Top 3 Ways Technology is Reshaping Payroll
In the 19 months, COVID-19 has demonstrated how reliant we are on technology. Without it, so many more businesses would have been unable to continue. Health professionals would have found it impossible to continue providing their critical services, and many more people would have lost their jobs.
By its nature, payroll is an area that is ripe for exploiting technology to improve efficiencies and productivity. Whether it means the ability to automate manual tasks such as data entry or reduce the likelihood of error, its impact is significant.
Technology’s influence on payroll
1. Improving service with self-service
Repetition is the lifeblood of payroll. Whether it is the entry of pay information each month or the frequency of being asked the same questions, everyone working in payroll understands that they will spend much of their time repeating the same tasks.
Providing clients and their employees with immediate self-service access greatly enhances the customer experience while also freeing up your time to focus on other aspects of payroll.
With self-service portals, such as BrightPay Connect, employees can remotely access and update their personal information, they can view their annual leave entitlement for the year and their leave balance remaining, and they can also access payroll and HR documents directly from their smartphone or tablet.
For accountants and payroll bureaus, BrightPay Connect enables the client to run their own reports, view amounts due to HMRC, submit employee hours and payment information to the payroll processor and approve the payroll run – all from their online client portal.
2. Automating processes
Automating payroll tasks not only offers time and cost-savings rewards, but it also reduces the likelihood of error. Introducing automation into your processes enhances the capabilities and means that more tasks can be given over to technology.
BrightPay users can batch process payroll for multiple employers at the same time. This feature is especially useful for bureau users with a lot of single-director companies or payrolls that don’t change from week to week. This enables users to perform a task on multiple employer files with a single click. Batch processing is available to finalise payslips, to check for coding notices, and to send outstanding RTI & CIS submissions for multiple employers at the same time.
3. Facilitating compliance
According to new research, compliance is one of the top challenges for payroll professionals. Over the past few months, COVID-19 has resulted in a slew of new legislation that reinforces the challenge that is compliance. Fortunately, when a payroll provider incorporates advanced technology into their payroll processes, this challenge is lessened considerably. Some payroll systems automate payroll tasks, reducing the risk of non-compliance. Whether you're calculating furlough pay or assessing employees for auto enrolment, BrightPay payroll software makes managing payroll and complying with employer obligations easy.
Your next step
Embracing technology will alleviate many of the challenges that payroll presents. Now is the time to explore and test the technology available. Start today with a demo of BrightPay and open up new opportunities and efficiencies.