Glossary Words
Brain Payroll has been tested by HMRC, and has received full recognition. As evidence, you can find Brain Payroll recorded on the HMRC payroll software listings.
It requires all employers to enrol their employees in their own Personal Retirement Account (PRA), which is managed by either an adviser or financial institution. It is then the employer's job to pay into the PRA. Automatic enrolment is implemented to improve pension saving rates among employees. Employees will be able to opt-out of the scheme if they wish.
ATS (Applicant Tracking System)
ATS is a web-based system that enables recruiting professionals to manage the recruitment process. It is commonly used in companies that receive many online applications and shortlist candidates for interviews.
Many organizations use an applicant tracking system (ATS) or applicant management system (AMS) to collect, store, and organize applicant information. ATS helps them manage the process of recruiting candidates. Usually, the candidates come through all possible channels like career sites, job boards, job fairs, referrals, etc., and ATS stores their information in the database. Applications can be easily captured online, and with a click of a button, these can be filtered through a recruitment pipeline.
It is used to help reduce application processing time, streamline the recruitment process, improve applicant tracking, and increase recruitment productivity.
API is the acronym for Application Programming Interface. It is a software mediator that allows applications to communicate with other apps easily. In other words, an API works by sending specific requests to it in a particular format.
An application programming interface (API) is a set of routines, protocols, and tools for building software applications. In general terms, it is a specification intended to be used as an interface by software. API documentation is an essential step for any API, but it is significant for public APIs.
Having an API for your business or program can make it more accessible to others, which is essential in growing your business. The more accessible your business is, the more likely it is to succeed!
If you pay your bills using a lot of checks, you might want to consider using the Bankers Automated Clearing Service. BACS Payment Schemes Limited (BACS), previously known as Bankers' Automated Clearing System, is responsible for clearing and settling UK automated direct debit and BACS Direct Credit and providing third-party services. It is basically a way to transfer money electronically, and these payments usually take 3 working days to process.
The Banker's Automated Clearing House (BACS) is a private-sector clearing service used by banks to send each other payments. To receive payments via BACS, a bank must meet specific criteria. The BACS clearing service is run by the BACS system operator, a banking trade body UK Finance subsidiary. The system was set up in 1972 to make a faster and more efficient payments system. A benefit of BACS is that payments can be made on a day-to-day basis.
In some countries, things like healthcare and food are not offered as part of a regular salary. In these cases, benefits in kind refer to those perks! In the United Kingdom, many businesses use benefits in kind to offer taxable items or services. It includes non-cash perks like company exports, travel expenses and private healthcare that can be incredibly helpful to employees.
The benefits of working for a certain company can be of monetary or non-monetary value. For example, free healthcare and gym memberships can be considered as a major benefit in kind. If the employee wants a car to commute to work, he has to cover the expenses of the vehicle and therefore, it is considered a non-monetary perk of the job.
Business intelligence is the term used to describe a set of technologies that lets people get better insight into business operations and performance. The goal is to give managers the critical information to make important, data-based decisions for their organisations.
Business Intelligence is about getting the right information to the right people at the right time to make better decisions based on fact rather than gut feel. Using BI, organisations can accurately measure their performance against key business indicators and identify areas for improvement.
BI can be applied in various business situations, including forecasting future performance, identifying current problems or opportunities, comparing actual results to forecasted results, etc. It helps to improve performance, reduce costs and increase profits by providing access to critical data and analytical tools.
Construction Industry Scheme. Under this scheme, registered contractors take away money from a subcontractor’s payments. It is then paid to HMRC as an advance payment for tax and National Insurance. The UK Inland Revenue scheme regulates the tax paid by construction contractors on their income from various sources such as public-sector contracts, work done for the government and certain personal assets.
Construction companies can choose to pay their contractors according to their schedule and pay the designated percentage over the agreed period or the standard rate, which is the same for all contractors and subcontractors.
Self-employed individuals and multiple-employer trusts may be able to make direct contributions to their National Insurance contributions, typically more favourable than the one-third share or salary withholdings that apply to most businesses.
Any unused National Insurance contributions usually are returned to the trust, so the amounts you can contribute to your National Insurance could be quite substantial. As well as saving on income tax and National Insurance contributions, you will also avoid paying capital gains tax on any additional profits you earn above a certain threshold.
Cloud computing can be a model for delivering IT services over the internet by applications and browsers. Cloud computing provides a lot of benefits over local servers. For one, it's cheaper! Cloud computing can save businesses hundreds of thousands of dollars on their IT budgets. But, the greatest benefit of cloud computing is the ease of access
Cloud computing can be accessed through any computer or smartphone with internet access. It allows businesses to have all of the material they need at their fingertips. Plus, it doesn't matter if the office is temporarily disrupted as the employee has access to the internet; they can still access all their documents and files.
Though cloud technology has been around for some time now, the actual term "cloud" was coined back in 2001 by Google. Cloud computing can offer many benefits, but it's important to make sure your data is safe. It is suggested to encrypt data before it leaves the server.
