rules that are often complex and difficult to interpret.  

          Almost three-quarters of businesses we surveyed for our report stated that available technologies make payroll processing easier. 63.9% stated that technology helped with their preparation, management, and distribution of payroll.   

          In fact, payroll software goes further than solving legislative issues. For instance, our Payroll Proficiency Report found that software made the following payroll sub-processes easier: 

           

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              As we can see, by taking care of essential payroll sub-processes as well as big picture requirements, payroll software leads the way when overcoming legislative challenges.   

              Related article: Key Steps to Simplifying Complex Payroll Processes 

               

                Less Stress with SD Worx, formerly Intelligo

                When you partner with SD Worx, formerly Intelligo, you rid yourself of the stress of adhering to payroll-related legislation. That’s because we always remain compliant and ensure reports required by Revenue are accurate every time. In doing so, we free up your payroll team to tackle other pressing tasks.    

                Our MegaPay On-Cloud software offers a range of standout features, including:   

                • Enhanced security: Microsoft Azure’s full-time staffing and 24/7 security operations centre (SOC) constantly monitors the entire cloud infrastructure. 
                • Reduced costs: MegaPay On-Cloud could save you more than 20% in payroll-related costs. 
                • Flexibility: With around 23% of Ireland’s workforce ‘usually’ working from home, MegaPay On-Cloud is perfect when employing remote workers. 
                • More IT free time: MegaPay On-Cloud frees up your IT team to focus on tasks that matter most to the business.   

                Discover how MegaPay On-Cloud is the ideal payroll solution by booking a demo today.