10 Aug 2018

The rise of the virtual payslip

Gone are the days when payroll was concerned only with pay, tax and National Insurance contributions. Now payroll departments are expected to manage pension contributions, Save as You Earn share option schemes, Give As You Earn charitable giving schemes; salary sacrifice and flexible benefits plans. Not to mention the complex compliance and HMRC demands placed upon them.

Did you know? 1 in 20 employees in the UK is paid using a Pegasus payroll system

Payslips in particular have always been a necessary evil. Not only do they take a significant amount of time to produce and issue to employees, they amass considerable print and postage costs. Not to mention the added worry of employee queries when payslips are not received, mislaid or a include discrepancies.

In an effort to address this administrative burden, e-payslips – whereby the printing, sorting and posting processes are all removed literally at the click of a button – have been the source of much discussion in the industry for the last few years. However, the concept of online payslips has remained a point of discussion rather than a reality. A number of organisations are reluctant to take on this new method due to security concerns, cultural barriers and a lack of robust solutions on the market.

A considerable number of Payroll Administrators have significantly changed the way payslips are managed within their business. Many have adopted a Payroll self-service, whereby employees can access personal information, including payslips, via a dedicated online portal.

Employees can have the peace of mind that they no longer need to worry about losing their payslip under a pile of work, accidently throwing it in the recycling bin or spending a whole afternoon routing through the loft and copious amounts of paperwork to dig out last years P60 to assist with a tax return. The process becomes quite simple. They can simply log on and download. While security concerns around e-payslips were once voiced, when evaluating the scenario of a payslip being left on a desk versus one being held in a file behind a password, it is easy to see why organisations are now embracing this new way of working.

As payroll professionals realise the cost and time advantages to converting, payroll administrators will see the continued rise of payroll self-service, e-payslips and e-P60s, highlighting that the ‘virtual’ payslip model is very much here to stay. Employees get convenience, choice and predictability and payroll departments get to cut their costs, reduce hassle and save time.

If you are currently running Opera 3 and would like more information on Pegasus e-mail payslips and P60s, or simply have a few questions, please contact us on 0345 456 0050.

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18 Nov 2017
08 Oct 2017
04 Oct 2017

Digital Tax for business – what you need to know

“Around two million small businesses, landlords and the self-employed already use software to manage their affairs. Digital tax will develop from this. Many are already using apps to regularly record their income and expenses. And so far this year, more than seven million people (around 87%) have filed their Self-Assessment digitally, up from just 39,000 (0.5%) when it was first introduced in 2000.

The tax system should make it easier for businesses to get their tax right first time. The latest tax gap figures show that too many businesses are prone to making mistakes with over £8 billion a year in tax lost from avoidable taxpayer errors. This not only costs the public purse – it also causes businesses cost, uncertainty and worry when HMRC is forced to look into their affairs.

Making Tax Digital will tackle these challenges. It will help businesses steer clear of errors, get their tax bills right and give them a clearer view of their tax position in-year. I recognise that this will be a change for many businesses. But the Government is committed to delivering this change in a way which is responsive to the diverse needs of the business community.”

Bringing Business Tax into the digital age
Summary of responses – Jane Ellison
31 January 2017

What is Making Tax Digital?

Making Tax Digital (MTD) is part of the government’s plan to make it easier for businesses to stay on top of their day-to-day accounts. HMRC aims to be one of the most digitally advanced tax administrations in the world – thus improving efficiency, effectiveness and ease of compliance between Government offices and taxpayers.

“The HMRC aims to close the digital gap between business accounting systems with HMRC services and in keeping with today’s – if not – tomorrow’s digital and cloud technology. With many businesses already adopting hosted applications for most of their business functions, SMEs across the UK will need to ensure their accounting systems are set up to manage digital transactions and dealing with the HMRC online.” Claire Pierce – Pegasus Opera consultant and accounting specialist at Synergy Technology.

