Is Artificial Intelligence the future for payroll?
With technology evolving at an exponential rate, it’s clear that we’re in the midst of a period of heavy investment and development in AI and machine learning that will play a vital role in shaping the future of the accounting industry.
What’s less clear is what the future for payroll looks like and if that future involves AI and machine learning. When you think about it, it’s hard to see any part of the payroll process that couldn’t be transformed by machine learning and AI. Below are just some of the ways that we’ll start seeing machine learning and AI change payroll in the future.
Smarter Rota management
At the moment, only the advanced payroll systems will also manage rotas in one platform. In the future, machine learning and AI will be able to impact rota building significantly. Businesses will soon be able to automatically build rotas that will take into account historical work patterns, stress profiles, employee skills and performance, leave and availability records, sales data and hundreds of other data points or build rotas that are optimised for cost and performance. Through machine learning, rota management will be able to take in external inputs like weather, sporting events or concerts, public and school holidays or other seasonal variations and predict the staffing requirements and build the rota accordingly.
In addition, if the system notices that a business doesn't have enough staff to cover a busy weekend or seasonal period, it could communicate with their HR system to let them know that they need to start hiring new staff.
Streamlined data management
One of the most time-consuming aspects of payroll is managing all the data that is inputted before you can even get to the point of processing a pay.
Timesheets, leave requests and payroll changes all need to be reviewed and approved by a manager before being processed in a payroll. Not only is this time consuming, but manual intervention means that there is room for error in the process.
Currently, you can find advanced payroll systems that allow you to manage all of that data in one platform using employee self service and mobile apps for managers and bureaux to approve. But in the future, through the use of machine learning, the approval process could be eliminated, with only exceptions being surfaced to managers for approval, saving countless hours in unnecessary manual approvals.
The payroll landscape is continually changing and it’s difficult for bureaux to keep up, especially when complying means a lot of manual and frustrating work. You can already find payroll systems that help to automate compliance and simplify these processes, saving hours of work.
In the future, using AI, payroll systems will be able to track legislative changes and analyse the impact of those changes on a business’ payroll, notifying business owners and payroll bureaux of potential issues.
The most exciting thing is that these features are closer than you think – we’re already embracing technology within KeyPay that streamlines data management and automates manual processes, and looking at how we can leverage the power of AI and machine learning to enhance the platform further.
Looking for ways to simplify your payroll processing? Try KeyPay free!
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