BACS
Payroll Services
BACS a simple secure method which companies can
utilise to make payments by electronic transfer directly into their
employees bank or building society accounts.
Many banks provide a range
of BACS services for small businesses. In fact, around 90% of the UK
workforce are paid via BACs avoiding the hassle of writing out cheques
with employees waiting 4 days for their cheques to clear. CompuPaye will help you with the BACS application form if we
are to submit the bacs file on your behalf.
BACSTEL-IP SERVICE
We have invested in specialised BACSTEL-IP software so that we can offer
direct BACS Payroll services to our clients. BACS submissions are processed through the internet using the
latest Public Key Infrastructure (PKI) technologies for the highest
levels of security. We use a smartcard with PKI credentials protected by a PIN.
BACS
Approved Bureaus have to meet strict security standards. Along with ISO9000 and Investors
In People management standards, we have to
undergo regular onsite inspections. These are necessary to ensure that data
protection security, risk assessments and staff training are always met to the
highest industry standards.
We recognise that propective clients will obtain 2 or
3 quotations before making an informed choice. We recommend that
references are obtained including checking claimed credentials.
Many unreputable bureaus will falsely claim that they can submit
payments directly to BACS. A list of BACS approved Bureaus are
shown here>
Official BACS Directory.
Cost For This Service
Provided you are a client of ours and we are managing
your payroll, there is no additional cost to your organisation for
submitting the BACS file to what you are already currently paying to your
bank. If
you would like us to process your payroll for you, click
here to obtain a
quotation and to sign up for our BACS Payroll service.
It is worth checking if you already have a BACS User
Number as an
indirect submitter. If not, your bank may charge a setup fee. However, due to the lower
transactions costs per item, you will soon recover the initial setup
charges. Paying your staff by BACS is cheaper than writing out cheques and
your cash flow will also improve as your bank and the employees banks are
debited and credited the same day on payday.
For small companies, there are alternative options to pay your staff by BACS.
We can help you set up this procedure and will advise you on the most cost
effective method for your business.
Read more ...
To Set Up This Service
You
will need to obtain a BACS User Number from your
bank. As part of our payroll setup administration procedures, we will liaise with your bank to obtain and complete the forms
for you.
Once you have been sponsored by
your bank to become an indirect submitter,
you can then use
CompuPaye Bureau to submit salaries to BACS. The Bureau Number allocated to
Compupaye is
B80098.
You don't have to limit
this to just paying your staff. We can pay your PAYE Taxes to reach
HMRC by the 22nd of the month and we can even pay your suppliers.
For larger companies who
have their own BACS systems, we can submit your payment data in
electronic csv file format for you to import into
your own systems ensuring you always remain in control. As a BACS
approved bureau, we can also submit the BACS file for you or you can use us
for contingency submissions.
Read more ...
BACS Payroll Processing
Once the payroll has been agreed, we then begin the BACS submission
process. BACS processing is a 3 day cycle - working days. Bank holidays and
weekends are excluded from this cycle. The last
submission dates are published on the BACS website:
www.bacs.co.uk/BACS/Bureaux
|
Input - day
1 |
Processing -
day 2 |
Pay day -
day 3 |
|
Once you have signed off the
net pay for your staff, then we will submit the file on this
day. Input day is the last possible
day we can submit the file to BACS.
Payment files must be transmitted to BACS processing centre on
or before the input day.
We can submit Direct Credit
payment instructions up to 30 days in advance of the payment
date.
|
BACS ensure the payment file
validation and output production is complete by 06.00
The receiving banks then process the payment data.
If you change your mind about
paying the employee at this stage, then you need to contact your
bank to arrange a BACS recall. We will assist you in arranging
this.
|
All payments are simultaneously
debited from your account and credited
to the employees accounts by 09.30am.
|
Contact us for a more
detailed quotation.
Our price is tailored specifically on your requirements and the service level
agreements.