Making Tax Digital presents significant benefits for customers. It will mean that businesses and taxpayers will not have to give HMRC information that it already has, or that it is able to get from elsewhere – for instance from employers, banks, building societies and other government departments.

Taxpayers should not have to wait until the end of the year or longer to know how much tax they should pay. HMRC will collect and process information affecting tax as close to real time as possible, to help prevent errors and stop tax due or repayments owed building up.

Eventually customers (and their agents) will be able to interact with HMRC digitally and at a time to suit them. They already have access to a digital account which will present them with an increasingly personalised picture of their tax affairs, along with prompts, advice and support through webchat and secure messaging.

Operative dates for the implementation of Tax Digital

The government first announced its vision for modernising the tax system at the March Budget 2015. At the Spring Budget 2017 the government announced that it would provide 3.1 million small businesses with an extra year (until 2019) before they are required to keep digital records and send HMRC quarterly updates.

VAT comes first

Every individual and business now has access to their own personalised digital tax account and these are being regularly expanded and improved. From April 2019, legislation will require businesses above the VAT threshold to set up a digital tax account and file quarterly returns online. Preparation starts now, with businesses and accountants moving online to improve efficiency, boost profitability and make the transition painless.

This is the projected timeline from HMRC (subject to change):

  • July – December 2017: Digital tax accounts show taxpayers an overview of their tax liabilities in one place. Automatic tax code adjustments to prevent PAYE under and overpayments
  • March 2018: By March 2018, the functionality provided by the Government Gateway will be migrated to a new HMRC Multi Digital Tax Platform (MDTP). The new platform will cater for online VAT and RTI submissions via what HMRC refers to as a ‘transaction engine’, which will have a different URL compared to the current Government Gateway. Customers will have to migrate to the new transaction engine by approximately 13 February 2018, after which the current Government Gateway service will end.
  • 2019: From 1 April 2019 VAT100 submissions must be done via software interfacing with the new API.
    Most businesses, self-employed and landlords start updating HMRC quarterly for VAT obligations through their accounting software.
  • 2020: Most businesses, self-employed and landlords start updating HMRC quarterly for income tax and National Insurance obligations through their accounting software.
    It is also planned that most businesses, self-employed and landlords will start updating HMRC quarterly for Corporation Tax obligations through their accounting software.
    By 2020 HMRC aims to have the full range of HMRC services available through digital tax accounts.

 

Learn more about Tax Digital at the Government website

What businesses need to do to prepare

As part of the objectives for Tax Digital, ultimately digital record keeping software will be linked directly to HMRC systems, allowing customers to send and receive information directly from their software. As a result paper records will no longer be sufficient and it will become mandatory for almost all businesses (self-employed, partnerships and limited companies) and landlords to use accounting software or an electronic spreadsheet to keep accounting records. The day will come when paper accounting records will cease to meet the requirements of tax law.

Businesses need to be aware that as part of Tax Digital there will be a requirement to submit updates to HMRC each quarter directly from accounting software, within one month of the end of each quarter. As HMRC has indicated that the existing Government Gateway will cease to be available, it is imperative that your accounting system is set up to do this direct.

Read our five tips for making sure you and your accounting system is ready >>

To ensure your accounting system and your business is ready to comply with Tax Digital regulation, contact Synergy Technology on 0345 456 0050 to discuss your business accounting software system and for further information about hosted and secure digital work space services.

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10 Aug 2017

Improve the way your sales team interact : Pegasus Mobile Sales

Now you can provide your field sales team with a great tool to use on the road.

Mobile Sales via Pegasus Web Xchange is a dedicated sales app that will change the way your orders are taken and processed.

If you have a sales team on the road, Pegasus Mobile Sales will be an invaluable tool for them to take sales orders on their mobile devices. The sales person can showcase products to the customer, take the order and send it securely back to the office to be authorised and uploaded into Opera 3 Sales Order Processing.

With Pegasus Mobile Sales, the turnaround time between a customer placing an order and that order being processed is reduced significantly. This improves delivery and invoicing times, ultimately enhancing cash flow. Processing orders in this way saves time and money and improves the customer’s experience of your company.

