Speed up your weekly payroll with instant Faster Payments

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Posted on
September 14, 2021
Topics
Accounting
Faster payments

Speed up your weekly payroll with instant Faster Payments

To get people paid on Friday your payroll needs to be ready by Wednesday. Bacs payments won't be sufficient to deal with tight payroll deadlines. Faster Payments are the way to handle late timesheet submissions. You can even submit payments on Friday and it would still go out in time.

The rise of temporary staff workers in the UK over the past few years has been the primary reason for more frequent payment schedules, weekly or even daily pay runs. The UK already has close to 1 million short term workers and this number is expected to go up even more over the coming years. This will put further steam into a changing payroll industry and will accelerate new models and suppliers.

“Accountants are on especially tight deadlines when hourly paid employees submit timesheets late, which unfortunately happens quite often. Telleroo buys us some extra time and provides more flexibility and breathing room!”

Chris Conway the Managing Director of Multiply Accountancy

One approach to cope with tighter weekly payroll deadlines is simply to replace slow Bacs payments with quick and instant Faster Payments instead.

The very same Bacs file (that you would normally need to pass on to your bank or payment bureau) can be imported into Telleroo - with no reformatting necessary. You can send multiple payments with one click via Faster Payments, instantly and around the clock. Telleroo has an automatic sync with Xero accounting software, so importing payments from Xero is fully automated. Telleroo also auto-syncs with other industry payment apps like Brightpay.

How long do Faster Payments take?

A Faster Payment bank transfer will clear into payee bank accounts immediately and around the clock. We at Telleroo are committed to end this era of slow and expensive business payments to levelling the playing field and making business payments as effortless as consumer payments.

Sign up now to get a free test Telleroo test account and see for yourself how easy we can make your business payments.