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Technology Driven

Business processes are incorporating new technologies at every turn. Payroll is no different. Payroll technology is changing the way companies do their payroll and the way payroll outsourcing companies do payroll for them. Technology is becoming more important in all parts of business, all the time. By automating business processes, companies can improve efficiency, accuracy, and strategy. It’s no surprise that payroll technology is moving to the forefront as well. For both the companies doing their payroll and the payroll management consultants they hire to do payroll for them.

 

Five trends in payroll technology-

• Mobile Payroll Technology

Workforces in many industries are going mobile. Employees want to communicate with their company via mobile devices. Not just with their coworkers and managers, but also with their human resources and payroll departments.

They are providing access to the portal to employee payroll, hours, tax, and other information via online portals. Employees just need internet access to find the information they need. Additionally, freelance consultants and telecommuting employees are more common these days. Mobile access to payroll is essential for them.

 

• Cloud-Based Payroll Technology

Everything is going to the cloud. No matter what business process you’re talking about, you’re likely to use the word cloud during the conversation. It’s also infrastructure-free. That means you don’t have to pay for a server farm, network hardware and everything else associated with an in-house system. You also don’t need to pay IT professionals to keep everything running smoothly.

 

• Data-Driven Strategy

When your payroll and HR professionals automate routine processes, they can turn their attention to strategy. They can also use data to drive decisions. Staying on top of compliance regulations, data entry, and other administrative functions takes time away from strategic parts of the job. Not only do automated systems improve efficiency, they provide a wealth of information with which to make strategic decisions.

 

• Compliance

Compliance requires knowledge of regulations that vary from region to region. Payroll technology is simplifying compliance. Local, state, and federal labor and tax laws change all the time. Just keeping on top of the changes is a tall order for any payroll department. The task becomes even more complicated when your company has employees in multiple states. And it’s not just a big-company issue.

 

• Integrated Systems

Any discussion of payroll technology must include mention of integrated systems, which are a natural extension. Integrated payroll and accounting systems are more common by the day. As are systems that integrate payroll, accounting, and HR functions.

 

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