Improve the way your sales team interact with customers

Pegasus Mobile Sales is designed to improve the way your sales team interacts with customers. Account information is provided so that the sales person can see the customer’s credit limit and current balance, a list of their outstanding invoices and due dates, and previous orders placed. The sales person therefore knows what’s been ordered, delivered and invoiced to that customer, so they have a history of the customer’s purchasing patterns. And it’s possible to define the length of time sales orders are retained on the mobile device.

In addition, Stock Enquiry allows the sales person to see what is in stock and the selling price. All of which is exactly what the sales team needs to manage customer accounts, take sales orders and send them to the office for processing.

Works even without wifi or an internet connection

Pegasus Mobile Sales is designed to work even if there’s no internet connection using cached data. Information on orders placed is stored on the mobile device until a network connection is found.

Synergy Technology is one of the UK’s leading providers of Pegasus accounting, payroll and business software solutions. We have a dedicated team of highly qualified Pegasus support technicians and software implementation experts, who can help to install, train and support your Pegasus Opera system.

Features and benefits

  • Works on Android tablets
  • Secure communication between the mobile device and Opera 3
  • Downloads Opera 3 Stock Control to the mobile device, including stock levels and pricing
  • Sales orders from the mobile device are uploaded to Opera 3, where the sales office can approve them and import them into Sales Order Processing
  • If an order is rejected, the sales person is notified and given the reason
  • The Due Date for delivery can be specified at both Sales Order and Sales Order Lines level
  • Uses product and special pricing, invoice and settlement discounts and customer price lists
  • Showcase products to customers
  • The customer’s signature can be captured on orders and included in the order confirmation email
  • The sales person can view the status of the order, from upload to Opera 3 through to Delivered and Invoiced
  • Orders can be taken even if there’s no network service, and can be uploaded once network service is restored
  • Ideal solution for companies with sales people on the road
  • Saves your business time and money

 

If you have a sales team on the road, and want to improve the way they interact with customers, then contact Synergy Technology today. We are one of the UK’s leading providers of Pegasus accounting, payroll and business software solutions. We have a dedicated team of highly qualified Pegasus support technicians and software implementation experts, who can help to install, train and support your Pegasus Opera system.

Source: Pegasus Opera

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04 Jul 2017

Business Intelligence reporting integration with Pegasus XRL

Pegasus XRL is the award-winning Business Intelligence tool which seamlessly links your financial information with Microsoft Excel. A feature of Opera 3, by using XRL there is no more re-keying, no more copy-and-pasting and no more data falling through the cracks.  It’s just fast, accurate and secure reporting and analysis.

Synergy Technology is one of the UK’s leading providers of Pegasus accounting, payroll and business software solutions. We have a dedicated team of highly qualified Pegasus support technicians and software implementation experts, who can help to install, train and support your Pegasus Opera system.

Summary

Pegasus XRL provides powerful and adaptable access to the financial and distribution modules within Opera 3. With its flexibility, ease of use and advanced drilldown capabilities, Pegasus XRL delivers fast and accurate information to provide enhanced analytical power.

xrl screen showing reporting

Pegasus Opera showing XRL

Ease of use

Pegasus XRL really is easy to use. The XRL Wizard will help you import data into Excel. Simply select the Company for which you want to get data, identify the area of the system you are interested in and then choose the fields you want to import. Plus, it’s all written in plain English so you don’t have to work with technical jargon. Getting your company’s data into Excel will now take seconds!

Accuracy and security

The first step to using Pegasus XRL is to log on to the software. This is important as it allows the system to check your user rights and thus ensure sensitive data is only accessible to the relevant personnel. Once this has been done, you can use Pegasus XRL to display financial data in no time at all. What’s more, it’s accurate too. Pegasus XRL data is extracted straight out of Opera 3, therefore eliminating the input errors common in manual spreadsheet use.

