Payroll management in small and established businesses is snowballing with evolving technology and innovations. Payroll includes a list of employees and the respective amount of salaries they are supposed to be paid.
Thanks to technology, payroll is one of the most popular functions that are being transformed into cloud-based for a more seamless process. This has enabled businesses to manage their payrolls processes correctly to avoid unnecessary errors.
Below are current trends in payroll management that every business should be aware of:
- Cloud-computing: This is where your data is stored on a remote server. Access is provided through internet connection, and you can access payroll wherever you are at any time. This cloud software is updated instantly making it efficient for most businesses.
- Artificial intelligence: It involves the adopting of robotics to improve both business processes and result. More businesses are embracing automation to help in performing repetitive payroll work. AI helps to clarify payroll information of all your employees and make automatic wage calculation.
- Integration: Most businesses today are looking for payroll software which can be integrated with other functions such as HR, Accounting and ERP to streamline payroll processes.
- Payroll access on smart phones: The need to adopt cloud-based software is to allow you to access payroll from your mobile device. Businesses can benefit from payroll software which features an employee portal to make the process easier.
- Outsourcing of payroll: When it comes to outsourcing, a business can invest on cloud-based payroll software to manage multiple tasks to reduce HR and payroll workload.
- New compliance’s for data security: Payroll management involves a lot of data transfer and file sharing. For this reason, general data protection regulation is something that businesses should comply with to protect employee data.
Payroll management is an essential activity for every business today. Some of the trends that businesses can watch out in payroll management include Cloud-computing, Artificial intelligence, Integration, access on smart phones, outsourcing and data security.