Other security measures include:
A cognitive agent is an artificial intelligence giving digital assistant that can connect directly with applications, understand the context, and apply logic to conversations. Alternatives to cognitive agents include basic chatbot functionality or webchat with live person support.
A cognitive agent is a program that uses artificial intelligence to quickly spot what users want to talk about, how to react, and when to reply. Because these chatbot programs run on an internal database of knowledge from previous conversations, they are virtually perfect. They can think and process every question and issue imaginable and have the intelligence to outshine human assistants completely.
The Cognitive Agent doesn't need to type the same messages over again. It can adapt its vocabulary and vocabularies to a different conversation and instantly come up with meaningful responses. This self-service artificial intelligence can recognize human speech to give accurate, relevant information and rapidly guide users to the next step.
In the UK, the employer deducts National Insurance contributions from gross salary. These are then paid over to HM Revenue and Customs, who distribute them as necessary. The way in which an employee’s pay is calculated, and the deductions that are taken out, will depend on whether they are employed on a contract or on PAYE.
If someone is employed under PAYE, then they will have to fill in a form P45 at the beginning of their employment. This form details information such as name, address and National Insurance number. At this point, HMRC will also issue them with an NI number so that they can track all earnings.
Taxes and other deductions take a part of a Pay check, and that is why a Pay check is not the same as take-home pay, but the net pay is what actually get in your wallet. Deductions are the amount taken out of the gross pay to cover business expenses, income tax, national insurance, pension contributions, student loan repayments, state income tax, federal income tax, social security tax, Medicare tax, etc.
A secure site in which employees can find information and news about their organisation, its people and priorities. This portal should also include guidance regarding policy and procedure and a people finder
A web-based interface that allows employees to handle many job-related tasks normally conducted by HR (such as benefits enrolment, updating personal information and accessing company information).
Our flexitime system operates on the basis that staff members will work their contractual hours, but with the ability to work these hours flexibly with agreement of their head of section or assistant director.
This is the total amount an employee receives prior to any tax deductions.
Human Capital Management - A series of processes and practises involved in managing an organisation's people resource.
Her Majesty’s Revenues & Customs. They are the UK government’s official regulatory body responsible for the administration and collection of taxes.
The ability of your HR database to link to other business systems, such as Finance, Learning Management Systems, Applicant Tracking Systems and Performance Management systems. (See also Integrated HRIS)
Typically refers to software that allows Payroll, HR and Time & Attendance and possibly more functions to pass data between them without any re-keying of data or need for imports/exports. Typically done through the use of one data source (HRIS).
A software licence is a cost per user (employee, contractor, volunteer) to access the software. This is typically a recurring annual cost and is usually subject to inflationary increases for the length of the contract. NB. Review the contract terms to understand what the vendor defines to be an ‘Active User’.
A web-based interface that allows managers to handle many job-related tasks normally conducted by HR (such as time approvals, running reports, looking up information about employees).
This is the total amount an employee actually takes home after all deductions have been withdrawn.
National Insurance. Every employee earning over £166 per week must contribute towards the National Insurance tax. You pay 12% of your earnings above this limit up until you earn £962 per week. You then pay 2% of your earnings on any money earned above this threshold.
A contract restricting an employee from disclosing confidential or proprietary information.
A contractual agreement between an employer and an external third-party provider whereby the employer transfers responsibility and management for certain HR, benefit or training-related functions or services to the external provider.
Pay as You Earn (PAYE) is the scheme through which employers deduct tax from their employees’ salaries on the behalf of HMRC.
The term ‘payroll’ encompasses all methods and calculations an employer uses to determine pay for employees and all necessary deductions required.
A pension scheme is a long-term saving plan for retirement that you pay into whilst still working. Pension schemes also often have favourable tax treatment in comparison to other forms of saving.
With a workplace pension, a percentage of your monthly pay is put towards the pension scheme and your employer is also required to add money for you.
A means of measuring the benefit’s or financial gains from an investment in a HR system.
Software-as-a-Service', is a licensing and delivery model where software is licensed on a subscription basis and is centrally hosted, rather than hosted on an organisation's servers.
This offers a range of benefits including reduced total cost of ownership, reduced need for IT within organisations, greater flexibility and regular upgrades that keep the software up to date. SaaS is typically accessed by users through a browser. SaaS and Cloud go hand-in- hand.
A company that assists organisations in combining different software products from multiple vendors. An SI may also be able to offer certain customisations for specific applications. SIs operating in government include Fujitsu, Certus Solutions, Capgemini and Kainos.
An employee document outlining the complete pay package they receive on an annual basis, including all forms of money, benefits, services and in-kind payments.
As an employee, you have a tax code that your employer and HMRC use to determine how much Income Tax should be deducted from your pay.
The visual part of an application or system through which a user (candidate, employee, line manager) interacts with software. This aspect of the system is most closely associated with the user experience.
