IRIS Software Group takes home trophy at Global Payroll Association Awards 2024
IRIS Software Group (IRIS) has reaffirmed its leadership in the payroll industry by winning the ‘Payroll Innovation’ category at this year’s Global Payroll Association Awards, for its pioneering solution, Troncmasters by IRIS (Troncmasters). This accolade highlights IRIS’ outstanding contributions to payroll technology and innovation.
In a competitive category, IRIS Troncmasters was selected as the winner among 10 other finalists: Amesto AccountHouse, ANVIN INFOSYSTEMS WLL, Grant Thornton, Medtronic, mywage Ltd, Papaya Global, Safeguard Global – MyDay, Vistra, Lloyds Banking Group in partnership with Zellis, and Zeta Service Srl.
Troncmasters was developed in response to a June 2022 UK Parliament Impact Assessment, specifically targeting critical challenges in managing and distributing tips within the hospitality sector. The forthcoming Employment Act 2023: Allocation of Tips Bill, which will become law in October 2024, further accentuates the necessity for compliant tronc management solutions.
Recognising the need for tronc-compliant technology and services, IRIS’ Senior Product Manager, Katie Linstead, spearheaded the development of Troncmasters in December 2022. She discovered an embryonic technology buried within Dataplan’s solutions – a company recently acquired by IRIS – and worked on enhancing it to meet market demands.
As of April 2024, Troncmasters serves 360 clients and processes £3.5 million in tips monthly. By enabling hospitality tips to be processed via PAYE free of National Insurance Contributions, Troncmasters saves employees an average of £8 per £100 of tips and saves employers £13.80. This has resulted in an impressive £8.1 million in National Insurance savings for employees and employers from May 2023 to April 2024.
Stephanie Coward, Managing Director of HCM at IRIS, commented: “We are thrilled to receive this recognition from the Global Payroll Association. It reflects our commitment to pioneering payroll solutions that not only streamline processes but also provide tangible benefits to businesses and their employees. Troncmasters is a testament to our dedication to innovation and excellence in the payroll industry.”
IRIS continues to deliver mission-critical software solutions that enhance business operations, empowering clients like Sixco Restaurant Group, Butcombe Brewery and Byron Burgers to automate their payroll processes effectively.
To discover how Troncmasters can help your hospitality business save costs, click here.
