Managing payroll requires processing a lot of personal data on employees. The availability and accuracy of that information, as well as ensuring it doesn’t fall into the wrong hands, can have serious implications for your business.
A recent survey conducted by B2B payments provider Modulr and payroll publication Reward Strategy found that manual payments handling was the largest payroll overhead for 44% of companies. Nearly 40% of companies surveyed relied on Excel spreadsheets to receive, submit and process payroll data.
With the EU’s General Data Protection Regulation (GDPR) due to come into force on 25 May, payroll managers need to think carefully about how they store, manage and send payroll information to third parties. Under GDPR, data will need to be held securely and protected against unauthorised access.