Payroll is something that all businesses with employees need to take seriously. Thankfully, the modern age provides no shortage of technological tools that will help to simplify the process, and produce more accurate results, with less work. Fail to leverage these tools, and you could put yourself at a disadvantage. But what exactly are they, and how do you get the best from them? Let’s look at a few key components of a sophisticated, modern payroll software solution.
Cloud-Based Payroll Solutions
Storing data on a remote server (or, a collection of them) has distinct advantages. First, you can access the data from anywhere in the world. In the age of remote work, this advantage can be considerable.
Second, the data is protected. Since cloud-based storage is spread across multiple redundant servers, often at several different sites, the danger posed by natural disaster and sabotage is almost nil. Finally, while it might seem counterintuitive, storing your data remotely can make it more secure, since you’ll benefit from constant software updates, and the maintenance that only a dedicated server facility can provide.
Artificial Intelligence and Machine Learning in Payroll
Artificial intelligence has enjoyed considerable hype in recent years, and it looks set to revolutionise the modern workplace in much the same way that the internet did, a few decades ago.
Machine-learning algorithms can help automate difficult calculations, lowering the burden on administrative staff and lowering the risk of error. They can also spot fraudulent, or non-tax-compliant, practices, and advise their human masters accordingly. The end result? Better performance, at lower cost, and more human labour freed up to perform other tasks.
Blockchain Technology for Secure Payroll Transactions
Another promising innovation stems from blockchain. This is a secure form of distributed ledger, which is resistant to tampering by design. If you need a record of payments that’s completely trustworthy, then this technology is uniquely positioned to provide it.
Integration with HR and Finance Systems
Your payroll systems don’t work alone, independent of the other parts of your business. Therefore, some level of integration can be enormously helpful. In particular, the Human Resources and Finances departments will need to be able to access the payroll easily, correct errors, and perform the kinds of analyses that will allow them to make better decisions in the future, informed by a holistic view of the cost of the workforce.
