The MoneySoft Payroll Manager is a comprehensive software system with RTI (real time information) capabilities. It is HMRC recognised and processes an estimated 3m documents per year, making it one of the most popular payroll management software systems in the UK.
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|Reviewed by Expert Market:||07/11/2016|
Which Version Is Right For Me?
There are three versions, the one which is right for you will depend on the number of staff you are currently employing. Each maximum employee limit for the software includes sub-contractors.
Payroll Manager 20 is designed for use within a single company and can process financial information on up to 20 employees. This version is perfectly suited software for smaller enterprises and costs £60 per year.
Payroll Manager 100 can be used by multiple companies simultaneously for up to 100 employees. It is a more comprehensive version that offers larger businesses more scope. Should you expect your company to expand in the near future, it might make sense to utilise this version instead of the Payroll Manager 20.
It should be noted that the more staff you employ the better the value of the package. Payroll Manager 100 costs £120 per year and, like all other versions, can be renewed annually.
The largest package is the Payroll Manager 250, which, as the name suggests, is suitable for businesses with up to 250 employees. At £180 per year it might sound a little expensive but when the size and scope of the software, including the huge amounts that can be saved by keeping the process in house, it does offer great value for money.
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Should you decide to keep your payroll services in house, it is vital that you use a comprehensive software that can encompass all your requirements. The MoneySoft Payroll Manager provides various features and with three versions to choose from; it can cater for small, medium and large businesses.
The main benefits include:
- Ease Of Use
- Value for Money
- In Depth Features
Ease of Use and Flexibility
The first advantage in using MoneySoft’s Payroll Manager is it is comparatively simple to use when compared with most other packages. This can be of particular benefit for small businesses who cannot afford to outsource the process but do not have a specialist knowledge within the company.
One ongoing problem with many payroll managers is they make it difficult to correct mistakes, which can make the entire process highly frustrating. MoneySoft have created an intuitive and flexible program that can make for a more efficient method of dealing with what can be a complex process.
Value for Money
Although the Payroll Manager 20 offers great value for money, it is at the higher end that MoneySoft provide the greatest savings. It can be difficult to make accurate comparisons regarding this software as each program provides different levels of depth within the product but there can be little doubt that MoneySoft’s packages are among the most affordable.
In Depth Features
Whilst ease of use is an important component of any payroll system, the more complex a business model is, the more complicated the program will be. MoneySoft Payroll Manager does not provide the features of some of its rivals, like certain IRIS packages for example, but this is by no means a comment on its lack of features.
RTI filing, in depth reporting, automatic calculations that includes sick pay and maternity leave, pension enrolment and back up facilities are all within its capabilities.
Most sectors will find the program provides all the features they will need but it is particularly suited to some sectors. It is very highly regarded by the construction industry due to the extra features provided for use within the CIS (The Construction Industry Scheme).
The simplicity of the program is also highly suited to small businesses who are not capable of outsourcing or employing staff who are capable of dealing with complex software or the intricacies of payroll management.
The most complex ventures may require something a little more in depth than the MoneySoft Payroll Manager, however, and those that employ over 250 people will need to seek out other options. This may be more complex software or outsourcing the entire process.
At the bottom end of the scale, start ups can use the HMRC software, which provides the most basic needs for free. If your business requires a more complex method than the MoneySoft Payroll Manager, or one which can be used for companies that employ over 250 people, the Sage Payroll 50 is designed for companies with up to 500 employees, while IRIS products are highly professional and capable of dealing with the most complex operations.
Once a business reaches a certain size it might make sense to outsource your payroll requirements. Payroll management can be a hugely time consuming endeavour and, unless you have expertise within your company, it can also be a costly and frustrating one. By employing specialists in the field, this can also reduce the risk of missed payments, including possible fines from tax payment oversights.