Companies of all sizes use payroll automation to deliver payments faster while cutting down on errors.
Robotic process automation is a commonly-used term, reflecting the fact that this system takes simple payroll rules and acts on them. However, not all systems are purely robotic; many incorporate machine learning to check for anomalies.
A good payroll automation system saves time, first and foremost. Payroll and HR departments can automatically input, validate, and check data from any department, leaving them to focus on other important tasks.
These systems also keep employee and company data safe. Cloud-based systems, especially, secure employee information better than traditional methods.
Naturally, these systems use a lot of employee data. Not only their names and bank details for deposits, but also hours worked, overtime, holiday pay, bonuses, compensations, sick days or other leaves of absence, and raises or demotions.
Payroll automation requires local tax and regulations data from every government the company or employee operates in. This information rarely changes without warning, but it can be complex, especially for multinational companies, so they may consider using local tax consultants to help with this payroll system.
Also of immense help is currency data, to ensure payments have the most favorable exchange rate.
Payroll automation can easily merge with other HR tasks—employee time tracking, especially. Other examples include workday scheduling and employee analytics, especially sales made and compensation amounts.
Payroll systems can also integrate NLP capabilities by building an in-house chatbot for employees to ask HR-related and payroll questions.
The greatest challenge of payroll automation is validating the accuracy of employee work hours. By upgrading to an employee time tracking system, though, much of this difficulty is resolved.
Additionally, companies that have relied on traditional payroll systems may find the initial adoption of an automatic system very difficult, as it requires complete, comprehensive, and accurate data input in a standard format before running. Even upgrading an existing automatic system to a machine learning-based one that alerts payroll or HR departments to anomalies can be difficult. However, the time later saved in running the program easily makes up for the initial difficulties; once a system is adopted, it runs smoothly and without human supervision.
Finally, companies that operate internationally face challenges in incorporating entirely different regulations and tax laws into the payroll system. Careful and regular inspection of the system by someone knowledgeable in the local regulations, however, should clear up any concerns if companies don’t feel confident in reading and applying the laws alone.
Paychex, which provides solutions for HR, payroll, benefits and insurance, is offering users of Clover, a business management platform from Fiserv, the chance to streamline payroll services as well as time and attendance management, according to a press release.
With Paychex Flex, now available via the Clover App Market, small- to medium-sized businesses (SMBs) can access tools to better manage payroll, staffing, time tracking and scheduling, budgeting time and boosting accuracy while also cutting costs
IBM MarketScan Research Databases provides one of the oldest continually-updated collection of health claims data in the USA. Organizations use this data to prove their value to healthcare professionals, insurers, and private individuals.
The data includes drug claims, dental claims, lab results, hospital discharges, and EMR data for millions of people in the country. It also contains workplace productivity data, telling institutions how many workplaces absences they suffer and how many of their healthcare workers suffer disability due to their work.
Trakstar Employee Engagement Software allows HR and management to make sure their employees are engaged in work and feel like they have a place in the company. The software service allows companies to create surveys and perform employee check-ins.
Alphamatician Hiring & Employment Datasets monitors hiring activity of companies.
Salary Reports provided by Emolument allows employers and employees to compare salary benchmarks across geographical locations, companies and more.
ADP Payroll Service helps users spend less time in running payroll through its easy-to-use self app.