Technology is evolving at an unprecedented rate and payroll is developing along with it. Advances in technology are being embraced by the payroll industry to streamline the payroll process and reduce the workload of payroll professionals. But what are these advances and how will they affect your business?
Today, employees are more likely than ever to be offered flexible or compressed hours, telecommuting, job sharing etc. This means that many are away from the office and connected by smart technology. Millennials and the up-and-coming Generation X expect smart technology in every aspect of their lives. Mobile payroll technology is no different, and mobile payslip apps like Intellimobile will become the typical way that employees receive and view their pay information.
Cloud computing is one of the most significant recent developments in payroll. No doubt you have heard about ‘cloud computing’, but it’s not nearly as abstract or complicated as it sounds. It simply means that programmes are run online, with an app or in a browser, and data is stored securely on remote servers instead of on your own hard drive. This means that you don’t have to worry about backing up your data, running out of storage space or doing manual software upgrades. Cloud-based software is becoming the norm for businesses that are looking for security, efficiency, and simplicity in their payroll solutions.
In the past, human resources and payroll were viewed as two distinct functions. Many businesses are now looking for software solutions that integrate the two. If your payroll solution is connected to your time and attendance tracking, this information can be moved in the system without the need to enter that information twice. Human resource systems are being integrated with payroll systems to provide a fully integrated solution that works seamlessly.
Legislation around payroll is changing and changing fast. We have just seen the implementation of GDPR in May of this year. PAYE modernisation is coming in next year and pension reform the year after that. Accuracy and compliance have never been more important when it comes to payroll, and payroll professionals will continue to be expected to ensure the accuracy, compliance and security of the payrolls they process.
If you are interested in future-proofing your payroll, find out more about our payroll software solution; Megapay which is currently used to pay 20% of Irish workers.