"Softjourn did a great job and took a tremendous amount of pressure off me. I always like the developers to take the lead. When you trust your development team, which I do, then they are pretty much running the show. And we took all the advice they gave us."
Bullet: Adapting to New Irish Payroll System Requirements
ABOUT THE CLIENT:
SERVICES USED:
SERVICES USED:
The Challenge
Our client developed an accounting product for Irish companies that has a variety of tools to support small businesses. Due to changes in the Irish payroll system, Bullet was forced to make modifications to their software and needed a reliable partner.
The Solution
A team of experts updated Bullet's software and made it compliant with all legal requirements. The updated application allows their users to send reports much faster and enables two ways of reporting: direct and ROS.
The Result
The benefits of updated software are:
- Compliance to regulation
- Ease of use
- Increase in client satisfaction
The Challenge
Small businesses are crucial for the European economy, providing a potential source of jobs and the fule for future economic growth. In Ireland, they generate more than 70% of all jobs in the non-financial business economy, approximately 4 percentage points more than the EU average. In the U.S., there are 30.2 million small businesses that account for 99% of all businesses and 54% of all U.S. sales.
People that decided to start their small businesses face a number of challenges every day. One of them is accounting, including bank account management, the payroll system, taxes, expense tracking, bookkeeping, invoicing, and collecting and issuing payments.
With reliable accounting systems like the one Bullet offers, small business owners can be more successful in managing their finances.
Bullet developed an accounting product for Irish companies that have all of the accounting rules (invoicing, payments, reporting, bank reconciliation, receipt tracking, and mileage tracking) built into its workflows.
Effective January 1, 2019 changes were made in the Irish payroll system which forced Bullet to make modifications to their software.
These new regulations obliged each employer to report the results from their payroll via the Revenue Online Service (ROS) in real-time. Employers must continue to ensure that all payments and deductions are calculated correctly, but now it must be reported in real-time as part of the payroll process.
The Solution
The existing accounting software was updated according to the legal requirements. The updated application allows reporting to ROS in two ways:
- Direct Payroll Reporting – Payroll software will automatically share employee information with ROS.
- ROS Payroll Reporting – The employer can upload files created on payroll software to ROS.
Payroll compliance is one of the most important administrative tasks for any business owner. There are a lot of regulations and laws surrounding payroll and every small business owner or entrepreneur needs to be on top of them at all times. Using third-party software like Bullet is the easiest way to streamline the payroll process and always be compliant.
The Benefits
The benefits of this project for our clients and their users are the following:
- Enhanced security. Compliance often involves implementing the best security measures that update software's resilience again any cyber threat.
- Building trust with compliance. When users know that the software they are using for their business is there to keep their data secure, it will impact customer loyalty and positive brand perception.
- Future-proofing payroll process. Regulations and legal requirements change over time, and with updated software, Bullet ensured that their users can create a streamlined payroll process.
- Alignment with industry standards. Compliance often requires frequent updates that ensure that in case of an audit, everything will go smoothly and without problems.
Conclusion
The team at Bullet was very happy with how Softjourn's developers collaborated with them on this project as they brought a lot of experience. The software was updated to be compliant with new payroll regulations.
If you are looking for experienced teams and financial experts to consult - Softjourn can help. With more than 17 years on the market, we can provide experts and dedicated teams that will help you get your product compliant and adhere to all industry standards.