Is Moneysoft's Payroll Manager and Money Manager bookkeeping software the right fit for your business? Find out here today
Moneysoft can offers a solution to businesses looking to expand from the free HMRC payroll software, and is a great option for business owners and payroll staff looking for payroll software that can manage their needs.
The provider offers two pieces of software:Payroll Manager and Money Manager. Both pieces of software are designed to help your business manage your incomings and outgoings.
Payroll Manager, is recognised by HMRC (Her Majesty's Revenue and Customs) and is an RTI (Real Time Information) compliant payroll software package, used by thousands of small and medium-sized businesses, accountants and contractors across the UK.
Secondly, Money Manager is a simple and effective bookkeeping software, with 100,000+ users across the UK and worldwide. Used in a variety of contexts, including small businesses, clubs and schools, Money Manager gives users the ability to track their incomings and outgoings in an efficient and easily manageable way.
The following will delve into Moneysoft's available services to small business owners, what's included with the different software and how it can benefit your start-up business.
What is payroll software?
Businesses use payroll software to accurately manage their various ingoings/outgoings. These include employee payments, invoices and other relevant aspects of payroll.
Payroll software automates this process, streamlining and storing it securely online. This reduces the risk of any incorrect transactions or translations of data, saving your business both time and money in correcting any margin of human error.
Payroll software has many additional and helpful functions, such as tax form generation, processing direct deposits, automatic calculation of withholdings and deductions and more.
There are many varying types of payroll software – for more information, take a look at our small business payroll services page to ensure you find the right solution for your business.
In addition, the HMRC RTI process has, effectively, made running a payroll manually a very difficult task.
By law, RTI (Real Time Information) requires your business to send information to HMRC every time you run your payroll. All data must be sent electronically, using an RTI compatible payroll system. Evidently, if your business is yet to invest in an electronic payroll system, now is a good time.
Moneysoft Payroll Manager
The following section will give more information on the Moneysoft Payroll manager software, detailing its simplicity of use, feature abundance, the construction industry scheme and the Moneysoft payroll Manager costs.
Simplicity of use
Moneysoft’s Payroll Manager software is be easy to use by design. This is clear to see through features such as intuitive data input, and easy to edit mistakes. Keeping your software updated is simple, with auto-updates from the website. This ensures that your business will stay in line with current legislation.
The software has a built-in help system, and your subscription comes with unlimited email support. As a result, help will be close at hand should you come across any problems. You can also view a complete year’s pay history at a glance – allowing you to print reports for any period of time. In addition, the main screen displays information for the full year.
This means that you can move across the full year between various pay periods with ease, and print payslips and reports for previous weeks and months.
Employees joining midway through the tax year are not a problem, either. The mid-year start screen allows you to enter the year-to-date figures for clients you take on in this period with ease.
Packed with features
Moneysoft’s payroll software comes with a huge amount of features, all to make your day to day payroll requirements simpler and more efficient:
- RTI filing
- Employee payslips
- Comprehensive reporting with email capabilities
- Automatic calculation of various types of pay, including maternity (SMP), paternity (OSPP), ASPP and adoption (SAP) pay, employers NIC allowance and more
- Extra features for agents and accountants, construction scheme (CIS) contractors (LINK) and P11d expenses
- RTI batch processor in all multi-company versions of the Payroll manager
There are also various extra features that are there to help you process multiple client payrolls, including:
- The ability to produce payslips in various layouts and formats (to PDF, pre-printed forms, plain paper and more)
- Fee calculation and agent invoicing facilities
The CIS (Construction Industry Scheme)
Moneysoft’s payroll manager enables you to process payments for CIS subcontractors efficiently and simply, including:
- Automatic CIS calculations and subcontractor verification – as well as 300 online CIS submissions to HMRC
- Online subtractor verification – simply enter the details of a subcontractor into the software to be presented with the corresponding verification number and tax status from HMRC
- CIS 300 monthly returns – Moneysoft’s Payroll manager will automatically calculate all deductions made, reporting these to HMRC by each month’s end
- Payment certificates, reporting and invoicing – the software can print Payment Certificates for all subcontractors and can be used to prove subcontractor invoices when needed
- Detailed analysis – Various reports allow for detailed analysis of retentions, subs, CITB levy payments, fees, insurance and holiday pay
The majority of industry sectors will find that Moneysoft covers their needs, but it is especially suited to the construction sector, due to the various extra features for use within the CIS.
If you are not sure what the CIS is, or how it affects your business, visit the government web page to find out more.
Payroll software for workplace pensions and auto enrolment
Since October 2018, all employers have had to offer employees a Workplace Pension scheme. All versions of Payroll Manager come with features to aid your business with the Auto Enrolment process for free.
The software has been closely developed with The Pensions Regulator. This is to help employers comply with new workplace pensions legislation.
Payroll Manager has the ability to communicate directly with NEST (National Employment Savings Trust), as well as produce output files for most of the key pension providers, including (but not limited to) the following:
- The People’s Pension
- Beaufort Consulting
- Carey Pensions
- Creative Pension Trust
Visit the government website for more information on auto-enrolment and workplace pensions.
Payroll manager costs
Payroll Manager is available to businesses in 3 separate versions, primarily based on the number of companies and employees that you wish to process the payroll for.
The prices featured are for an annual license, and includes all updates and unlimited email support.
|Version||Employer limit||Employee limit||Price|
|Payroll Manager 20||For one employer/contractor||Up to 20 employees/subcontractors||£68 per year + VAT
|Payroll Manager 100||Multi-company – no limit to number of employees||Up to 100 employees/subcontractors per employer||£136 per year + VAT
|Payroll Manager 250||Multi-company – no limit to number of employers||Up to 250 employees/subcontractors per employer||£204 per year + VAT
It is important to note that the licence runs 12 months from the date of purchase and all employee limits include leavers during the tax year.
Moneymanager bookkeeping software
A separate offering from Moneysoft is their simple and effective bookkeeping software, Moneymanager, with over 100,000 users across the UK and worldwide.
The platform’s ease of use and flexibility make it a great option for a variety of applications, including:
- Home accounts
- Small businesses
Moneymanager has been used by clients since 1984 in its various iterations, with Moneymanager 7 releasing in 2011. The platform is available in two versions:
- Money Manager Business Edition
- Money Manager Personal Edition
Money Manager Business Edition
The Business Edition of Moneysoft’s Money Manager platform is designed for small (and other, slightly larger) businesses and firms. This also includes individuals who would like an extended accounting facility for their bookkeeping.
The platform caters for VAT, and this includes the online-filing of VAT returns each quarter, various currencies, credit sales and purchases and more.
Money Manager Personal Edition
The Personal Edition of the Money Manager software is designed with private individuals, clubs and smaller businesses in mind, allowing them to keep track of their income and expenditure.
If you find your needs changing, and think that the Business Edition would be more suitable for you, all data from the Personal Edition can be used with the Business edition, meaning you can upgrade from one to the other as required.
Compare Payroll software quotes
Hopefully, this page has given you the information to help you better understand what payroll software is and the services Moneysoft can offer.
To receive several tailored, payroll quotes for your business, simply fill in the below form. We can then put you in touch with the right suppliers who'll give you the information you need.
Besides Moneysoft, there are of course other payroll software options for your business. To see the other available options, take a look at our page on the various payroll service providers.
Doing so can save you both time and money, and provide a solution that is a suitable fit for your business.