Current Trends in Payroll Management

Payroll management in small and established businesses is snowballing with evolving technology and innovations. Payroll is a list of employees and their respective amounts of salaries paid. Thanks to technology, Payroll is one of the most popular functions that has transformed into cloud-based for a more seamless process. This has enabled businesses to manage their payroll processes correctly to avoid unnecessary errors.

1. Cloud-computing

This is where your data is stored on a remote server. Access is provided through an 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.

2. Artificial intelligence

It involves the adopting of robotics to improve both business processes and result.  It helps businesses improving their performance. AI helps to clarify payroll information of all your employees and make automatic wage calculations.

3. Integration

Most businesses today are looking for payroll software integratable with other functions such as HR, Accounting, and ERP to streamline payroll processes. So, integration is a common trend in payroll management.

4. Payroll access on smartphones

The need to adopt cloud-based software is to allow you to access payroll from your mobile device. Therefore, businesses can benefit from payroll software that features an employee portal to make the process easier.

5. Outsourcing of payroll

When it comes to outsourcing, a business can invest in cloud-based payroll software to manage multiple tasks and certainly, reduce HR and payroll workload. It is the most recognized trend in payroll management.

6. New compliance's for data security

Payroll management involves a lot of data transfer and file sharing. As a result,  general data protection regulation is something that businesses should comply with to protect employee data.

‍Conclusion

Payroll management is an essential activity for every business today. Some of the payroll trends that businesses can watch out for in payroll management include Cloud-computing, Artificial intelligence, Integration, access on smartphones, outsourcing, and data security.Therefore, if you’re considering different payroll options and you need reliable Payroll Software, WorkPay has everything you need. Sign up for a 3-month subscription free offer period here.