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The year of the pandemic, i.e. 2020, brought several lifestyle changes in fashion and workplace changes that transformed our lives completely. Almost every employee working in an office was forced to work from home, and entire business districts were shut. The fear of contracting COVID-19 prevented people from leaving their homes for even the most basic of activities.
Cloud payroll trends
More importantly, the pandemic has compelled most businesses to resort to such alternatives due to the inaccessibility of a physical workspace. HR managers and accounts finance professionals are able to deliver payments and other benefits to employees without having to interact physically.
One of the biggest advantages of cloud payroll remains accessibility. Due to the user being able to access data from anywhere, information about the employee can also be sent out on demand. The employee can receive and comment on information sent over by the relevant teams over the cloud system without the need to be physically present at the workplace.
Remote approvals
Remote approvals would also ensure that timesheets that are sent in by the employees are approved faster and more accurately. Working from home has led employees to be fluid with their working hours, and timesheets have become a necessity to make sure that all employees are being paid for the work hours that they are putting in.
The remote approval process is relevant to both the employee and the employer. The employee will benefit from it by receiving just remuneration more efficiently. The employer will benefit from it in terms of the management of employees and ensure the accuracy of timesheets, to prevent businesses from spending more than they ought to.
Spreadsheets becoming obsolete
The use of spreadsheets in managing payroll is largely becoming a redundant activity. Spreadsheets may have been the pinnacle of management tools somewhere around a decade ago, however, the development of advanced management software has driven its use out of fashion. The development of payroll software that is programmed to serve a specific need is more efficient and reliable than spreadsheets.
The use of aesthetics, intuitive UI and improved UX has helped create a growing market for payroll technology which has become more inviting towards business to transcend from the traditional use of spreadsheets to software.
Self-service
The use of self-service in payroll allows businesses to save unnecessary labour costs and reduces the occurrence of disputes between the employee and employer. The self-service tools allow employees to access and enter definitive information, leaving little to no scope of miscommunication.
Self-service also allows businesses to delegate duties related to the employees to be performed by themselves while letting HR departments focus on other aspects of the business and only step in when there is an issue with the data of an employee.
AI for payroll trends
Artificial intelligence and machine learning are taking most industries by the storm, and payroll is not far behind. Payroll technology has been integrating AI into their systems for quite some time now, and the systems are only becoming more efficient and robust.The use of AI in the workplaces, especially with cloud-based , QuickBooks payroll software,has increased efficiencies multifold and created a safer environment for employees and employers alike.
Artificial intelligence has been helping payroll in terms of accuracy of information and execution of functions smoothly. The technology has helped payroll software perform a number of activities such as payment processing, curtailing expenses and managing timesheets without the need for human intervention.
Pay transparency
The transparency of payment data of employees has always been a topic of contention, however, it is important to ensure fair pay policies. The use of payroll technology allows employees to maintain transparency with the remuneration that they receive, along with an understanding of the standard of remuneration and benefits received by other employees working in a similar role..
Integrations
The use of cloud-based payroll has helped businesses integrate a number of additional capabilities with existing software to ensure the performance of multiple functions through a unified platform. The integration of add-ons with the payroll software and even the integration of payroll software with CRM software is an important tool that can help businesses ensure that employees are managed with the highest levels of efficiency.
Time collection
The work from home culture has made it extremely difficult to manage employees. Where once employees used to come into the office space and work through their designated hours, there is little oversight as far as working hours are concerned. Collecting time information is an important task for companies, as this is the parameter that they use to disburse payment and benefits.
Final thoughts
Payroll is a critical region to operate in a company. The payroll system derives its importance from the need of businesses to ensure employee satisfaction and management.
In terms of payroll technology, the world has seen a major shift from the traditional use of rudimentary software for disbursement of pay, to the use of advanced tools to ensure that employees are given the best access to information, and all their payments are justified and accurate.