Revolut Business customers will be able to pay their employees in ‘clicks, not hours’ thanks to the new Payroll system introduced by the company.
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Revolut hopes this will help SMEs with limited resources to speed up and simplify paying their employees.
“That’s why we’ve launched Payroll, our new app packed with features to help make paying your employees a hassle-free, easy experience. Something that can be done in clicks, not hours. Because hey, it’s not often you get to cut employee admin by days at a time,” the company claims in a blog post.
“Salary calculations, taxes, pensions, pay runs and more are calculated for you and rolled up into one easy to use, intuitive app. And you can close those spreadsheets – we do the hard sums for you, even when you need to customise pay for anyone in your business. From financial first-timers to ace accountants, this is Payroll that works for everyone,” they add.
Payroll is also connected to HMRC. Any changes to employee tax codes, student loans, and more are synced with HMRC daily, and Revolut will update them for the customer automatically.
Head of Revolut Business James Gibson said Payroll can help businesses struggling with “juggling multiple software and moving data between them” in an activity that can take up to three days each month and “often leaves greater room for error”.
Revolut claims it currently has 18 million personal users, 500,000 business users, and the capacity for more than 30 currencies in its app.
Payroll is charged at £3 per active team member per month and is available to all UK businesses.
