Running a weekly payroll system is operationally very challenging. It requires you to follow strict deadlines to pay your employees on time. One of the main issues payroll managers encounter when running a weekly payroll schedule is to navigate around slow Bacs payment cycles of three days. We have explored the use of Faster Payments instead to gain flexibility around tight payroll deadlines.
To have people paid by Friday your payroll needs to be ready by Wednesday. Bacs payments won't be sufficient to deal with tight payroll deadlines. Faster Payments is the way to handle late timesheet submissions. You can even submit payments Friday and it would still go out in time.
The rise of temp staff workers in the country over the past few years has been the primary reason for more frequent payment schedules, weekly or even daily pay runs. The UK has already 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 to simply replace slow Bacs payments with a quick & instant Faster Payments instead. That buys you as much as three days, however, how can you take advantage of this?
Use the very same Bacs file that you would normally need to pass on to your bank or bureau and import to Telleroo - no reformatting necessary. Send multiple payments with one click via Faster Payments, instantly and around the clock. We also support other industry formats produced by accounting software such as Xero or Brightpay.
A Faster Payment bank transfer clear immediately around the clock. We at Telleroo are committed to end this era of slow and expensive business payments to eventually level the playing field, and make business payments as effortless as consumer payments. Get a free test account and see for youself.
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