Revolut launches all-in-one payroll solution for SMEs in the UK
Revolut Business announced today it is further enhancing its one-stop-shop for all things business for customers in the UK with the launch of Payroll, a handy new feature designed to make paying employees a hassle-free experience.
Revolut Business is designed to bring everything you need to run your business into one place, dramatically simplifying processes and allowing for unprecedented control on company spend. This latest development is a first-of-its-kind milestone for the industry, bringing even more key functionality to setup and run your business into the same app.
Developed with ease-of-use in mind, Payroll can be set up quickly and securely with just a few clicks in the Revolut Business app – with an automated onboarding process to make setup simple. With Payroll, salary, taxes, pay runs, National Insurance, and pension contributions are calculated for Revolut Business customers and neatly rolled up into one intuitive app.
Revolut Business customers in the UK can now seamlessly manage end-to-end payroll processes directly from their Business accounts, allowing them to save valuable time to focus on what really matters – running their business.
Built on top of Revolut Business’s best-in-class tech infrastructure, 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’s smart systems automatically update employee details with any changes to employee tax codes, student loans, and more, minimizing 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.”
Revolut Business customer Daniel Cowen, Co-Founder & CEO at 3Doodler, said:
“As a new entrant into the UK market, we needed a pragmatic and easy-to-use solution. With Revolut Payroll, we have been able to process salaries seamlessly and on time. Revolut’s payroll offering also is very simple to use and has a brilliant user-centric experience. This promises to be a disruptive product within the space, reducing the number of third parties we have to work with, and keeping our banking, payroll and accounting systems closely tied”
Payroll is only available for UK Business customers at this time, and is priced at £3 per active employee per month. More information on setting up Payroll can be found on the Revolut Blog.
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