Today, one in seven UK workers are on flexible contracts, up 25% in the last two decades. To meet the demand of the modern workforce, Quantum Employment Design company My Digital is announcing its real-time digital accounting cloud service focused exclusively on the needs of contractors.
My Digital’s People Hub was designed specifically in the Northern Powerhouse for the UK economy’s new workforce made increasingly of quantum employees working and contracting on a part or flexi-time basis.
Digital workforces constantly change and challenge employers with problems and complexities that rise with scale. 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.
To ensure the UK’s quantum economy recovers fast from the economic downturn, My Digital’s Quantum Employment Design (QED) suite of Software as a Service (SaaS) products provides complete transparency. This dramatically accelerates the core business administration and accounting processes needed to manage tomorrow’s digital quantum employed workforce.
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 and makes functions such as ID and timesheets checks, cash matching and accounting ledger updates straightforward and reliable for organisations. Users only see the options they need based on their company type and employee base, so employers can comply with Government Making Tax Digital rules, and modernise their digital accounting to seamlessly integrate with other core business processes.
Whelan concluded: “Right now, what is happening in accounting software in akin to what happened with manufacturing during the industrial revolution. 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.”
My Digital has also revamped for the quantum workforce by announcing a new suite of products including My Digital CRM, My Digital Timesheets and My Digital Umbrella.
About My Digital
My Digital is a pioneer in Quantum Employment Design and the leading SaaS supplier for tomorrow’s digital employers. Our background in accountancy, tax, human resources and SaaS software has allowed us to build out the most complete QED software suite for recruiters, umbrella companies, PEOs, pension providers, insurers and checking operators.