Reporting power

With Pegasus XRL, you can create a link between the data and a specific field in a spreadsheet so that you can design Management Reports (P&L, Balance Sheet etc) in Excel and link the data fields ‘live’ into the latest financial information. This means that producing Management Reports now takes hours rather than days. Further reporting power is provided by multi-dimensional analysis tools such as Cube Analysis and Pivot Tables.

Opera XRL screen showing drill down

Pegasus Opera XRL showing drill down

Drill down to individual transactions

Not only can you export data into Excel, you can also interrogate those fields and drill down to the transactions behind them.

For example, a Turnover Value for a customer can be expanded by invoice number and then expanded again so that you can see the stock items which make up that invoice. The real power of this becomes obvious the moment you’re asked to explain a value on a spreadsheet; using drilldown to investigate the transactions behind the field, you’ll have an immediate answer without having to refer back to the accounts system.

Writeback

The Data Send facility in Pegasus XRL is easy to use and allows you to take information which has been prepared in Excel and load it directly into Opera 3. Information such as Nominal Budgets, Price Lists and Stock Adjustments can all be entered into Opera 3 with a minimum of effort. Not only does this feature save a great deal of time, it also eliminates the need to undertake mundane repetition of manual input and therefore proves most popular!

Data Cubes

Data Cubes provide multi-dimensional views of data for use in business analysis. An example of this would be where insight is needed into sales of stock items by region, sales representative, type and so on, and in any combination – this would be the sort of information that exists within the finance system, but would not be so readily available and with this degree of manipulation.
The key to Data Cubes is that information can be manipulated in many ways for a quick and effective view of trading conditions. Furthermore, the data in one of these virtual cubes can be:

  • Sliced (eg breakdown company turnover by customer)
  • Diced (see which products those customers buy)
  • Drilled (see details of every invoice for that customer and product)
  • Charted (instant chart will provide a concise and clear visual representation of selected data – ideal for spotting problems and errors)
  • Distributed (Cube Analysis results can be saved as an Excel Spreadsheet or PDF and quickly dispatched to people)

The Cube Analysis feature within Pegasus XRL provides an efficient and easy way of working with Data Cubes so that data analysis can be undertaken rapidly and with the minimum of fuss. The result is that many finance departments can conduct interesting and thorough investigation into performance data, spotting trends, problems and opportunities and therefore providing a value added service for the organisation.

Excel users who already have experience with Pivot Tables will particularly enjoy working with Cube Analysis. Indeed they may well find it even easier to select and import data into a Pivot Table when using Pegasus XRL.

Features of Pegasus XRL

With Pegasus XRL, extracting data from Opera 3 is astonishingly easy. You simply select what you need from the drop-down menus and click.

Everything you’ve selected is immediately imported into an Excel spreadsheet for you. And if you change your mind about the data you’ve selected or want to look at things differently, a few more clicks is all it takes.

XRL showing management reports

Pegasus Opera XRL showing management reports

Save time

These days no-one can afford to spend days producing simple management reports. Pegasus XRL dynamically links effective and accurate reports to an Excel spreadsheet so they only take a matter of minutes to produce – and you can concentrate on getting a solid grip on your company’s financial performance.

The Pegasus XRL link is live, so you’ll always be working with up-to-date information. No matter how long you spend on your analysis, your results will always be valid.

Pegasus Opera XRL showing the Balance Shee

Pegasus Opera XRL showing the Balance Sheet

Pegasus XRL is an award winning and cost effective tool for customers operating Pegasus accounting software. These benefits include:
• Significant time savings over manual entry
• Accurate data transfers ensuring accurate results
• Powerful analytical tools for better and quicker results
• The dynamic link between Opera 3 and Excel can provide instant management information for timely decision-making
• Powerful reporting tools to present data in easy-to-understand graphical form
• Use Pegasus XRL’s powerful reporting tools to analyse your data and spot looming issues and opportunities, in order to make the most of your company information

SOURCE: Pegasus Opera

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