24th July 2018
If you’re looking to outsource your payroll make sure the outsourced payroll supplier has Bacs Approved status. IRIS FMP has yet again received approved bureau status following its recent triennial inspection, with Excellent ratings in four of the five categories.
Over half of the organisations using the Bacs service make their payment submissions through an approved bureaux rather than submitting directly to Bacs.
The Bacs Approved Bureau (BAB) Scheme undertakes regular inspections that assess the technical competence and operational integrity of BABs. Bacs inspectors review the appropriateness of all bureaux to ensure they all meet the standards set by the Scheme on a triennial basis.
The inspection process aims to give a fair and objective valuation across five key categories:
- Bureau Organisation and Financial information
- Physical Security
- Computer Operations
- Applications and Systems Support
- Bacs Processing and Operations
A scoring and weighting process determines a rating for each category:
- Requires Improvement
Michelle Webb, Operations Manager for UK Outsourced Payroll Services commented: “Being a Bacs Approved Bureau is critical to an outsourced payroll company. We are delighted to have received this accolade again with such high ratings – a testament to our robust systems, procedures, and world class employees. Our accreditations now include Payroll Assurance Scheme Accreditation from the CIPP and continued ISO accreditation in ISO 2017, ISO 9001, ISO 14001, and ISO 22301. We can provide any company with the assurance they need that we will handle their employees payroll professionally and to the necessary HMRC, TPR and GDPR regulation. “
For over 50 years, Bacs has been at the heart of the payments industry. Since its inception, more than 125 billion transactions have been debited or credited to British bank accounts via Bacs. In 2017 IRIS FMP made over 800,000 transactions valued at just under £1.9 billion
IRIS FMP’s bureau listing can be found on the Directory of approved bureaux on the Bacs website.