The rapid development of technology, culture changes and evolving societies has effected many industries in recent years, and payroll is not exempt. With an overload of information left right and centre of what’s the best route to take when updating your payroll functions, we’ve decided to take a look into four of the trends that we believe are really shaping up the way payroll is managed.
Mobile payroll and self-service portals
The use of self-service and mobile payroll portals is growing within the payroll industry. With new GDPR regulations making it harder to send payslips over email, mobile payroll software holds a great attraction as they can be accessed anywhere at any time through a smart phone.
As the popularity of these mobile applications increase, efficiency is likely to increase as simple questions usually directed at the payroll team can be simply answered by looking at the information available personal account. Employees can also enter their hours themselves and check their own data to make sure that everything is correct.
Payrollers should be sure employees get properly trained on any new systems that are implemented, as errors could lead to creating new problems instead of solving old ones.
The rise in importance of Cloud-based payroll software
Payroll servicing is encompassing a move towards cloud-based access to improve flexibility for payrollers and employees. If you find yourself having to move systems, be sure to look into a cloud-based payroll software. They enable organisations to remotely access data and services without installing and managing an application.
Cloud solutions also perform routine software updates to help organisations keep data backups, stay current with tax compliance and other regulations.
Cloud-based payroll software systems are currently an emerging market, therefore, cost competitiveness among software offering these services means that companies can really shop around and get the best technologies for their money.
Payroll Bots and Artificial Intelligence.
With the likes of Alexa and Siri, the idea of bots answering our day to day questions is nothing new. In a step to help Payrollers save time, artificial intelligence is becoming a more plausible way to provide support for employees.
These new technologies can also offer a service known as ‘chat- bot’s’ , an automated replying system to help answer employees with non-urgent generic questions on the spot. This artificial intelligence can also alert if employees make any errors and how to fix them (i.e. an error in entering timesheets), leaving Payrollers more time to attend to important activities.
Custom Payroll Software
Companies of different structures, sizes and functions need to utilise different elements of payroll software. Customised applications allow payroll to be managed effectively for all types of employees, be they full-time, part-time or freelancers. Instead of a one size fits all service, companies can now work alongside software providers to tailor the service they receive to fit the needs of the business.