Dealing with payroll can be a tricky task, especially when you have a business to run. With time-consuming tax compliance and multiple payments to stay on top of, it’s easy to feel overwhelmed when paying your team. Luckily, there’s a growing fleet of software available to streamline your payroll processes, maintain accuracy, and save you time, including Modulr.
Founded in 2015, this payment system has been making waves in the finance industry for a decade. But what is it, and how could it help simplify your everyday payroll tasks? Take a closer look at the ins and outs of Modulr payments in this guide.
What is Modulr?
Modulr is a software-driven payment service that falls under the umbrella of financial technology – or Fintech. This refers to any dedicated software or digital device that improves financial or payroll services and makes financial tasks easier.
In particular, Modulr is purpose-built to streamline payroll processes, allowing businesses to streamline their financial operations with:
- Automated payments based on pre-determined schedules
- Real-time payment processing
- Embedded payments
- Automated reconciliation
- Seamless integration with accounting and payroll software
This not only helps reduce administrative burdens but also ensures accuracy and efficiency when managing complex payroll tasks.
For businesses dealing with overseas payments and payroll, Modulr provides a hassle-free solution for handling global transactions. It features multi-currency support, for example, and complies with international regulations for secure cross-border payments to your international team.
How Does Modulr Make Payroll Easier?
Modulr comes with a whole fleet of features to take your payroll system to the next level. Whether you’ve been sending payments manually or working with clunky direct debits, it upgrades your processes to suit the needs of your business, your team, and your schedule.
How? Let’s take a look at some of the benefits to learn more:
Time-Saving Automation
Modulr automates the entire payroll process, sending payments to your team according to your schedule. Essentially, it works away quietly and efficiently in the background so that you can focus on the big-picture tasks of running your business. There’s no need for manual payment entries and it uses a single, simple platform to send, record and track your payments. Easy peasy.
Error Reduction
Integrating directly with your payroll software (like BrightPay), Modulr eliminates the risk of human error in payment calculations and transfers. It uses the data already entered into your payroll system to make correct payments, with no input needed on your part, and pays your team what they’re owed when they’re owed it.
Tip Top Security
To comply with UK laws (such as the Data Protection Act), your business needs a secure payment system. Modulr provides a highly secure payroll environment, with precautions like Confirmation of Payee and fraud detection to ensure your money goes where it needs to and nowhere else. The business also holds funds in separate accounts to safeguard your money and has a plan in place to return your funds in case of insolvency.
Instant Payments
Need a payment to go through today? With Modulr’s real-time payment capabilities, you’re not bogged down by delays that prevent instant payments. This makes it a lot simpler to complete last-minute tasks and keep your team happy, even when you’re seconds away from a payment deadline.
Expert Support
At Angel Bookkeeping and Payroll Services, we’ve been working with Modulr’s payroll software for some time now. We’re well-versed in how to get the most out of it and can help you do the same. In fact, we’re happy to handle your entire payroll system, from setting up your account with Modulr to keeping records of your transactions. It’s financial management, simplified.
Modulr’s Business Benefits
Our implementation of Modulr makes payroll management a breeze, taking the hassle out of handling multiple payments and freeing up valuable time for other important tasks. When all of your payments are automated, you can wave goodbye to the stress of manual data entry and staying on top of schedules.
Your team will also benefit from being paid on time and without errors. This might sound like a small perk, but it goes a long way to cultivating a positive workplace culture and keeping your employees happy and motivated.
From real-time tracking to easy-to-understand reports, you’ll have a clear view of your payroll process, giving you the clarity and confidence you need to get on with running your business.
Is Modulr’s Software Designed for Small Businesses?
Modulr’s software-driven payment service is designed to suit both small and large businesses. Whether you have a few employees or a thousand, you’ll benefit from the time-saving automation that reduces the need for processing individual payments.
As it integrates with other financial technology, you can also tailor the software to suit your needs and streamline your payroll processes.
How to Set Up Modulr Payments
The only time-consuming aspect of Modulr is that you need to set it up. Fortunately, we’re here to help with that.
As payroll professionals, we have plenty of experience working with Modulr and other software-driven payment services. As part of our digital payroll services, we can integrate Modulr with BrightPay, combining two top-tier solutions to make your payroll easier than ever to manage. We’ll also:
- Set up payment schedules based on your payroll frequency.
- Upload the payment data of your team directly into Modulr.
- Track and monitor your payments to ensure your payroll runs smoothly and your business remains tax-compliant.
Once we’ve got your payroll system up and running, you can review, monitor, and approve all your payments from a single, intuitive platform.
In short? You’ll never have to worry about missing a payroll payment ever again.
Simplify Your Payroll With Modulr
Using Modulr saves time, reduces errors, and makes payroll one less task on your to-do list. It’s the smart choice for efficient business management.
Interested? We’ll be happy to talk more about Modulr and explore payroll services for your business. Simply get in touch with our team today for a free consultation.