Payroll and payments are a headache for many business owners, and in the past a lack of automation has led to a time consuming and heavily manual process that is prone to costly human error. The pressure to accurately deliver payments to employees leaves little room for error in this process, and before you know it, the next pay date is upon you and the cycle repeats itself over and over again.
Traditionally payroll and payments to employees have been separate processes, often with your accountant responsible for processing wages, calculating the correct tax and national insurance deductions, and administering pension contributions before sending a report over to you to make your payments. This is usually followed by a log in to your online banking, and systematically working through your payroll report and making individual payments to your employees, subcontractors and HMRC. But what if there was a way to integrate the two processes, remove human error and make payroll quick and easy? This is where Modulr comes in. Read on if you’re ready to take the pain out of payroll!
What are the benefits of using Modulr?
- Saving time and maximising efficiencies
- Eliminate errors and automate payroll workflows
- Real-time, 24/7 payments to employees
- Secure and fully compliant network
How does Modulr work?
The individual responsible for processing the payroll via BrightPay will continue to do so as normal. The changes come in when you approach the payment stage, and the transparent 24/7 service offered by Modulr allows for maximum flexibility in processing payments.
Once the payroll is completed, BrightPay will communicate the payment information for the specified pay-run with Modulr. A nominated approver within your business will receive daily notifications indicating payments that are awaiting approval to be made. The approver will need to ensure that sufficient funds are in the Modulr account to manage the transactions due. Provided the approver has indicated they are satisfied with payment figures, and the Modulr account is topped up, the payments can be remitted. You can set the payment date to be instant, in which case the payment will be made within 90 seconds, or set at a future date – useful around busy holiday periods!
How are the payments made?
All outbound payments made via the Modulr platform are via Faster Payments. This enables payments to be made 24/7, 365 days a year allowing you to take back control of payment dates, and avoid working flexibly around bank holidays and weekends. One-off and emergency payments can be made at any time, suitable for complex payroll needs.
When Faster Payments is compared to the traditional BACs payment method, which is only available on business working days within a 3-day cycle period and is inflexible to emergency and one-off payments, the effort levels conventionally involved in making payments to employees are substantially reduced.
What is the pricing involved in Modulr?
The pricing involved in utilising Modulr largely depends upon the volume of transactions required to be made over a month long period. The costs can be as low as £0.25 per transaction, subject to a minimum monthly fee from £5.00 per month.
If you are interested in automating your payroll process and beginning to utilise the new combination of Modulr alongside BrightPay, please get in touch with your payroll manager at CMA to find out further details on how you can migrate across and ease the burden of your payroll!
If you would like to know more about the Payroll services we offer, then the easiest way to do it is to go to our website and take it from there!
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