8 Ways Technology Is Changing Payroll
Technology’s impact on the personal and professional world is immense. Every organization today benefits from technology. If anything, 2020 has more than demonstrated our reliance on technology to ensure that society and business continue to operate as usual.
The pandemic moved most business proceedings and employees online. The operation of payroll software was no exception. After all, regardless of the shift to a virtual environment, the reality was nothing much changed. People still had to be paid, taxes were still due, and employers must still comply with government and local regulations or face the consequences. Technology made this possible. In fact, technology is, albeit slowly in some industries, reshaping payroll, and in doing so, helping to elevate its status with an organisation.
In recent CIPP research, when payroll professionals were asked about the effect that technology will have on the effectiveness of the payroll team and the structure of the payroll department, here are their responses:
- 78% said that technological advances will make individuals and their payroll team more effective
- 62% felt that technological advances would reduce the costs associated with processing payroll,
- 59% said that this would solve problems and allow individuals to focus on more strategic aspects to their role
How technology is revolutionising payroll
- Enables greater accessibility
As recent events have shown, businesses need to have access to their data from anywhere. It is no longer sufficient to tie capabilities to a specific area. Flexible payroll software can be installed at multiple locations on different PCs or laptop so you can operate the payroll as normal.
Plus with BrightPay Connect you can link your payroll data to the cloud to enable new features. This includes an automated cloud payroll backup, payroll portal for clients to enter and approve payroll and the ability for employees to self-service, requesting annual leave and update contact details.
Watch this short payroll video to discover the many ways BrightPay Connect is serving payroll bureaus, employers, and employees.
- Assists with compliance
One of the top challenges for payroll professionals everywhere is keeping current with the constantly changing employment and payroll legislation. Failure to do so can result in fines and reputational damage, not to mention its damage to employee-employer relations. However, utilising an easy to use payroll solution that offers capabilities like full automatic enrolment functionality, supports all RTI submissions, and compliance with GDPR alleviates this burden.
With BrightPay Connect you can invite your employees to access a payroll and HR Self Service portal which can help with record-keeping requirements, employment law obligations and GDPR.
- Eliminates repetitive tasks
Payroll inherently involves a lot of repetition- each month there are Excel spreadsheets to update, time and attendance data entry, and in some cases, a paper payroll to complete. However, with robotic process automation (RPA), these time-consuming tasks are automated. Not only does this reduce the incidence of errors, but it also significantly decreases the amount of time it takes to complete the activity.
BrightPay have been helping their clients through this challenging period by updating BrightPay to automate the complex Job Support Scheme and Furlough Leave calculations.
BrightPay Connect automates many of the manual processes, the employer payroll dashboard for payroll bureau clients reduces admin, saves time and enables you to effortlessly collect the payroll info you need.
- Helps identify fraudulent practices
By examining the payroll reports, an employer can see if employees are billing for hours not worked. Employers can also analyse the data to see if an employee reports too much overtime or abusing sick leave. Overall, payroll analytics will highlight any trends around employee behaviour, giving the employer the information necessary to either address it or prepare alternative staffing arrangements.
BrightPay includes a flexible payroll report builder allowing you to create a customised report of your choice. Choose from over 100 data items and choose which employees to include in a report. Reports can be printed, exported to PDF or saved for future use. Reports can also be made automatically available on our online bureau and client dashboard, BrightPay Connect.
- Enhances HR function
Innovative payroll software generates a wealth of data, data that, in the past, was largely left unexplored. Now, we can use technology to mine this volume of information, use it for strategic business purposes, and improve the HR experience. Employers can produce reports that will help workforce planning, gender pay parity, performance, benefits and pensions, and onboarding.
You can invite your employees to self-serve with BrightPay Connect, they can request annual leave directly, view the personal details you currently hold on them and request to make updates.
- Provides data security
Of course, there are some challenges to having data stored in payroll software or on the cloud. When this data includes employee personal information and bank details, every precaution must be taken to reduce the risk of a data breach. Hackers are getting bolder, but fortunately, so too is leading payroll software that offers protection. Be sure to check that the payroll solution you choose meets internationally recognised standards around information management security.
All communication between BrightPay on your PC or Mac and the BrightPay Connect servers is carried out on a safe channel with maximum security.
As you or your employees browse the payroll online dashboards, we use various methods to protect against things like data injection, authentication hacking, cross site scripting, exposure flaws, request forgery, and the many other types of vulnerabilities.
- Facilitates easy management of multiple payrolls
The rise of the gig economy and the proliferation of different types of work contracts means that companies are often operating more than one payroll. Ensuring that each employee is still receiving the correct pay and benefits, and the relevant taxes are deducted presents a challenge. However, moving away from excel spreadsheets to a UK payroll solution that offers multiple functions streamlines this process.
BrightPay payroll bureau users can batch process the payroll for multiple clients at the same time. Users can finalise payslips, check for coding notices and send outstanding RTI & CIS submissions for multiple employers at the same time. This is very useful for bureaus, especially those with a lot of single-director companies or payrolls that don’t change from week to week.
- Improves decision-making
The reporting functions powered by technology empowers business leaders. Now a manager has the information at hand to decide how to distribute shifts or workloads. Business leaders can identify ways to increase productivity, consider expansion into new markets, and highlight areas where cost savings might be possible. With BrightPay the flexible payroll report builder gives you the ability to report on pay periods, tax weeks, tax months, or the entire tax year. Plus you can report on total, average, minimum and/or maximum summary values.
Experience for yourself just how technology can streamline payroll at your company. Book a free payroll software demo with us today and start benefitting from the advantages we offer.
Blog: Remote Working Is Becoming The New Normal – What Does This Mean For Payroll?
Video: BrightPay Connect: Interactive HR & Cloud Add-on
Blog: How COVID-19 Changed the Way Accountants Manage Payroll for their Clients