Revolut's ambition to provide a one-stoop-shop for business banking services has been given a boost with the introduction of integrated payroll management software.
With Payroll, salary, taxes, pay runs, National Insurance, and pension contributions are calculated for Revolut Business customers and neatly rolled up into a single app. An automated onboarding process means the feature can be set up with just a few clicks in the Revolut Business app.
Payroll affords business owners the flexibility to make real-time salary adjustments - such as awarding bonuses, including benefits, and adjusting deductions - for individuals and teams across their businesses.
Synced with HMRC daily, Payroll automatically update employee details with any changes to employee tax codes, student loans, and more, minimising lengthy back-and-forth between Revolut Business customers and HMRC.
James Gibson, head of Revolut Business, said: “For many businesses, processing payroll can mean juggling multiple software and moving data between them - it can be extremely tedious and time consuming with manual activity that often leaves greater room for error. Knowing SMEs can waste between 1-3 days each month on manual review and reconciliation, we’re thrilled to launch Payroll and provide UK Business customers with a handy, all-in-one solution that seamlessly integrates Payroll into their Revolut Business accounts.”
Rolled out initially in the UK, Payroll is priced at £3 per active employee per month.