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New cloud service simplifies digital accounting for the flexible workforce

Written by Thu 1 Oct 2020

One in seven UK workers are on flexible contracts, up 25% in the last two decades.

Quantum Employment Design company My Digital has launched a real-time digital accounting cloud service focused exclusively on the needs of the flexible workforce.

The UK economy’s new workforce is made increasingly of “quantum” employees working and contracting on a part or flexi-time basis. Today, one in seven UK workers are on flexible contracts, up 25% in the last two decades.

Digital workforces constantly change and challenge employers with problems and complexities that rise with scale.

To that end, modern employers, including direct employers, umbrella companies, recruiters, lead contractors and Professional Employer Organisations (PEOs) need real time information on workers’ time, money and tax status.

My Digital’s Quantum Employment Design (QED) suite of Software as a Service (SaaS) simplifies the core business administration and accounting processes needed to manage flexible employees.

John Whelan, CEO of My Digital explained: “Jobs for life are history. Permanent employment is on the wane. The move to flexible employment is accelerating fast across diverse roles in construction, IT, healthcare, retail and logistics. This army of ‘nano entrepreneurs’ has to be paid and taxed if it is to function for the benefit of all its stakeholders.”

My Digital’s real time platform centres on contractors with its new People Hub interface, allowing for functions such as ID and timesheets checks, cash matching and accounting ledger updates.

“Right now, what is happening in accounting software in akin to what happened with manufacturing during the industrial revolution,” Whelan added.

“It just takes businesses too much time, and way too many people, to pay workers. Organisations need to design businesses and processes for the quantum employed workforce of tomorrow, not yesterday.”

Written by Thu 1 Oct 2020

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