Xero is set to enhance its online accounting software package by adding the ability to also manage your business payroll from 4 March 2015. Integrating your business payroll with your accounting software is simply a great idea! Integration makes things easier and more efficient.
Running a business payroll has had significant challenges over the last couple of years with the introduction of Real Time Information (RTI) and this is to continue with the introduction of Auto Enrolment of pensions.
Xero aims to make it easier than ever to process payroll and pay your employees while staying compliant with RTI reporting to HM Revenue and Customs (HMRC).
For those of you that haven’t heard of Xero then you can read why SeavorChartered recommend Xero accounting software here.
Why use Xero Payroll?
Efficient Payroll
Integrated software saves time by reducing the amount of time spent on data entry. The automated process also reduces the chances of making mistakes. Xero automatically creates the payroll journals which are posted into the accounts.
Automatic Update of UK Tax Rates
Xero automatically updates for any changes in the UK tax rates and regulations ensuring your payroll is calculated correctly every time.
RTI Submissions
RTI submissions are easy and previous submissions can be viewed on a RTI Filings dashboard.
Efficient P45s and P60s
Create and print P45s and P60s for your employees. You can close an employee’s payroll record and create their P45 in a few clicks. At the end of the tax year, you can create all your employees P60s in one go, easily.
Auto Enrolment
Xero payroll is still working on Auto Enrolment integration and on release Auto Enrolment will give you the ability to enter details of your chosen pension scheme and contribution arrangements. The next phase will include output files for the pension providers, detailed reporting and assessment of employees.
Employee Access
One of the key features of the Xero payroll functionality that excites us at SeavorChartered is the ability to invite employees to access their pay history, payslips, view time off requests and request new time off via the employee app without seeing the rest of the business or financials. At launch this information will be available via the web, however Xero have plans to release an app for iOS and Android phones shortly afterwards.
Therefore not only does Xero make payroll easy, it provides easy employee management of holidays and time off.
Xero Payroll Prices
On the introduction of the payroll functionality the price for users that have the Standard version of Xero will not change and remain at £20 + VAT per month.
For businesses who would like to use the Xero payroll functionality, the cost of the online software will increase with the number of employees.
Business Payroll What next…
If you are currently using Xero we recommend you login and have a play around with the new payroll functionality in the Demo Company or if your new to Xero visit their website and see the other benefits Xero can offer your business.
SeavorChartered are Certified Xero Advisers and if you would like help using Xero or would like to find out more then please get in touch, give us a call at the office on 01228 492 729, on our mobile on 07712 218 540 or Request a Call Back direct from us.
